{"id":4258,"date":"2022-05-09T14:00:58","date_gmt":"2022-05-09T08:30:58","guid":{"rendered":"http:\/\/mcq-questions.com\/?p=4258"},"modified":"2022-05-06T15:59:20","modified_gmt":"2022-05-06T10:29:20","slug":"ts-grewal-accountancy-class-11-solutions-chapter-15","status":"publish","type":"post","link":"https:\/\/mcq-questions.com\/ts-grewal-accountancy-class-11-solutions-chapter-15\/","title":{"rendered":"TS Grewal Accountancy Class 11 Solutions Chapter 15 Financial Statements of Sole Proprietorship"},"content":{"rendered":"

TS Grewal Accountancy Class 11 Solutions Chapter 15 Financial Statements of Sole Proprietorship are part of TS Grewal Accountancy Class 11 Solutions<\/a>. Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 15 Financial Statements of Sole Proprietorship.<\/p>\n\n\n\n\n\n\n\n\n\n\n
Board<\/strong><\/td>\nCBSE<\/td>\n<\/tr>\n
Textbook<\/strong><\/td>\nNCERT<\/td>\n<\/tr>\n
Class<\/strong><\/td>\nClass 11<\/td>\n<\/tr>\n
Subject<\/strong><\/td>\nAccountancy<\/td>\n<\/tr>\n
Chapter<\/strong><\/td>\nChapter 15<\/td>\n<\/tr>\n
Chapter Name<\/strong><\/td>\nFinancial Statements of Sole Proprietorship<\/td>\n<\/tr>\n
Number of Questions Solved<\/strong><\/td>\n29<\/td>\n<\/tr>\n
Category<\/strong><\/td>\nTS Grewal Solutions<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

TS Grewal Accountancy Class 11 Solutions Chapter 15 Financial Statements of Sole Proprietorship<\/h2>\n

Question 1.
\nState whether the following expenses are capital or revenue in nature:
\n(i) Expenses on whitewashing and painting of a building purchased to make it ready for use.
\n(ii) \u20b9 10,000 spent on construction platform for a new machine.
\n(iii) Repair expenses of \u20b9 25,000 incurred for whitewashing of factory building.
\n(iv) Purchased a new car.
\nSolution:<\/p>\n\n\n\n\n\n\n\n\n
Expenditure<\/strong><\/td>\nReason<\/strong><\/td>\n<\/tr>\n
(i)\u00a0Capital Expenditure<\/td>\nPaid to make an asset ready to use<\/td>\n<\/tr>\n
(ii)\u00a0Capital Expenditure<\/td>\nPaid to make an asset ready to use<\/td>\n<\/tr>\n
(iii) Revenue Expenditure<\/td>\nMade for the maintenance of asset<\/td>\n<\/tr>\n
(iv) Revenue Expenditure<\/td>\nPart of normal operating cost<\/td>\n<\/tr>\n
(v)\u00a0Capital Expenditure<\/td>\nUsed in business for a number of years<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Question 2.
\nState with reasons whether the following are Capital or Revenue Expenses:
\n(i) Excise duty paid on purchase of new machine.
\n(ii) Wages paid to install a machine.
\n(iii) Repairs carried out on existing car.
\n(iv) Office block of building repainted for \u20b9 50,000.
\n(v) Paid telephone bill \u20b9 2,500.
\nSolution:<\/p>\n\n\n\n\n\n\n\n\n
Expenditure<\/strong><\/td>\nReason<\/strong><\/td>\n<\/tr>\n
(i)\u00a0Capital Expenditure<\/td>\nPaid for the acquisition of new asset<\/td>\n<\/tr>\n
(ii)\u00a0Capital Expenditure<\/td>\nPaid to make the asset ready to use<\/td>\n<\/tr>\n
(iii) Revenue Expenditure<\/td>\nPaid for the running and maintenance of car<\/td>\n<\/tr>\n
(iv) Revenue Expenditure<\/td>\nPaid for the maintenance of Building<\/td>\n<\/tr>\n
(v)\u00a0Revenue Expenditure<\/td>\nPart of normal operating cost<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Question 3.
\nFrom the following information determine Gross Profit for the year ended 31st March, 2018.
\n\"TS
\nSolution:
\nGross Profit = Sales + Closing Stock – (Opening Stock + Goods Purchased + Freight and Packing)
\n= 1,90,000 + 30,000 – (25,000 +1,40,000 + 10,000)
\n= 2,20,000 – 1,75,000
\n= Rs. 45,000
\nNote: Packing Expenses on sales (Rs.6,000) is not a Direct Expense. Thus, it not considered while computing the amount of Gross Profit.<\/p>\n

Question 4.
\nCalculate Closing Stock from the following details:
\n\"TS
\nSolution:
\nGross Profit on cost = 33\\(\\frac { 1 }{ 3 }\\) %.
\nCost = \\(\\frac { 1 }{ 3 }\\)rd.
\nGross Profit on sales = \\(\\frac { 1 }{ 4 }\\)th
\nAnd, Sales = Cash Sales + Credit Sales = 60,000+40,000 = Rs.1,00,000
\nSo, Gross Profit = 1,00,000 x \\(\\frac { 1 }{ 4 }\\) = Rs.25,000
\nCost of Goods Sold = Sales – Gross Profit = 1,00,000 – 25,000 = Rs.75,000
\nCost of Goods Sold = Opening Stock + Purchases – Closing Stock
\n75,000 = 20,000 + 70,000 – Closing Stock
\nClosing Stock = Rs.15,000<\/p>\n

Question 5.
\nPrepare Trading Account from the transactions givne below:
\n\"TS
\nSolution:
\n\"TS<\/p>\n

Question 6.
\nAscertain Gross Profit the following:
\n\"TS
\nSolution:
\n\"TS
\nNote: Carriage on Sales and Office Rent are not a Direct Expense. Thus, it is not considered while computing the amount of Gross Profit.<\/p>\n

Question 7.
\nFrom the following information prepare Trading Account for the year ended 31st March, 2018:
\n\"TS
\nNet Realisable Value (Market Value) of stock as on 31st March, 2018 was \u20b9 1,20,000.
\nSolution:
\n\"TS
\nNote: According to the Principle of Conservatism, closing stock is valued at Cost or Market Price, whichever is less. Hence, closing stock is valued at Market Price (i.e., Rs.1,20,000)<\/p>\n

Question 8.
\nFrom the following information, prepare Trading Account for the year ended 31st March, 2018:
\nAdjusted Purchases \u20b9 6,60,000; Sales \u20b9 7,44,000; Closing Stock \u20b9 50,400; Freight and Carriage Inwards \u20b9 3,600; Wages \u20b9 6,000; Freight and Cartage Outwards \u20b9 2,000.
\nSolution:
\n\"TS
\nNote :
\n1. Freight and Carriage Outwards are not a Direct Expense. Thus, it is not recorded in the trading Account.
\n2. Adjusted Purchases = Opening Stock + Net Purchases – Closing Stock
\nTherefore, Closing Stock (Rs.50,400) is not considered while preparing Trading Account.<\/p>\n

Question 9.
\nFollowing balances appear in the Trail Balance of a firm as on 31st March, 2018:
\n\"TS
\nPrepare Trading Account of the firm.
\nSolution:
\n\"TS
\nNote: Freight Outwards are not a Direct Expense. Thus, it is not recorded in the Trading Account.<\/p>\n

Question 10.
\nFrom the following information, prepare Trading account for the year ended 31st March, 2018:
\nAdjusted Purchases \u20b9 5,50,000; Sales \u20b9 6,25,000; Freight and Carriage Inwards \u20b9 3,000; Wages \u20b9 7,000; Freight and Cartage Outwards \u20b9 2,500; Closing Stock \u20b9 50,000.
\nSolution:
\n\"TS
\nNote :
\n1. Freight and Carriage Outwards are not a Direct Expense. Thus, it is not recorded in the Trading Account.
\n2. Adjusted Purchases = Opening Stock + Net Purchases – Closing Stock
\nTherefore, Closing Stock (Rs.50,000) is not considered while preparing Trading Account.<\/p>\n

Question 11.
\nFrom the following figures, calculate Operating Profit:
\n\"TS
\nSolution:
\nCalculation of Operating Profit
\nOperating Profit = Net Profit – Rent Received – Gain of sales of Machine + Interest on Loan + Donation
\n= 1,00,000 – 10,000 – 15,000 + 20,000 + 2,000
\n= Rs.97,000
\nOperating Profit = Rs.97,000<\/p>\n

