12th | Ts grewal 2021-2022 Question 31 to 35 | ch1 Financial Statement of a Company

Analysis Of Financial Statements Ts Grewal 2021-2022

for Class 12 Commerce | Accountancy

Chapter 1 - Financial Statements Of A Company

Page No 1.67:

Question 31:

Under which head following revenue items of a non-financial company will be classified or shown:
(i) Sales; (ii) Revenue from Services Rendered; (iii) Sale of Scrap; (iv) Interest Earned on Loans; and (v) Gain (profit) on Sale of Investments?

 

Answer:

 

ITEMS

HEAD

 Sales

 Revenue from Operations

 Revenue from services rendered

 Revenue from Operations

 Sale of scrap

 Revenue from Operations

 Interest earned or Loans

 Other Income

 Profit on Sale of Investment

 Other Income

 



Page No 1.68:

Question 32:

Under which head following revenue items of a financial company will be classified or shown:
(i) Gain (Profit) on Sale of Building;

(ii) Revenue from Project Consultancy Rendered;

(iii) Sale of Scrap;

(iv) Interest earned on Loans; and

(v) Gain (Profit) on sale of Investments?

 

Answer:

 

ITEMS

HEAD

 Profit on Sale of Building

 Other Income

 Revenue from Project Consultancy Rendered

 Other Income

 Sale of scrap

 Other Income

 Interest earned or Loans

 Revenue from Operations

 Profit on Sale of Investment

 Revenue from Operations

 



Page No 1.68:

Question 33:

Calculate Cost of Materials Consumed from the following:
Opening Inventory of Materials 
`5,00,000; Purchase of Materials  `25,00,000; and Closing Inventory of Materials   `4,00,000.

 

Answer:

 

Cost of material consumed

=

Opening Inventory of Materials + Purchase of Materials 

 

 

-          Closing Inventory of Materials

 

=

5,00,000+25,00,000-400,000

 

=

26,00,000

Cost of material consumed

=

26,00,000

 



Page No 1.68:

Question 34:

Calculate Cost of Materials Consumed from the following:
Opening Inventory of Materials 
`3,50,000; Finished Goods  `75,000; Stock-in-Trade  `2,00,000; Closing Inventory of: Materials  `3,25,000; Finished Goods  `85,000; Stock-in-Trade  `1,50,000; Purchases during the year: Raw Material  `17,50,000; Stock-in-Trade  `9,00,000.

Answer:

Cost of material consumed

=

Opening Inventory of Materials + Purchase of Materials 

 

 

-          Closing Inventory of Materials

 

=

3,50,000+17,50,000-3,25,000

 

=

17,75,000

Cost of material consumed

=

17,75,000

 

Note: Opening Inventory of Finished Goods and Closing Inventory of Finished Goods will not be considered as these are shown under Change in Inventory of Finished Goods. Also, Opening, Closing and Purchases of Stock-in-Trade are not considered as they are not part of cost of materials consumed.

 



Page No 1.68:

Question 35:

From the following information of Hospitality Ltd. for the year ended 31st March, 2018, calculate amount that will be shown in the Note to Accounts on Changes in inventiories of Finished Goods, WIP  and stock-in-Trade:

 

 

 

 

Particulars

Opening Inventory ( `)

Closing inventory( `)

 

Finished Goods

5,00,000

5,50,000

 

Work-in-Progress

4,50,000 

4,25,000

 

Stock-in-Trade

6,50,000

6,00,000

 

 

 

 

 

 

 

 

 

 

 

Answer:

NOTES TO ACCOUNTS

 

Note No.

Particulars

Amount

( `)

 

Change in Inventories of Finished Goods, WIP and Stock-in-Trade

 

(a)

Finished Goods

 

 

Opening Inventory

5,00,000

 

 

  Less: Closing Inventory

5,50,000

(50,000)

 

 

(50,000)

(b)

Work-in-Progress

 

 

Opening Inventory

4,50,000

 

 

  Less: Closing Inventory

4,25,000

25,000

 

 

25,000

(c)

Stock-in-Trade

 

 

Opening Inventory

6,50,000

 

 

  Less: Closing Inventory

6,00,000

50,000

 

 

50,000

 

Net Change (a+b+c)

25,000


 ` 25,000 will be shown in the Statement of Profit and Loss against the Change in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade.