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.
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