Question 12.
\nFrom the following, prepare Profit and Loss Account of Sohan Lal as it would appear in the 1st year that ended 31st March, 2018:
\n\"TS
\nThe Gross Profit was 45% of sales, which amounted to \u20b9 6,50,000.
\nSolution:
\n\"TS<\/p>\n

Question 13.
\nFrom the following information, prepare Profit and Loss Account for the year ended 31st March, 2018:
\n\"TS
\nSolution:
\n\"TS<\/p>\n

Question 14.
\nFrom the following particular, prepare Balance Sheet as at 31st March, 2018:
\n\"TS
\nSolution:
\n\"TS<\/p>\n

Question 15.
\nFrom the following information, prepare Balance Sheet of a trader as at 31st March, 2018 arranging the assets and liabilities-
\n(i) in order of permanence and
\n(ii) in order of liquidity:
\n\"TS
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 16.
\nFrom the Balance Sheet given below, calculate:
\n(i) Fixed Assets
\n(ii) Current Assets
\n(iii) Current Liabilities
\n(iv) Working Capital
\n\"TS
\nSolution:
\ni. Calculation of Fixed Asset
\nFixed Assets = Land + Plant + Furniture + Goodwill = 20,000 + 32,000 + 8,000 + 20,000 = Rs.80,000
\nii. Calculation of Current Assets
\nCurrent Assets = Stock + Debtors + Prepaid Expenses = 48,000 + 36,000 + 400 = Rs.84,400
\niii. Calculation of Current Liabilities
\nCurrent Liabilities = Creditors + Expenses Accrued + Bank Overdraft + Interest on Loan = 42,000 + 3,200 + 4,800 + 1,000 = Rs. 51,000
\niv. Calculation of Working Capital
\nWorking Capital = Current Assets – Current Liabilities = 84,400 – 51,000 = Rs.33,400<\/p>\n

Question 17.
\nPrepare Trading and Profit and Loss Account and Balance Sheet of Jagat Shah as at 31st March, 2018 from the following balances:
\n\"TS
\nThe Closing Stock was valued at \u20b9 2,00,000.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 18.
\nFrom the following balances, prepare Trading and Profit and Loss Account and Balance Sheet:
\n\"TS
\nClosing Stock was valued at \u20b9 30,000.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 19.
\nThe following are the balances as on 31st March, 2018 extracted from the books of Dass:
\n\"TS
\nThe stock on 31st March, 2018 was valued at \u20b9 2,40,000.
\nYou are required to prepare Trading Account, Profit and Loss Account and Balance Sheet as at 31st March, 2018.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 20.
\nFrom the following balances of Anand, prepare Trading Account, Profit and Loss Account and Balance Sheet as at 31st March, 2018:
\n\"TS
\nValue of goods on hand (31st March, 2018) was \u20b9 1,43,000.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 21.
\nFrom the following balances, prepare Final Accounts of M.\/s. Raja & Sons for the year ended 31st March, 2018:
\nSalary \u20b9 5,400; Insurance \u20b9 2,500; Cash \u20b9 400; Purchases \u20b9 84,170; Rent Received \u20b9 3,150; Drawings \u20b9 2,100; Bills Payable \u20b9 3,900; Debtors \u20b9 38,080; Stock (1st April, 2017) \u20b9 29,500; Bank Overdraft \u20b9 9,700; Carriage \u20b9 2,200; Creditors \u20b9 4,200; Trade Expenses \u20b9 4,900; Sales Return \u20b9 4,700; Machinery \u20b9 12,000; Wages \u20b9 45,000; Sales \u20b9 1,47,200; Purchases Return \u20b9 3,900; Capital \u20b9 58,900; Closing Stock (31st March, 2018) \u20b9 36,200.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 22.
\nFrom the following balances, prepare Final Accounts of M.\/s. Mangal & Sons for the year ended 31st March, 2018:
\nOpening Stock \u20b9 12,500; Bills Receivable \u20b9 2,000; Sales \u20b9 70,000; Purchases \u20b9 37,500; Creditors \u20b9 20,000; Salaries \u20b9 3,850; Insurance \u20b9 200; Debtors \u20b9 32,500; Carriage \u20b9 1,450; Commission \u20b9 750; Interest \u20b9 900; Printing \u20b9 250; Bills Payable \u20b9 3,150; Returns In \u20b9 1,300; Returns Out \u20b9 500; Bank \u20b9 5,250; Rent and Taxes \u20b9 1,300; Furniture \u20b9 1,000; Capital \u20b9 7,100; Stock on 31st March, 2018 \u20b9 15,000.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 23.
\nFrom the following balances, prepare Trading and Profit and Loss Account and the Balance Sheet:
\n\"TS
\nClosing Stock was of \u20b9 70,000 but its net realisable value was estimated at \u20b9 60,000.
\nSolution:
\n\"TS
\nNote: According to the Principle of Conservatism, closing stock is valued as whichever is less. Hence, closing stock is valued at (i.e., Rs.60,000)<\/p>\n

