Financial Statements - 2 — Account STD 11 Commerce — Question

Name any two items that are debited to the Trading Account.

From the following, calculate Gross Profit and Cost of Goods Sold:
Net Sales during the year ₹ 6,00,000;
Gross Profit: 25% on Cost.

When assets are listed in order of liquidity in a Balance Sheet in which order the following shall appear?

1. Land and Building.
2. Cash in hand.
3. Machinery.
4. Bills Receivable.

Why is Bank Reconciliation Statement prepared?

At what value are the goods taken for personal use recorded in the books of account and why?

Mr. Gauri Shankar, a businessman pays ₹ 1 lac per month as instalment for his newly acquired business premises. Is it a revenue expenditure or capital expenditure?

Following are the Extracts of Trial Balance:

Sundry Debtors (including a B/R for ₹ 5,000 received from Giriraj)
Bad Debts	1,20,000
Provision for Doubtful Debts	3,000	1,800

Giriraj became insolvent and only 40% could be realised from his estate. You are required to make a provision of 5% for doubtful debts. What will be the annount of provision?

Calculate the stock at the end:

	₹
Stock in the beginning	10,000
Cash Sales	30,000
Credit Sales	20,000
Purchases	35,00
Rate of Gross Profit on Cost	1/3

If Closing Stock is given outside the Trial Balance, where is it shown in the Financial Statements or Final Accounts?

What is Management Information System?