CLASS 12 - ACCOUNTANCY - UNIT 1 - EXERCISE PROBLEMS AND SOLUTION

CLASS  12 - UNIT 1

 EXERCISE 1

From the following particulars ascertain profit or loss

Particulars	₹
Capital at the beginning of the year (1st April 2018)	5,00,000
Capital at the end of the year (31st March 2019)	8,50,000
Additional capital introduced during the year	1,20,000
Drawings during the year	70,000

SOLUTION:

Statement of profit or loss for the year ended 31st March, 2019

Particulars	₹
Closing capital (as on 31.3.2019)	8,50,000
Add: Drawings during the year	70,000
	9,20,000
Less: Additional capital introduced during the year	1,20,000
Adjusted closing capital	8,00,000
Less: Opening capital (as on 1.4.2018)	5,00,000
Profit made during the year(Balancing figure)	3,00,000

 EXERCISE 2

From the following particulars ascertain profit or loss 

Particulars	₹
Capital as on 1st January 2018)	2,20,000
Capital as on 31st December 2018)	1,80,000
Additional capital introduced during the year	40,000
Drawings during the year	50,000

SOLUTION:

Statement of profit or loss for the year ended 31st December, 2018

Particulars	₹
Closing capital (as on 31.12.2018)	1,80,000
Add: Drawings during the year	50,000
	2,30,000
Less: Additional capital introduced during the year	40,000
Adjusted closing capital	1,90,000
Less: Opening capital (as on 1.1.2018)	2,20,000
Profit made during the year(Balancing figure)	30,000

EXERCISE 3

From the following details, calculate the missing figure 

Particulars	₹
Closing Capital as on 31.03.2018	80,000
Additional capital introduced during the year	30,000
Drawings during the year	15,000
Opening Capital as on 01.04 2017)	?
Loss for the year ending 31.03.2018	25,000

SOLUTION:

Statement of profit or loss for the year ended 31st March, 2018

Particulars	₹
Closing capital (as on 31.3.2018)	80,000
Add: Drawings during the year	15,000
	95,,000
Less: Additional capital introduced during the year	30,000
Adjusted closing capital	65,000
Less: Opening capital (as on 1.4.2017) (Balancing figure)	90,000
Profit made during the year	25,000

EXERCISE 4

 From the following details, calculate capital as on 31.03.2018 

Particulars	₹
Capital as on 1st January 2018	1,00,000
Goods withdrawn for personal use by the owner	30,000
Additional capital introduced during the year	15,000
Profit for the year	60,000

SOLUTION:

Statement of profit or loss for the year ended 31st December, 2018

 

Particulars	₹
Closing capital (as on 31.12.2018)(Balancing figure)	1,45,000
Add: Drawings during the year	30,000
	1,75,,000
Less: Additional capital introduced during the year	15,000
Adjusted closing capital	1,60,000
Less: Opening capital (as on 1.1.2018)	1,00,000
Profit made during the year	60,000

EXERCISE 5

From the following details, calculate the missing figure 

Particulars	₹
Capital as on 1st April 2018	40,000
Capital as on 31st March 2019	50,000
Additional capital introduced during the year	7,000
Profit for the year	8,000
Drawings during the year	?

SOLUTION:

Statement of profit or loss for the year ended 31st December, 2018

 

Particulars	₹
Closing capital (as on 31.12.2018)	50,000
Add: Drawings during the year(Balancing figure)	5,000
	55,,000
Less: Additional capital introduced during the year	7,000
Adjusted closing capital	48,000
Less: Opening capital (as on 1.1.2018)	40,000
Profit made during the year	8,000

EXERCISE 6

Following are the balances in the books of Thomas as on 31^st March 2019

Particulars	₹	Particulars	₹
Sundry creditors Furniture Land and Building Sundry Debtors	6,00,000 80,000 3,00,000 3,20,000	Bills payable Cash in hand Bills receivable stock	1,20,000 20,000 60,000 2.20,000

 SOLUTION:

Statement of affairs of Thomas as on 31^st March, 2019

Liabilities	₹	Assets	₹
Sundry creditors Bills payable Capital (Balancing figure)	6,00,000 1,20,000 2,80,000	Furniture Land and Building Sundry Debtors Cash in hand Bills receivable stock	80,000 3,00,000 3,20,000 20,000 20,000 2.20,000
	10,00,000		10,00,000

EXERCISE 7

On 1st April 2018 Subha started her business with a capital of ₹ 1,20,000. She did not maintain proper book of accounts. Following particulars are available from her books as on 31.3.2019.

