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Chapters
2: Conceptual Framework of Accounting
3: Books of Prime Entry
4: Ledger
5: Trial Balance
6: Subsidiary Books - 1
7: Subsidiary Books - 2
8: Bank Reconciliation Statement
9: Rectification of Errors
10: Depreciation Accounting
11: Capital and Revenue Transactions
▶ 12: Final Accounts of Sole Proprietors - 1
13: Final Accounts of Sole Proprietors - 2
14: Computerised Accounting
![Samacheer Kalvi solutions for Accountancy [English] Class 11 TN Board chapter 12 - Final Accounts of Sole Proprietors - 1 - Shaalaa.com](/images/accountancy-english-class-11-tn-board_6:5f2b1b2038084cf381bfa42c826a928c.jpg "Samacheer Kalvi solutions for Accountancy [English] Class 11 TN Board chapter 12 - Final Accounts of Sole Proprietors - 1")
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Solutions for Chapter 12: Final Accounts of Sole Proprietors - 1
Below listed, you can find solutions for Chapter 12 of Tamil Nadu Board of Secondary Education Samacheer Kalvi for Accountancy [English] Class 11 TN Board.
Samacheer Kalvi solutions for Accountancy [English] Class 11 TN Board 12 Final Accounts of Sole Proprietors - 1 Multiple choice questions [Pages 263 - 264]
Choose the correct answer
Closing stock is an item of ________.
Fixed asset
Current asset
Fictitious asset
Intangible asset
Balance sheet is ______.
An account
A statement
Neither a statement nor an account
None of the above
Net profit of the business increases the ______.
Drawings
Receivables
Debts
Capital
Carriage inwards will be shown ______.
In the trading account
In the profit and loss account
On the liabilities side
On the assets side
Bank overdraft should be shown ______.
In the trading account
Profit and loss account
On the liabilities side
On the assets side
Balance sheet shows the ______ of the business.
Profitability
Financial position
Sales
Purchases
Drawings appearing in the trial balance is ________.
Added to the purchases
Subtracted from the purchases
Added to the capital
Subtracted from the capital
Salaries appearing in the trial balance is shown on the ______.
Debit side of trading account
Debit side of profit and loss account
Liabilities side of the balance sheet
Assets side of the balance sheet
Current assets does not include ______.
Cash
Stock
Furniture
Prepaid expenses
Goodwill is classified as ______.
A current asset
A liquid asset
A tangible asset
An intangible asset
Samacheer Kalvi solutions for Accountancy [English] Class 11 TN Board 12 Final Accounts of Sole Proprietors - 1 Very short answer questions [Page 264]
Write a note on the trading account.
What are wasting assets?
What are fixed assets?
What is meant by purchase returns?
Name any two direct expenses and indirect expenses.
Mention any two differences between trial balance and balance sheet.
What are the objectives of preparing trading account?
What is the need for preparing profit and loss account?
Samacheer Kalvi solutions for Accountancy [English] Class 11 TN Board 12 Final Accounts of Sole Proprietors - 1 Short answer questions [Page 264]
What are final accounts? What are its constituents?
What is meant by closing entries? Why are they passed?
Answer in One Sentence:
What do you mean by Gross Profit?
Answer in One Sentence:
What is Net Profit?
“Balance sheet is not an account” – Explain.
What are the advantages of preparing a balance sheet?
What is meant by grouping and marshaling assets and liabilities?
Samacheer Kalvi solutions for Accountancy [English] Class 11 TN Board 12 Final Accounts of Sole Proprietors - 1 Exercises [Pages 264 - 267]
Prepare trading account in the books of Mr. Sanjay for the year ended 31st December 2017:
| Particulars | ₹ | Particulars | ₹ |
| Opening stock | 570 | Purchases | 15,800 |
| Sales | 26,200 | Purchases returns | 90 |
| Sales returns | 60 | Closing stock | 860 |
From the following balances taken from the books of Saravanan, calculate gross profit for the year ended December 31, 2017.