Question 24.
\nFrom the following balances taken from the books of Hari & Co., prepare Trading and Profit and Loss Account for the year ended 31st March, 2018
\nand Balance Sheet as at that date:
\n\"TS
\nClosing Stock was valued at \u20b9 1,82,100.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 25.
\nFrom the following balances, as on 31st March, 2018, prepare Trading and Profit and Loss Account and Balance Sheet:
\n\"TS
\nClosing Stock on 31st March, 2018 was valued at \u20b9 14,500.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 26.
\nTrial Balance of Chatter Sen on 31st March, 2018 revealed the following balances:
\n\"TS
\nStock on 31st March, 2018 was valued at \u20b9 35,000. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at the date.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 27.
\nFollowing Trial Balance is extracted from the books of a merchant on 31st March, 2018:
\n\"TS
\nStock in Hand on 31st March, 2018 was valued at \u20b9 32,500.
\nFrom the above, prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 28.
\nThe following balances were extracted from the books of Harish Chandra on 31st March, 2018:
\n\"TS
\nStock on 31st March, 2018 was valued at \u20b9 2,35,000.
\nPrepare final accounts for the year ended 31st March, 2018.
\nSolution:
\n\"TS
\n\"TS
\nSetting-off GST:
\nInput CGST + Input SGST – Output IGST = 15,000 + 15,000 – 30,000 = NIL<\/p>\n

Question 29.
\nFrom the following Trial Balance and additional information of Mr. Gaurav, a proprietor, prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Seet as at that date:
\n\"TS
\nClosing Stock at cost \u20b9 1,00,000 but its market value is \u20b9 88,500.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

We hope the TS Grewal Accountancy Class 11 Solutions Chapter 15 Financial Statements of Sole Proprietorship help you. If you have any query regarding TS Grewal Accountancy Class 11 Solutions Chapter 15 Financial Statements of Sole Proprietorship, drop a comment below and we will get back to you at the earliest.<\/p>\n","protected":false},"excerpt":{"rendered":"

TS Grewal Accountancy Class 11 Solutions Chapter 15 Financial Statements of Sole Proprietorship are part of TS Grewal Accountancy Class 11 Solutions. Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 15 Financial Statements of Sole Proprietorship. Board CBSE Textbook NCERT Class Class 11 Subject Accountancy Chapter Chapter 15 Chapter Name Financial Statements …<\/p>\n

TS Grewal Accountancy Class 11 Solutions Chapter 15 Financial Statements of Sole Proprietorship<\/span> Read More »<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":""},"categories":[4],"tags":[],"yoast_head":"\nTS Grewal Accountancy Class 11 Solutions Chapter 15 Financial Statements of Sole Proprietorship - MCQ Questions<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mcq-questions.com\/ts-grewal-accountancy-class-11-solutions-chapter-15\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TS Grewal Accountancy Class 11 Solutions Chapter 15 Financial Statements of Sole Proprietorship - MCQ Questions\" \/>\n<meta property=\"og:description\" content=\"TS Grewal Accountancy Class 11 Solutions Chapter 15 Financial Statements of Sole Proprietorship are part of TS Grewal Accountancy Class 11 Solutions. 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Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 15 Financial Statements of Sole Proprietorship. 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