Financial Statements question paper

Unit Test

Class XI.C           Accountancy                  Marks :20

Time   :1 hrs

1.     What you mean by Balance Sheet? [2]

2.     Explain the concept of Income statements with a sample format.[6]

3.     List out the uses of preparing Income statement and position statement. [2]

4.     Prepare a Trading Account for the year ended 31^st December 2016 from the following balances:     [5]

Items	Rs.	Items	Rs.
Opening Stock	4,00,000	Purchases Return	1,20,000
Purchases	20,00,000	Sales Return	2,00,000
Sales	50,00,000	Carriage on Purchase	80,000
Freight and Octroi	65,000	Carriage on sales	1,00,000
Wages	3,00,000	Factory Rent	1,20,000
Factory Lighting	1,08,000	Office Rent	75,000
Coal, Gas and Water	22,000	Import Duty	3,20,000

Closing Stock is valued at Rs. 6,00,000.

5.     From the following particulars, prepare a Profit & Loss Account for the year ending 31^st December, 2017.     [5]

	Rs.		Rs.
Gross Profit	21,05,000	Discount allowed	30,000
Trade Expenses	20,000	Lighting	7,800
Carriage on Sales	1,00,000	Commission Received	8,400
Office Salaries	1,58,000	Bad-debts	12,000
Postage and Telegram	7,200	Discount (Cr.)	6,000
Office Rent	75,00	Interest on Loan	22,000
Legal Charges	4,000	Stable Expenses	14,000
Audit Fee	16,000	Export Duty	23,000
Donation	11,000	Miscellaneous Receipts	5,000
Sundry Expenses	3,600	Unproductive Expenses	41,000
Selling Expenses	53,200	Travelling Expenses	25,000