Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Advertisement
Advertisement
Advertisement
Advertisement
Question No 16 Chapter No 19
16. From the following information relating to the business of Mr. X who keeps books on Single Entry System, ascertain the profit or loss for the year 2017–18:
| Particulars | 1st April, 2017 | 31st March, 2018 |
| Machinery | 8,000 | 8,000 |
| Furniture | 2,000 | 2,000 |
| Stock | 7,000 | 5,000 |
| Sundry Debtors | 4,000 | 4,500 |
| Bank Balance | 200 Cr | 1,800 Dr |
| Sundry Creditors | 5,000 | 3,500 |
Mr. X withdrew 4,100 during the year to meet his household expenses. He introduced 300 as fresh capital on 15th January, 2018. Machinery and Furniture are to be depreciated at 10% and 5% p.a. respectively.
Statement of Affairs as on March 31, 2017
| Liabilities |
Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Bank Overdraft | 200 | Machinery | 8,000 | ||
| Sundry Creditors | 5,000 | Furniture | 2,000 | ||
| Stock | 7,000 | ||||
| Sundry Debtors | 4,000 | ||||
| Capital | 15,800 | ||||
| 21,000 | 21,000 | ||||
Statement of Affairs as on March 31, 2018
| Liabilities |
Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Sundry Creditors | 3,500 | Machinery | 8,000 | ||
| Less: 10% Depreciation | 800 | 7,200 | |||
| Furniture | 2,000 | ||||
| Less: 5% Depreciation | 100 | 1,900 | |||
| Stock | 5,000 | ||||
| Sundry Debtors | 4,500 | ||||
| Capital |
16,900 |
Bank Balance | 1,800 | ||
| 20,400 | 20,400 | ||||
Statement of Profit or Loss for the year and March 31, 2018
| Particular |
Amount | |
|---|---|---|
| Capital as on March 31, 2017 | 16,900 | |
| Add: Drawings | 4,100 | |
| 21,000 | ||
| Less: Additional Capital Introduced | 300 | |
| Adjusted Capital as on March 31, 2017 | 20,700 | |
| Less: Capital as on April 01, 2016 | 15, 800 | |
| Profit made during the year 2016-17 | 4,900 | |
https://tutorstips.com/final-accounts/
https://tutorstips.com/profit-and-loss-account/
https://tutorstips.com/balance-sheet/
Thanks, Please Like and share with your friends
Comment if you have any question.
Also, Check out the solved question of previous Chapters: -
Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication
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 16 Chapter No 19 - 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.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question No 16 Chapter No 19 - T.S. Grewal 11 Class" instantly.