| Particulars | ₹ | Particulars | ₹ |
| Opening stock | 1,50,000 | Net sales during the year | 4,00,000 |
| Direct expenses | 8,000 | Net purchases during the year | 1,50,000 |
| Closing Stock | 25,000 |
From the following details for the year ended 31st March 2018, prepare a trading account
| Particulars | ₹ | Particulars | ₹ |
| Opening stock | 2,500 | Returns inwards | 7,000 |
| Purchases | 27,000 | Coal and gas | 3,300 |
| Sales | 40,000 | Carriage inwards | 2,600 |
| Wages | 2,500 | Closing stock | 5,200 |
| Returns outwards | 5,200 |
From the following balances taken from the books of Victor, prepare trading account for the year ended December 31, 2017:
| Particulars | ₹ | Particulars | ₹ |
| Adjusted purchases | 80,000 | Closing stock | 7,000 |
| Sales | 90,000 | Carriage inwards | 3,000 |
| Royalty on purchases of goods | 4,000 | Import duty on purchases of goods | 6,000 |
| Octroi on purchase of goods | 2,000 | Dock charges on purchases | 5,000 |
| Cost of goods manufactured | 5,000 |
Compute the cost of goods sold from the following information:
| Particulars | ₹ | Particulars | ₹ |
| Opening stock | 10,000 | Indirect expenses | 5,000 |
| Purchases | 80,000 | Closing stock | 15,000 |
| Direct expenses | 7,000 |
Find out the amount of sales from the following information:
| Particulars | ₹ | Particulars | ₹ |
| Opening stock | 30,000 | Closing stock | 20,000 |
| Purchases less returns | 2,00,000 | Gross profit margin (on sales) | 30% |
From the following details, prepare a profit and loss account.
| Particulars | ₹ | Particulars | ₹ |
| Gross profit | 50,000 | Interest received | 2,000 |
| Office rent | 10,000 | Discount received | 3,000 |
| Depreciation on office assets | 8,000 | Carriage outwards | 2,500 |
| Discount allowed | 12,000 | Insurance on office building | 3,500 |
| Advertisement | 4,000 | General expenses | 3,000 |
| Audit fees | 1,000 | Freight inwards | 1,000 |
From the following information, prepare profit and loss account for the year ending 31st December, 2016.
| Particulars | ₹ | Particulars | ₹ |
| Gross loss | 60,000 | Printing and stationery (office) | 2,000 |
| Promotional expenses | 5,000 | Legal charges | 5,000 |
| Distribution expenses | 15,000 | Bad debts | 1,000 |
| Commission paid | 7,000 | Depreciation | 2,000 |
| Interest on loan paid | 5,000 | Rent received | 4,000 |
| Packing charges (on sales) | 4,000 | Loss by fire not covered by insurance | 3,000 |
| Dividend received | 3,000 |
From the following balances obtained from the books of Mr. Ganesh, prepare trading and profit and loss account.
| Particulars | ₹ | Particulars | ₹ |
| Stock on 01.01.2017 | 8,000 | Bad debts | 1,200 |
| Purchases for the year | 22,000 | Trade expenses | 1,200 |
| Sales for the year | 42,000 | Discount allowed | 600 |
| Expenses on purchases | 2,500 | Commission allowed | 1,100 |
| Financial charges paid | 3,500 | Selling expenses | 600 |
| Expenses on sale | 1,000 | Repairs on office vehicles | 600 |
Closing stock on December 31.12.2017 was ₹ 4,500
From the following particulars, prepare balance sheet in the books of Bragathish as on 31st December, 2017:
| Particulars | ₹ | Particulars | ₹ |
| Capital | 80,000 | Cash in hand | 20,000 |
| Debtors | 12,800 | Net profit | 4,800 |
| Drawings | 8,800 | Plant | 43,200 |
Prepare trading and profit and loss account in the books of Ramasundari for the year ended 31st December, 2017 and balance sheet as on that date from the following information:
| Particulars | ₹ | Particulars | ₹ |
| Opening stock | 2,500 | Sales | 7,000 |
| Wages | 2,700 | Purchases | 3,300 |
| Closing Stock | 4,000 | Salary | 2,600 |
| Discount received | 2,500 | Capital | 52,000 |
| Machinery | 52,000 | Cash at Bank | 6,400 |
| Creditors | 8,000 |
Prepare trading and profit and loss account and balance sheet in the books of Deri, a trader, from the following balances as of March 31, 2018.
| Particulars | ₹ | Particulars | ₹ |
| Stock | 10,000 | Sales | 1,22,500 |
| Cash | 2,500 | Creditors | 5,000 |
| Bank | 5,000 | Bills payable | 2,000 |
| Freight inwards | 750 | Capital | 52,000 |
| Purchases | 95,000 | ||
| Drawings | 4,500 | ||
| Wages | 27,500 | ||
| Machinery | 50,000 | ||
| Debtors | 13,500 | ||
| Postage (office) | 150 | ||
| Sundry expenses | 850 | ||
| Rent paid | 2,500 | ||
| Furniture | 17,250 | ||
| 2,29,500 | 2,29,500 |
Closing stock (31st March, 2018) ₹ 8,000.
Solutions for 12: Final Accounts of Sole Proprietors - 1
Samacheer Kalvi solutions for Accountancy [English] Class 11 TN Board chapter 12 - Final Accounts of Sole Proprietors - 1
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Concepts covered in Accountancy [English] Class 11 TN Board chapter 12 Final Accounts of Sole Proprietors - 1 are Introduction of Final Accounts, Closing Entries and Opening Entry, Trading Account, Profit and Loss Account, Balance Sheet, Differences Between Trial Balance and Balance Sheet.
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