Particulars	₹	Particulars	₹
Bank overdraft Debtors Bills receivable Computer Machinery	50,000 1,80,000 70,000 30,000 3,00,000	Stock-in-trade Creditors Bills payable Cash in hand	1620,000 90,000 2,40,000 60,000

 

During the year she withdrew ₹30,000 for her personal use. She introduced further capital of` ₹40,000 during the year. Calculate her profit or loss.

 SOLUTION:

WILL UPLOAD SOON…………..

EXERCISE 8 

Raju does not keep proper books of accounts. Following details are taken from his records.

Particulars	1.1.2018 ₹	31.12.2018 ₹
Cash in hand Stock of goods Debtors Sundry Creditors Bank Loan Bills payable Plant and Machinery	80,000 1,80,000 90,000 1,30,000 60,000 80,000 1,70,000	90,000 1,40,000 2,00,000 1,95,000 60,000 45,000 1,70,000

During the year he introduced further capital of ₹50,000 and withdrew ₹2,500 per month from the business for his personal use. Prepare statement of profit or loss with the above information.

 SOLUTION:

WILL UPLOAD SOON………….. 

 

EXERCISE 9

 

Ananth does not keep his books under double entry system. Find the profit or loss made by him for the year ending 31st March, 2019.

 

Particulars	31.3.2018 ₹	31.3.2019 ₹
Cash at Bank Cash in hand Stock of goods Sundry Debtors Plant and Machinery Land and Buildings Sundry Creditors	5,000 (Dr.) 3,000 35,000 1,00,000 80,000 1,40,000 1,70,000	60,000 (Cr.) 4,500 45,000 90,000 80,000 1,40,000 1,30,000

Ananth had withdrawn ` 60,000 for his personal use. He had introduced ` 17,000 as capital for expansion of his business. Create a provision of 5% on debtors. Plant and machinery is to be depreciated at 10%.

 SOLUTION:

WILL UPLOAD SOON…………..

EXERCISE 10 

Find out credit sales from the following information:

Particulars	₹
Debtors on 1st April, 2018 Cash received from debtors Discount allowed Returns inward Debtors on 31st March 2019	1,00,000 2,30,000 5,000 25,000 1,20,000

 SOLUTION:

WILL UPLOAD SOON…………..

EXERCISE 11 

Find out credit sales from the following information:

Particulars	₹
Debtors on 1st January 2018 Cash received from debtors during the year Sales returns Bad debts Debtors on 31st December 2018 Cash Sales	1,30,000 4,20,000 35,000 15,000 2,00,000 4,60,000

 SOLUTION:

WILL UPLOAD SOON…………..

 EXERCISE 12 

From the following particulars, prepare bills receivable amount and compute the bills received from the debtors.

Particulars	₹
Bills receivable at the beginning of the year Bills receivable at the end of the year Cash received for bills receivable Bills receivable dishonoured	1,40,000 2,00,000 3,90,000 30,000

 SOLUTION:

WILL UPLOAD SOON…………..

EXERCISE 13

From the following particulars, calculate total sales.

Particulars	₹	Particulars	₹
Debtors on 1st April 2018 Bills receivable on 1st April 2018 Cash received from debtors Cash received for bills receivable Bad debts	2,50,000 60,000 7,25,000 1,60,000 3,15,000	Bills receivable dishonoured Returns inward Bills receivable on 31st March, 2019 Sundry debtors on 31st March, 2019	1620,000 90,000 2,40,000 60,000

 SOLUTION:

WILL UPLOAD SOON…………..

EXERCISE 14 

From the following details, calculate credit purchases.

Particulars	₹
Opening creditors Purchase returns Cash paid to creditors Closing creditors	1,70,000 20,000 4,50,000 1,90,000

SOLUTION:

WILL UPLOAD SOON…………..

EXERCISE 15

From the following particulars calculate total purchases.

Particulars	₹	Particulars	₹
Sundry creditors on 1st January, 2018 Bills payable on 1st January, 2018 Paid cash to creditors Paid for bills payable	30,000 25,000 1,20,000 30,000	Purchases returns Cash purchases Creditors on 31st December, 2018 Bills payable on 31st December, 2018	15,000 2,25,000 25,000 8,20,000

SOLUTION:

WILL UPLOAD SOON…………..