Tamil Nadu Board of Secondary EducationHSC Commerce Class 11th
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Tamil Nadu Board Samacheer Kalvi solutions for Class 11th Accountancy Answers Guide chapter 12 - Final Accounts of Sole Proprietors - 1 [Latest edition]

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Class 11th Accountancy Answers Guide - Shaalaa.com
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Chapter 12: Final Accounts of Sole Proprietors - 1

Multiple choice questionsVery short answer questionsShort answer questionsExercises
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Multiple choice questions [Pages 263 - 264]

Tamil Nadu Board Samacheer Kalvi solutions for Class 11th Accountancy Answers Guide Chapter 12 Final Accounts of Sole Proprietors - 1Multiple choice questions [Pages 263 - 264]

Choose the correct answer

Multiple choice questions | Q I 1. | Page 263

Closing stock is an item of ________.

  • Fixed asset

  • Current asset

  • Fictitious asset

  • Intangible asset

Multiple choice questions | Q I 2. | Page 263

Balance sheet is ______.

  • An account

  • A statement

  • Neither a statement nor an account

  • None of the above

Multiple choice questions | Q I 3. | Page 263

Net profit of the business increases the ______.

  • Drawings

  • Receivables

  • Debts

  • Capital

Multiple choice questions | Q I 4. | Page 263

Carriage inwards will be shown ______.

  • In the trading account

  • In the profit and loss account

  • On the liabilities side

  • On the assets side

Multiple choice questions | Q I 5. | Page 263

Bank overdraft should be shown ______.

  • In the trading account

  • Profit and loss account

  • On the liabilities side

  • On the assets side

Multiple choice questions | Q I 6. | Page 264

Balance sheet shows the ______ of the business.

  • Profitability

  • Financial position

  • Sales

  • Purchases

Multiple choice questions | Q I 7. | Page 264

Drawings appearing in the trial balance is ________.

  • Added to the purchases

  • Subtracted from the purchases

  • Added to the capital

  • Subtracted from the capital

Multiple choice questions | Q I 8. | Page 264

Salaries appearing in the trial balance is shown on the ______.

  • Debit side of trading account

  • Debit side of profit and loss account

  • Liabilities side of the balance sheet

  • Assets side of the balance sheet

Multiple choice questions | Q I 9. | Page 264

Current assets does not include ______.

  • Cash

  • Stock

  • Furniture

  • Prepaid expenses

Multiple choice questions | Q I 10. | Page 264

Goodwill is classified as ______.

  • A current asset

  • A liquid asset

  • A tangible asset

  • An intangible asset

Very short answer questions [Page 264]

Tamil Nadu Board Samacheer Kalvi solutions for Class 11th Accountancy Answers Guide Chapter 12 Final Accounts of Sole Proprietors - 1Very short answer questions [Page 264]

Very short answer questions | Q II 1. | Page 264

Write a note on the trading account.

Very short answer questions | Q II 2. | Page 264

What are wasting assets?

Very short answer questions | Q II 3. | Page 264

What are fixed assets?

Very short answer questions | Q II 4. | Page 264

What is meant by purchase returns?

Very short answer questions | Q II 5. | Page 264

Name any two direct expenses and indirect expenses.

Very short answer questions | Q II 6. | Page 264

Mention any two differences between trial balance and balance sheet.

Very short answer questions | Q II 7. | Page 264

What are the objectives of preparing trading account?

Very short answer questions | Q II 8. | Page 264

What is the need for preparing profit and loss account?

Short answer questions [Page 264]

Tamil Nadu Board Samacheer Kalvi solutions for Class 11th Accountancy Answers Guide Chapter 12 Final Accounts of Sole Proprietors - 1Short answer questions [Page 264]

Short answer questions | Q III 1. | Page 264

What are final accounts? What are its constituents?

Short answer questions | Q III 2. | Page 264

What is meant by closing entries? Why are they passed?

Short answer questions | Q III 3. | Page 264

Answer in One Sentence:

What is Net Profit?

Short answer questions | Q III 3. | Page 264

Answer in One Sentence:

What do you mean by Gross Profit?

Short answer questions | Q III 4. | Page 264

“Balance sheet is not an account” – Explain.

Short answer questions | Q III 5. | Page 264

What are the advantages of preparing a balance sheet?

Short answer questions | Q III 6. | Page 264

What is meant by grouping and marshaling assets and liabilities?

Exercises [Pages 264 - 267]

Tamil Nadu Board Samacheer Kalvi solutions for Class 11th Accountancy Answers Guide Chapter 12 Final Accounts of Sole Proprietors - 1Exercises [Pages 264 - 267]

Exercises | Q IV 1. | Page 264

Prepare trading account in the books of Mr. Sanjay for the year ended 31st December 2017:

Particulars Particulars
Opening stock 570 Purchases 15,800
Sales 26,200 Purchases returns 90
Sales returns 60 Closing stock 860
Exercises | Q IV 2. | Page 265

From the following balances taken from the books of Saravanan, calculate gross profit for the year ended December 31, 2017.

