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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question No 09 Chapter No 18
9. Following balances appear in the Trail Balance of a firm as on 31st March, 2018:
| Opening Stock: | Raw Material | 80,000 |
| Finished Goods | 1,40,000 | |
| Purchases | 3,60,000 | |
| Sales | 7,00,000 | |
| Returns: | Purchases | 10,000 |
| Sales | 6,000 | |
| Wages | 1,30,000 | |
| Factory Expenses | 90,000 | |
| Freight: | Inwards | 20,000 |
| Outwards | 30,000 | |
| At the end of the accounting period, stock was: | ||
| Raw Materials | 70,000 | |
| Work-in-Process | 20,000 | |
| Finished Goods | 1,10,000 | |
Prepare Trading Account of the firm
The solution of Question No 09 Chapter No 18:-
| Trading Account | |||||
| Particulars |
Amount | Particulars |
Amount | ||
|---|---|---|---|---|---|
| To Opening Stock | By Sales | 7,00,000 | |||
| Raw Materials | 80,000 | Less: Return Inwards | 6,000 | 6,94,000 | |
| Finished Goods | 1,40,000 | 2,20,000 | |||
| To Purchases | 3,60,000 | 20,000 | |||
| Less: Return Outwards | 1,40,000 | 50,000 | By Closing Stock | ||
| To Freight Inwards | 20,000 | Raw Materials | 70,000 | ||
| To Wages | 1,30,000 | Work-in-Progress | 20,000 | ||
| To Factory Expenses | 6,000 | Finished Goods | 1,10,000 | 2,00,000 | |
| To Gross Profit | 84,000 | ||||
| 8,94,000 | 8,94,000 | ||||
Note: Note: Freight outwards is an indirect expense. It will be recorded in Profit & Loss A/c.
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T.S. Grewal's Double Entry Book Keeping
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
This guide covers "Question No 09 Chapter No 18 - T.S. Grewal 11 Class", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to T.S. Grewal 11 Class Financial Accounting.
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