Iron

Iron is a transitional element and is a ‘D’ block element. It belongs to Group VIII of the periodic table. This note is about the metal iron.

Summary

Iron is a transitional element and is a ‘D’ block element. It belongs to Group VIII of the periodic table. This note is about the metal iron.

Things to Remember

Iron is a transitional element and known as ‘d’ block element. It belongs to Group VIII of the periodic table. It is the first transition series in the fourth period. On the left side of it, manganese is located whereas on the right-hand side, cobalt is found.
The important ores of iron are hematite, magnetite, siderite, limonite, etc.
The properties of iron are: good conductor of heat and electricity, malleable and ductile in nature, boils at 24500ºC and melts at 15350ºC.
Iron is used to manufacture steel, make household utensils, make rods, pipes,chains, vehicles, railway tracks,etc.

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Subjective Questions

Q1:

What is a trading account?

Type: Very_short Difficulty: Easy

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Q2:

What are the objectives of preparing trading account?

Type: Short Difficulty: Easy

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Answer: The trading account is prepared to achieve certain objectives, which are as follows: - <ol><li>To know the gross profit or gross loss It is prepared to find out the amount of gross profit or gross loss made by the business during the particular period of time. It is determined by making a comparison between merchandise income and merchandise expense. It enables the businessman to make a comparison of gross profit or gross loss of the current year with those of previous years. </li> <li>To provide information about stock The trading account provides the information of opening stock as well as the value of closing stock. The information helps the business for making purchasing plans and policies. </li> <li>To provide information about net purchases and net sales It provides the information relating to total purchase as well as a net purchase. The information of net purchase is obtained by deducting purchase return from the total purchase. Similarly, it provides the information of total sales as well as net sales. The amount of net sales is determined by deducting sales return from total shares. </li> <li>To provide information about factory expenses The expense, which incur inside the factory for the production of goods is called factory expenses. Factory rent, factory insurance, factory manager’s salary, heating and lighting and coke and coal are some of the examples of factory expenses. It provides such information, which helps to determine the percentage of the expenses on sales. It helps to control the expenses in the process of manufacturing the product. </li> <li>To make comparison The trading account helps to compare the amount of sales and gross profit of the current year with those of previous years. Such comparison helps in evaluating the progress of the business. </li> <li>To measure efficiency The trading account helps in measuring the working efficiency of the business. Such working efficiency is measured by making a comparison between the amount of sales and merchandise expenses. </li> <li>To provide information about direct expenses The expense, which incur in connection with the purchases and wages, are called direct expenses. Purchase, carriage inward, excise duty, custom duty and wages are some examples of direct expense. A trading account provides information of such expenses, which help to make a comparison of the cost of the current year with previous years.</li> </ol>

Q3:

What are the importance and advantages of trading account?

Type: Short Difficulty: Easy

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Q4:

Mention any two objectives of preparing trading account.

Type: Very_short Difficulty: Easy

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Q5:

Mention any two advantages of preparing trading account.

Type: Very_short Difficulty: Easy

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Q6:

The following particulars are extracted from the books of Ridan Enterprises for the year ended 31^st Chaitra:

Pariculars	Amt (Rs.)	Particulars	Amt (Rs.)
Opening Stock	22,500	Sales Return	50,000
Purchases	3,75,000	Carriage inwards	10,000
Purchase Return	45,000	Wages	93,750
Sales	5,62,500	Closing Stock	50,000

Required: Trading Account

Type: Short Difficulty: Easy

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Q7:

The following particulars are provided for the year ended 31^st December:

Pariculars	Amt (Rs.)	Particulars	Amt (Rs.)
Opening Stock	31,000	Sales Return	4,000
Purchases	2,12,000	Carriage inwards	5,600
Purchase Return	2,000	Factory insurance	5,000
Sales	4,14,000	Closing Stock	28,456
Custom duty	1,600	Coal and coke	1,000
Clearing charges	1,400	Lighting	2,000
Factory rent	6,000	Wages	52,000

