NCERT Solutions Class 11 Accountancy Chapter 10 Financial Statements II – Here are all the NCERT solutions for Class 11 Accountancy Chapter 10. This solution contains questions, answers, images, explanations of the complete chapter 10 titled Financial Statements II of Accountancy taught in Class 11. If you are a student of Class 11 who is using NCERT Textbook to study Accountancy, then you must come across chapter 10 Financial Statements II. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete NCERT Solutions for Class 11 Accountancy Chapter 10 Financial Statements II in one place.
NCERT Solutions Class 11 Accountancy Chapter 10 Financial Statements - II
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Financial Statements - II
NCERT Solutions Class 11 Accountancy chapter 10 Financial Statements - II
Class 11, Accountancy chapter 10, Financial Statements - II solutions are given below in PDF format. You can view them online or download PDF file for future use.
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Question & Answer
Q.1: Why is it necessary to record the adjusting entries in the preparation of final accounts?
Ans : It is extremely important to record the adjusting entries in the preparation of final accounts. I. This is done in order to assess the true net profit or net loss of the business organisation. 2. It helps us record those adjustments which were lett omitted and were not recorded in the accounts. 3. It assists us to separate all the financial transactions into a year-wise category. The financial statements include only those entries which belong to the current year. It rules out the previous and forthcoming years' entries which are the basis for accrual basis of accounting. 4. Further, it provides us the room for making various provisions which are made at the end of the year, after assessing the entire year's performance
Q.2: What is meælt by closing stock? Show its treatment in final accounts.
Ans : Closing stock implies the value of unsold goods at me eri of an accounting period. The valuation of closing stock is done on the basis of its cost price tre realisable value. whichever of me two is lesser. Example: It a good with me cost price of Rs 20.000 is purchased at the end of an accounting period and its realisable vaÄJe is Rs 30.0m. then closing stock valued at Rs 20.000 not at Rs 30.0)". Treatment of closing stock If closing stock is given in the adjustment, then there 'W be two postings. It closing stock is given in the trial balance, then it needs to be shown only in the assets side of the Balance Sheet.
Q.3: Write short notes on (a) Outstanding expenses (b) Prepaid expenses (c) Income received in advance (d) Accrued income
Ans : (a) Outstanding Expenses: These refer to those expenses which belong to and are incurred in the current accounting period but are left unpaid. In other words. can say that the services in exchange ot these payments have been reached but the payments are not made. For example, it Rs IWO wages are outstanding, then this means that labour vorth Rs 1.000 has been used but has mt tEen paid for till me end ot the year. (b) Prepaid Expenses: These refer to those expenses for which the benefits have not been realised but the payments have already been made in advance. These æe basically the advance payments tr me next year, which are made in the current accounting period. Example: Prepaid insurance premium of Rs 1,0CO means that the payment of Rs 1,000 is made in advance tor the next accounting period. (c) Income Received in Advance: This refers to the income received whose actual realisation of benefits v" occur in me next accounting period. These are also called unearned incoræs. Example: Commission ot Rs 1.2m for me year 2011-12 is received in 2010-11. This commission does not belong to the current year as it is related with the 'work to be done in the next accounting year i.e.. 2011-12. (d) Accrued Income: This refers to those incomes which have been earned during an accounting period but have not been actually realised in tre current period- These are also caned earned incomes.
Q.4: Give the proforma of income statement and balance in vertical form.
Q.5: why is it necessary to create a provision for dmmtt-debts at the time of preparation of mal accm•rts?
Ans : The fu doubtfulness is created With me motive of minimising the effect of actual Loss caused by the bad-debts The actual 'gue of the current year's bad-debts known in the he realisabm of At that point of as to how many of me have bad. Thus. instead of wAtching fu the re8isabon of deMors. v.ee create a movie jon fu doubtful-debts order to cover the expected tLüe loss associated the debtors bad.
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