Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 18 Chapter No 19
18. On 1st April, 2017, X started a business with 40,000 as his capital. On 31st March, 2018, his position was as follows:
| Particulars | Last Year |
| Creditors | 30,000 |
| Bills Payable | 10,000 |
| Bank | 10,000 |
| Debtors | 50,000 |
| Stock | 40,000 |
| Plant | 68,000 |
| Furniture | 12,000 |
During the year 2017–18, X drew 24,000. On 1st October, 2017, he introduced further capital amounting to 30,000. You are required to ascertain profit on loss made by him during the year 2017–18. Adjustments: a. Plant is to be depreciated at 10%.
b. A provision of 5% is to be made against debtors, Also prepare the Statement of Affairs as on 31st March, 2018.
Statement of Affairs for the year ended March 31, 2018
| Liabilities |
Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Creditors | 30,000 | Debtors | 50,000 | ||
| Bills Payable | 10,000 | Less: 5% Provision for Doubtful Debts | 2, 500 | 47,500 | |
| Plant | 68,000 | ||||
| Less: 10% Depreciation | 6, 800 | 61,200 | |||
| Furniture | 12,000 | ||||
| Bank | 10,000 | ||||
| Capital |
1,30,700 |
Stock | 40,000 | ||
| 1,70,700 | 1,70,700 | ||||
Statement of Profit or Loss for the year and March 31, 2018
| Particular |
Amount | |
|---|---|---|
| Capital as on March 31, 2018 | 1,30,700 | |
| Add: Drawings Rs100 ×52 | 24,000 | |
| 1,54,700 | ||
| Less: Additional Capital Introduced | 30, 000 | |
| Adjusted Capital as on March 31, 2018 | 1,24,700 | |
| Less: Capital of the Previous Year | 40, 000 | |
| Profit made during the year 2017-18 | 84,700 | |
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 18 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 18 Chapter No 19 - T.S. Grewal 11 Class" instantly.