Particulars Particulars
Opening stock 1,50,000 Net sales during the year 4,00,000
Direct expenses 8,000 Net purchases during the year 1,50,000
Closing Stock 25,000    
Exercises | Q IV 3. | Page 265

From the following details for the year ended 31st March 2018, prepare a trading account

Particulars Particulars
Opening stock 2,500 Returns inwards 7,000
Purchases 27,000 Coal and gas 3,300
Sales 40,000 Carriage inwards 2,600
Wages 2,500 Closing stock 5,200
Returns outwards 5,200    
Exercises | Q IV 4. | Page 265

From the following balances taken from the books of Victor, prepare trading account for the year ended December 31, 2017:

Particulars Particulars
Adjusted purchases 80,000 Closing stock 7,000
Sales 90,000 Carriage inwards 3,000
Royalty on purchases of goods 4,000 Import duty on purchases of goods 6,000
Octroi on purchase of goods 2,000 Dock charges on purchases 5,000
Cost of goods manufactured 5,000    
Exercises | Q IV 5. | Page 265

Compute the cost of goods sold from the following information:

Particulars Particulars
Opening stock 10,000 Indirect expenses 5,000
Purchases 80,000 Closing stock 15,000
Direct expenses 7,000    
Exercises | Q IV 6. | Page 265

Find out the amount of sales from the following information:

Particulars Particulars
Opening stock 30,000 Closing stock 20,000
Purchases less returns 2,00,000 Gross profit margin (on sales) 30%
Exercises | Q IV 7. | Page 266

From the following details, prepare a profit and loss account.

Particulars Particulars
Gross profit 50,000 Interest received 2,000
Office rent 10,000 Discount received 3,000
Depreciation on office assets 8,000 Carriage outwards 2,500
Discount allowed 12,000 Insurance on office building 3,500
Advertisement 4,000 General expenses 3,000
Audit fees 1,000 Freight inwards 1,000
Exercises | Q IV 8. | Page 266

From the following information, prepare profit and loss account for the year ending 31st December, 2016.

Particulars Particulars
Gross loss 60,000 Printing and stationery (office) 2,000
Promotional expenses 5,000 Legal charges 5,000
Distribution expenses 15,000 Bad debts 1,000
Commission paid 7,000 Depreciation 2,000
Interest on loan paid 5,000 Rent received 4,000
Packing charges (on sales) 4,000 Loss by fire not covered by insurance 3,000
Dividend received 3,000    
Exercises | Q IV 9. | Page 266

From the following balances obtained from the books of Mr. Ganesh, prepare trading and profit and loss account.

Particulars Particulars
Stock on 01.01.2017 8,000 Bad debts 1,200
Purchases for the year 22,000 Trade expenses 1,200
Sales for the year 42,000 Discount allowed 600
Expenses on purchases 2,500 Commission allowed 1,100
Financial charges paid 3,500 Selling expenses 600
Expenses on sale 1,000 Repairs on office vehicles 600

Closing stock on December 31.12.2017 was ₹ 4,500

Exercises | Q IV 10. | Page 266

From the following particulars, prepare balance sheet in the books of Bragathish as on 31st December, 2017:

Particulars Particulars
Capital 80,000 Cash in hand 20,000
Debtors 12,800 Net profit 4,800
Drawings 8,800 Plant 43,200
Exercises | Q IV 11. | Page 267

Prepare trading and profit and loss account in the books of Ramasundari for the year ended 31st December, 2017 and balance sheet as on that date from the following information:

Particulars Particulars
Opening stock 2,500 Sales 7,000
Wages 2,700 Purchases 3,300
Closing Stock 4,000 Salary 2,600
Discount received 2,500 Capital 52,000
Machinery 52,000 Cash at Bank 6,400
Creditors 8,000    
Exercises | Q IV 12. | Page 267

Prepare trading and profit and loss account and balance sheet in the books of Deri, a trader, from the following balances as of March 31, 2018.

Particulars Particulars
Stock 10,000 Sales 1,22,500
Cash 2,500 Creditors 5,000
Bank 5,000 Bills payable 2,000
Freight inwards 750 Capital 52,000
Purchases 95,000    
Drawings 4,500
Wages 27,500
Machinery 50,000
Debtors 13,500
Postage (office) 150
Sundry expenses 850
Rent paid 2,500
Furniture 17,250
  2,29,500   2,29,500

Closing stock (31st March, 2018) ₹ 8,000.

Chapter 12: Final Accounts of Sole Proprietors - 1

Multiple choice questionsVery short answer questionsShort answer questionsExercises
Class 11th Accountancy Answers Guide - Shaalaa.com

Tamil Nadu Board Samacheer Kalvi solutions for Class 11th Accountancy Answers Guide chapter 12 - Final Accounts of Sole Proprietors - 1

Tamil Nadu Board Samacheer Kalvi solutions for Class 11th Accountancy Answers Guide chapter 12 (Final Accounts of Sole Proprietors - 1) include all questions with solution and detail explanation. This will clear students doubts about any question and improve application skills while preparing for board exams. The detailed, step-by-step solutions will help you understand the concepts better and clear your confusions, if any. Shaalaa.com has the Tamil Nadu Board of Secondary Education Class 11th Accountancy Answers Guide solutions in a manner that help students grasp basic concepts better and faster.

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Concepts covered in Class 11th Accountancy Answers Guide chapter 12 Final Accounts of Sole Proprietors - 1 are Trading Account, Profit and Loss Account, Balance Sheet, Introduction of Final Accounts, Closing Entries and Opening Entry, Differences Between Trial Balance and Balance Sheet.

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