Question 2 Chapter 1 - V.K. Publication Class 12 Part 2 - 2021

Question 2 Chapter 1 - V.K. Publication Class 12 Part 2 - 2021

2. Mittal Limited incurred a loss of Rs. 50,000 during the year 2017-18. It has an opening balance of Rs. 15,000 in the Reserves and Surplus as the Balance of Statement of Profit anLoss. Determine the amount that will be carried to the Balance Sheet as the Balance of Statement of Profit and Loss. Also, state where and how will this Balance of Statement Profit and Loss be disclosed.

The solution of Question 2 Chapter 1 - V.K. Publication Class 12 Part 2: -

NOTES TO ACCOUNT

Particulars		Rs .
Reserves and Surplus
Surplus, i.e, Balance in Statement of Profit and Loss
Opening Balance	15,000
Balance Profit (Loss) for the period	50,000
Balance		35,000

The balance of Surplus to be shown in the Balance Sheet under the head 'Reserves and Surplus' is (Rs.35,000).

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T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

• Chapter No. 1 - Financial Statement of Not-For-Profit Organisations
• Chapter No. 2 - Accounting for Partnership Firms - Fundamentals
• Chapter No. 3 - Goodwill: Nature and Valuation
• Chapter No. 4 - Change in Profit-Sharing Ratio Among the Existing Partners
• Chapter No. 5 - Admission of a Partner
• Chapter No. 6 - Retirement/Death of a Partner
• Chapter No. 7 - Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 8 - Company Accounts -  Accounting for Share Capital
• Chapter No. 9 - Company Accounts - Issue of Debentures
• Chapter No. 10 - Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

• Chapter No. 1 - Financial Statements of a Company
• Chapter No. 2 - Financial Statement Analysis 
• Chapter No. 3 - Tools of Financial Statement Analysis - Comparative Statements and Common- Size Statements
• Chapter No. 4 - Accounting Ratios
• Chapter No. 5 - Cash Flow Statement

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication