Adjustments in Preparation of Financial Statements — Account STD 11 Commerce — Question

What journal entry will be passed for prepaid insurance?

What is meant by Noting of Bill of Exchange?

Calculate value of Opening Stock from the following:

	₹		₹
Cash Sales	40,000	Credit Sales	1,65,000
Sales Return (Out of Credit Sales)	5,000	Purchases	1,24,000
Purchases Return	4,000	Carriage Inwards	8,000
Closing Stock	36,000	Rate if Griss Profit	40% on Sales

The following information of an accounting year is given: Opening Capital ₹ 60,000: Drawings ₹ 5,000; Capital introduced during the year ₹ 10,000 and Closing Capital ₹ 90,000. Calculate Profit or Loss for the year.

From the following particulars, ascertain the value of Opening Stock:

	₹		₹
Purchase	5,00,000	Productive Expenses	30,000
Sales	8,40,000	Unproductive Expenses	10,000
Closing Stock	80,000	Rate of Gross Profit on cost of good sold	50%

Give two examples of Capital Receipt.

Cost of obtaining licence to carry out business is a Capital Expenditure or Revenue Expenditure?

What are Financial Statements?

Give the names of two languages used by a Computer.

How would you treat goods given away as charity while preparing financial statements of an organisation.