Download App

Financial Statements - 1 — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountFinancial Statements - 13 Marks
Question
From the Balance Sheet given below, calculate:
  1. Fixed Assets.
  2. Current Assets.
  3. Current Liabilities.
  4. Working Capital.
BALANCE SHEET as at $31^{st}$​​​​​​​ March, $2019$:
✓

Answer

  1. Fixed Assets = Land + Plant + Furniture + Goodwill
$= ₹ 20,000 + ₹ 32,000 + ₹ 8,000 + ₹ 20,000 = ₹ 80,000$
  1. Current Assets = Stock + Debtors + Prepaid Expenses
$= ₹ 48,000 + ₹ 36,000 + ₹ 400 = ₹ 84,000$​​​​​​​
  1. Current Liabilities = Creditors + Expenses Accrued + Bank Overdraft + Interest on Loan
$= ₹ 42,000 + ₹ 3,200 + ₹ 4,800 + ₹ 1,000 = ₹ 51,000$​​​​​​​
  1. Working Capital = Current Assets - Current Liabilities
$= ₹ 84,400 - ₹ 51,000 = ₹ 33,400.$

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "3 Marks Question" from Financial Statements - 1→Financial Statements - 1 — all question types→Account STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

Amrit prepared his Trial Balance on 31st March, 2019, which did not match. What step should he take to proceed further?
→
Rectify the following errors:
  1. Sales to Vinod of ₹ 143 posted to his account as ₹ 134.
  2. Sales to Vinod of ₹ 143 debited to his account as ₹ 134.
  3. Sales to Vinod of ₹ 143 credited to his account as ₹ 134.
→
Write the various Assets in order of liquidity in a Balance Sheet.
→
State with reasons whether the following receipts would be treated as Capital or Revenue:
  1. ₹ 5,000 received from a customer whose account was previously written off as bad.
  2. ₹ 20,000 received from sale of old machine.
  3. ₹ 2,60,000 received from sale of stock-in-trade.
  4. ₹ 5,00,000 is contributed by a partner as capital.
  5. Took a loan of ₹ 10 Lac from Punjab National Bank.
  6. Received ₹ 4 Lac as subsidy from State Government.
  7. Received ₹ 8 Lac as grant from State Government for the construction of quarters for the staff.
→
State whether the following expenses are capital or revenue in nature:
  1. Expenses on whitewashing and painting of a building purchased to make it ready for use.
  2. ₹ 10,000 spent on constructing platform for a new machine.
  3. Repair expenses of ₹ 25,000 incurred for whitewashing of factory building.
  4. Insurance premium paid as renewal premium.
  5. Purchased a new car.
→
Following information was taken from an Income Statement:
Opening Stock ₹ 5,000; Sales ₹ 16,000; Carriage Inwards ₹ 1,000; Sales Return ₹ 1,000; Gross Profit ₹ 6,000; Purchases ₹ 10,000; and Purchases Return ₹ 900.
Calculate Closing Stock and the Cost of Goods Sold.
→
Calculate the amount of Gross Profit when the net loss is ₹ 75,000, Operating Expenses are ₹ 1,20,000 and Sales are ₹ 3,00,000.
→
Why balance in GST Accounts is shown in the Balance Sheet?
→
Write Short Notes on:
Software.
→
Explain the Current Assets and Non-Current Assets.
→