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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 18 Chapter No 18
Withdrawal of goods for personal use
18. The following balances have been extracted from the trial balance of Rahul Dev As on 31st March 2018
| Ledger Account | (Dr. Rs) | (Cr. Rs) |
| Purchases | 66,000 | - |
| Tools and Implements | 34,000 | - |
| Wages | 18,000 | - |
Adjustments
Materials worth Rs 6,000 and wages Rs 4,000 were used in marking Tools and implements for the business. Show the adjustment entry and its treatment in the financial statement
Adjustment entries
| Date | Particulars |
L.F. | Debit | Credit | |
|---|---|---|---|---|---|
| Tools and Implements A/c | Dr. | 10,000 | |||
| To Purchases A/c | 6,000 | ||||
| To Wages A/c | 4,000 | ||||
| (Being material and wages used for tools and implement.) | |||||
Trading Account
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Purchases A/c | 66,000 | ||||
| Less: tools and Imp. | 6,000 | 60,000 | |||
| To Wages A/c | 18,000 | ||||
| Less: tools and Imp. | 4,000 | 14,000 | |||
| 74,000- | - | ||||
Balance Sheet
| Labilities |
Amount | Assets |
Amount | ||
|---|---|---|---|---|---|
| Tools and Imp. A/c | 34,000 | ||||
| Add: addition during year | 10,000 | 44,000 | |||
| - | - | ||||
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Also, Check out the solved question of all Chapters: –
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Vouchers and transactions
Chapter No. 4 - Journal
Chapter No. 5 - Ledger
Chapter No. 6 - Cash Book
Chapter No. 7 - Other Subsidiary Books
Chapter No. 8 - Journal Proper
Chapter No. 9 - Trial Balance
Chapter No. 10 - Bank Reconciliation Statement
Chapter No. 11 - Depreciation
Chapter No. 12 - Provisions and Reserves
Chapter No. 13 - Bills of Exchange
Chapter No. 14 - Rectification of Errors
Chapter No. 15 - Financial Statements - (Without Adjustments)
Chapter No. 16 - Financial Statements - (With Adjustments)
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.
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