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Financial Statements - 2 Account - Financial Statements - 2

CBSE - STD 11 Commerce - Account (CBSE - English Medium). 385 questions in this chapter.

Question types

Financial Statements - 2 question types

385 questions across 6 question groups — pick any mix to generate a Account paper with step-by-step answer keys.

385
Questions
6
Question groups
5
Question types
Sample Questions

Financial Statements - 2 questions

One sample from each question group in this chapter. Select any group above to see the full set with answer keys.

Q 1M.C.Q (1 Marks)1 Mark
The adjustment to be made for provision for doubtful debt is $........$
  • A
    Credit profit and loss account and deduct the provision from the debtors.
  • ✓
    Debit profit and loss account deduct the provision from debtors.
  • C
    Credit profit and loss account and add the provision to debtors.
  • D
    Debit profit and loss account and add the provision to debtors.

Answer: B.

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Q 2M.C.Q (1 Marks)1 Mark
Expenses paid but not accounted as expenses means $.........$
  • A
    Contingent liability.
  • ✓
    Expenses paid in advance but services yet to be enjoyed.
  • C
    Outstanding expenses
  • D
    Capitalised expenditure

Answer: B.

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Q 4M.C.Q (1 Marks)1 Mark
Expenses incurred but not yet paid are accounted because of $(c)$ Matching Principle.
  • A
    Dual Aspect Principle.
  • B
    Accrual Concept.
  • ✓
    Materiality Principle.
  • D
    None of these

Answer: C.

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Q 111 Marks Question1 Mark
If Depreciation reduces profit, reduces Book Value of assets and also reduces capital of the proprietor, then why do enterprises provide Depreciation?
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Q 141 Marks Question1 Mark
Rahul's Trial Balance as on 31st March, 2019 has the following information:
Additional Information:
  1. Salary for the month of March, 2019 is yet to be paid.
  2. Electricity Bill for March, 2019 amounted to ₹ 5,200 was received on 2nd April, 2019.
Determine the amount of Salary and Electricity Expenses to be provided and show how the two amounts will be shown in the Final Accounts?
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Q 151 Marks Question1 Mark
Sanjiv's Trial Balance as on 31st March, 2019 shows the following information:
Sanjiv took goods costing ₹ 20,000 for his personal use but entry was not passed in the books of account. Show the treatment in the Final Accounts.
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Q 173 Marks Question3 Marks
The Trial Balance of Manish gives the following information:
It is decided to create a Provision for Doubtful Debts @ 10% on debtors and a Provision for Discount @ 2% on debtors. Show how the adjustment will appear in the Final Accounts.
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Q 214 Marks Question4 Marks
What is meant by provision for doubtful debts? How are the relevant accounts prepared and what journal entries are recorded in final accounts? How is the amount for provision for doubtful debts calculated?
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Q 224 Marks Question4 Marks
In the following Trading and Profit and Loss Account for the ended 31st March, 2019 and Balance Sheet as on that date, determine the missing information:

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Q 244 Marks Question4 Marks
Extract of a Trial Balance as at March 31, 2017 is as follows:
Sundry Debtors
₹ 1,02,000
Bad Debts
₹ 1,400
Provision for doubtful debts
₹ 3,400
Additional information: A debtor of ₹ 2,000 could not be recovered. It is decided to maintain Provision for Doubtful Debtors @ 5% on Debtors and Provision for Discount at @ 2%. How these adjustments will be shown in Financial Statements?
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Q 266 Marks Question6 Marks
Show the treatment of the following in Final Accounts when given inside the Trial Balance.
  1. Prepaid Expenses.
  2. Depreciation.
  3. Closing Stock.
  4. Interest on Capital.
  5. Commission received in advance.
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Q 276 Marks Question6 Marks
The following balances has been extracted from the trial of M/s Runway Shine Ltd. Prepare a trading and profit and loss account and a balance sheet as on March 31, 2017. Adjustments:
  1. Further bad debts ₹ 1,000. Discount on debtors ₹ 500 and make a provision on debtors @ 5%.
  2. Interest received on investment @ 5%.
  3. Wages and interest outstanding ₹ 100 and ₹ 200 respectely.
  4. Depreciation charged on motor car @ 5% p.a.
  5. Closing Stock ₹ 32,500.
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Q 286 Marks Question6 Marks
Extracts of Trial Balance as at 31st March, 2017:

Adjustments:
  1. $\frac{3}{4}\text{th}$ of Dewan's bill is irrecoverable.
  2. Create a provision of 6% on Sundry Debtors.
Show the effect on Profit and Loss Account and Balance Sheet.
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Q 296 Marks Question6 Marks
From the following Trial Balance of Mr. Ramesh, you are required to complete the missing figures of Trading Account, Profit and Loss Account and Balance Sheet for the year ending 31st March, 2019:
Adjustments:
  1. Amount of Purchases includes a machine purchased on 1st October, 2018 for ₹ 4,000 and wages include ₹ 2,000 paid for its installation.
  2. Provide for depreciation on Machinery @ 10%.
  3. Stock on 31st March, 2019 was worth ₹ 40,925.
  4. Salaries unpaid ₹ 800 and rent is paid up to 30th June, 2019.
  5. Write off further bad debte ₹ 400 and create a provision of 5% debtors for doubtful debts.
  6. Prepaid insurance ₹ 300.

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