Required: Trading Account

Type: Short Difficulty: Easy

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Answer: <table><tbody><tr><td width="43"> </td> <td colspan="2" width="180"> </td> <td colspan="3" width="198"> Trading Account </td> <td colspan="3" width="179"> </td> <td width="38"> </td> <td width="0"></td> </tr><tr><td width="43"> Dr. </td> <td colspan="2" width="180"> </td> <td colspan="3" width="198"> For the year ended 31st May </td> <td colspan="3" width="179"> </td> <td width="38"> Cr. </td> <td width="0"></td> </tr><tr><td colspan="2" width="151"> Particulars </td> <td colspan="2" width="90"> </td> <td width="96"> Amt (Rs.) </td> <td colspan="2" width="142"> Particulars </td> <td width="74"> </td> <td colspan="2" width="85"> Amt (Rs.) </td> <td width="0"> </td> </tr><tr><td colspan="2" rowspan="4" width="151"> To opening stock To purchases Less: purchase return To wages To carriage inwards To factory rent To factory insurance To clearing charges To coal and coke To lighting To custom duty To gross profit c/d </td> <td colspan="2" rowspan="2" width="90"> 2,12,000 2,000 </td> <td rowspan="3" width="96"> 31,000 2,10,000 52,000 5,600 6,000 5,000 1,400 1,000 2,000 1,600 1,23,456 </td> <td colspan="2" rowspan="4" width="142"> By sales Less: sales return By closing stock </td> <td width="74"> 4,14,600 4,000 </td> <td colspan="2" rowspan="3" width="85"> 4,10,600 28,456 </td> <td width="0"></td> </tr><tr><td rowspan="3" width="74"> </td> </tr><tr><td colspan="2" rowspan="2" width="90"> </td> </tr><tr><td width="96"> 4,38,456 </td> <td colspan="2" width="85"> 4,38,456 </td> <td width="0"></td> </tr></tbody></table>

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Iron

Symbol: Fe
Atomic number: 26
Atomic weight: 55.84(56)
Valency: 2 and 3
Electronic configuration:1s²,2s², 2p⁶,3s², 3p⁶,4s², 3d⁶

Position in periodic table:

Iron is a transitional element and known as "d" block element. It belongs to Group VIII of the periodic table. It is the first transition series in the fourth period. On the left side of it, manganese is located whereas on the right-hand side, cobalt is found.

Important ores of iron

Hematite
Magnetite
Siderite
Limonite
Iron pyrite

Physical Properties of Iron

Pure iron is a silvery white metal and lustrous metal.
Its specific gravity is 7.86.
Iron melts at 1550ºC and boils at 2400ºC.
Iron is a good conductor of heat and electricity.
It is malleable and ductile in nature.

Chemical Properties

Rusting: Iron gets rusted in the presence of moist air. The compression of iron into a mixture of Fe₂O₃ and H₂Oby atmospheric oxygen and moisture is called rusting. The rust is usually hydrated iron III oxide(Fe₂O₃.XH₂O)
$$4Fe + 3O_2 + XH_2O\longrightarrow2Fe_2O_3 .XH_2O$$
Reaction with acids:
- Iron reacts with dilute hydrochloric acid and hydrogen gas is liberated. $$Fe + dil. 2HCl \longrightarrow FeCl_2 +H_2$$
- Iron reacts with dilute sulphuric acid and hydrogen gas is produced along with ferrous sulphate. $$Fe + dil.H_2SO_4\longrightarrow FeSO_4 +H_2$$
- When iron reacts with theconcentrated sulphuric acid, sulphur dioxide is produced. $$2Fe + conc. 6H_2SO_4 \longrightarrow Fe_2(SO_4)_3 + 6H_2O + 3SO_2$$
- Iron reacts with both dilute and concentrated nitric acid and replaces hydrogen from nitric acid. $$4Fe + dil. 10HNO_3 \longrightarrow 4Fe(NO_3)_2 +NH_4NO_3 +3H_2O$$ $$Fe + conc. 6HNO_3 \longrightarrow 4Fe(NO_3)_3 +3NO_2 +3H_2O$$