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Question No 09 Chapter No 17 - USHA Publication 11 Class

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Question No 09 Chapter No 17

09.Prepare trading and Profit & Loss account of Subhash Chander for the year ended 31st march 2018 from the following particular.

	Rs		Rs
Opening stock	8,000	Commission	1,010
Rent and rates	4,300	Salaries	2,000
Trade expenses	3,600	legal expenses	2,050
Return inwards	2,600	Audit fees	1,060
Sales	82,000	Bank charges	1,040
Purchases	50,000	Sales Tax	550
Return outwards	1,300	Interest on drawing	360
Carriage inwards	1,200	Interest on investment	1,200
Wages	3,500	Repair and renewals	3,260
Discount(Dr.)	540	Closing Stock	6,000
Discount(Cr.)	650

The solution of Question No 09 Chapter No 17:-

Trading Account

Particular		Amount	Particular		Amount
To opening Stock A/c		8,000	By Sales	82,000
To Purchases	50,000		Less: Return	2,600	79,400
Less: Return	1,300	48,700	To Closing Stock		6,000
To Carriage inwards		1,200
To Wages		3,500
To Gross Profit		24,000
		85,400			85,400

Profit & Loss Account

Particular	Amount	Particular	Amount
To Trade expenses A/c	3,600	By Gross Profit A/c	24,000
To Rent and rate A/c	4,300	By Interest on investment A/c	1,200
To Salaries A/c	2,000	By Interest on drawings A/c	360
To legal expenses A/c	2,050	By discount (Cr.)A/c	650
To Audit fees A/c	1,060
To Bank Charges A/c	1,040
To Sale Tax A/c	550
To Repairs and Renewals A/c	3,260
To Discount (Dr.)A/c	540
To Commission A/c	1,010
To Net Profit	6,800
	26,210		26,210