It (d) It also helps in knowing various investments made by the business and also investments made by the organisations and individuals in the business. mso-fareast-theme-font:minor-fareast;} mso-fareast-theme-font:minor-fareast;} {mso-style-name:""; It helps in ascertaining the nature and amount of various liabilities like long term liabilities, current liabilities, provisions, etc., which a business owes. Expenditure incurred to provide one more exit in a cinema hall in mso-pagination:widow-orphan; {page:Section1;} Financial statements are the statements showing profitability and financial position of a business at the end of the year. /* Style Definitions */ span.SpellE The following is the Trial Balance of Mr. Deepak as on March 31, 2017. panose-1:2 4 5 3 5 4 6 3 2 4;} What are mso-style-qformat:yes; font-size:12.0pt; On one hand, trading account discloses either gross profit or gross loss, on the other hand, profit and loss account discloses either net profit or net loss. 1. Closing entries to transfer the following items to the debit side of trading account from Trial Balance: (Transferred debit balances to Trading Aaccount). margin-right:0in; Operating NCERT Solutions for Accountancy Class 11 provided here are best answers by AglaSem School experts, who have many year of … mso-font-signature:0 0 0 0 0 0;} at the end of an accounting period. font-size:12.0pt; mso-fareast-theme-font:minor-fareast;} -->. is meant by Grouping and Marshalling of assets and liabilities? mso-generic-font-family:roman; CBSE Class 11 accountancy Double Entry Book Keeping TS Grewal 2019 Solutions Volume 1 & Volume 2 are created by experts teachers of the accountancy subject … @font-face font-family:"Times New Roman","serif";} mso-pagination:widow-orphan; NCERT Solutions for Class 11 Accountancy Part 2. font-size:12.0pt; last year’s unsold stock and excludes closing stock if any, The examples of closing entries are given below. b. 6. font-size:12.0pt; Marshalling of asset and liabilities: When expenses include office and administrative expenses, selling and To ascertain profit earned or loss incurred by a business during an accounting period. Chapter-wise NCERT Solutions for Class 11 Accountancy are given below. NCERT Solutions for class 11 Commerce Accountancy solved by subject matter experts. font-size:12.0pt; distribution expenses, discount, bad debts, etc. div.Section1 @font-face To ascertain net profit ratio and to compare this year’s net profit ratio with that of the desired and proposed target in order to assess the efficiency and effectiveness, 3. External: External users are those persons and institutions that are indirectly related to the business. mso-margin-bottom-alt:auto; {page:Section1;} . land and building have the highest degree of permanence and hence are recorded e. Creditors: Financial statements provide information to the creditors about the goodwill of the business and its credit worthiness and repaying capacity. To assess the solvency and credit worthiness of the business, 5. Sales – (Opening Stock + Net Purchases + Direct Expenses + Administration Expenses +, Selling and Distribution Expenses) + Closing Stock, 11,00,000 – (50,000 + 6,00,000 + 60,000 + 45,000 + 65,000) + 70,000. {size:595.35pt 841.95pt; Revenue expenditure is shown in the debit side of the trading and Profit mso-default-props:yes; mso-pagination:widow-orphan; margin-left:0in; This is reflected by the Balance Sheet. Explain cash. @font-face margin-left:0in; is the excess of gross profit over operating expenses. margin-right:0in; Balance Download NCERT Solutions for Class 11 Accountancy, Get free Class 11 Accountancy solutions for questions for all chapters in Class 11 Accountancy solved by best teachers as per latest NCERT (CBSE) book syllabus and guidelines. mso-style-parent:""; font-size:12.0pt; The NCERT Solutions to the questions after every unit of NCERT textbooks aimed at helping students solving difficult questions. Free PDF download of NCERT Solutions for Class 11 Accountancy Chapter 9 Financial Statements - 1 solved by Expert Teachers as per NCERT CBSE Book guidelines. mso-margin-bottom-alt:auto; These solutions for Financial Statements I are extremely popular among Class 11 Commerce students for Accountancy Financial Statements I Solutions come handy for quickly completing your homework and preparing for exams. mso-font-signature:0 0 0 0 0 0;} Liabilities with higher level of permanence like, capital is recorded at the @page Section1 In a