Accounting for Bills Exchange — Account STD 11 Commerce — Question

Ascertain the value of closing stock from the following:

	₹
Opening Stock	1,20,000
Purchases during the year	9,30,000
Sales during the year	15,60,000
Rate of Gross Profit	40% on Sales

Calulate closing stock and cost of goods sold:
Opening Stock ₹ 5,000; Sales ₹ 16,000; Carringe Inwards ₹ 1,000. Sales Return ₹ 1,000; Gross Profit ₹ 6,000; Purchases ₹ 10,000; Purchases Return ₹ 900.

Total of the purchase invoices recorded in the Purchases Book is posted to debit side of the Purchases Account in the Ledger and credited to the accounts of suppliers. Do you agree? Give reasons.

Prepare a Trading Account from the following particulars for the year ended 31st March 2017:

Define Depreciation.

Calculate Net Sales and G.P. from the following: Cost of Goods Sold ₹ 4,50,000, G.P. 25% on Sales.

Define Bill of Exchange. What are the features of a Bill of Exchange?

From the details given below find out the Credit Sales and Total Sales:

On 31st March, 2019. Bank Account in the books of Ramesh shows a credit balance of ₹ 36,000. On the same date, outstanding cheques amounted to ₹ 14,000 and outstanding deposits a mounted to ₹ 20,000. A cheque for ₹ 5,000 received from a debtor, was subsequently dishonoured. The receipt had been correctly recorded but no entry has yet been made in the books for the dishonour. On the basis of the above information, determine the balance as per the Bank Statement.

What is a Trading Account and why is it prepared?