Question No 23 Chapter No 18 - T.S. Grewal 11 Class

Question No 23 Chapter No 18

23.From the following balances, prepare Trading and Profit and Loss Account and the Balance Sheet:

Debit Balances:		Debit Balances
Machinery	2,00,000	Opening Stock	2,00,000
Building	1,50,000	Rent	45,000
Debtors	2,70,000	Sundry Expenses	20,000
Drawings	90,000	Carriage	15,000
Purchases	9,50,000	Credit Balances:
Wages	5,00,000	Capital	10,00,000
Bed Debts	10,000	Creditors	1,40,000
Bank	1,50,000	Sales	14,50,000
		Commission	10,000

Closing Stock was of 70,000 but its net realizable value was estimated at 60,000.

 

The solution of Question No 23 Chapter No 18:-

Financial Statement of M/s. Mangal & Sons

Trading Account

Particular		Amount	Particular		Amount
To Opening Stock		2,00,000	By Sales		14,50,000
To Purchases		9,50,000
To Carriage		15,00	By Closing Stock		60,000
To Wages		5,00,000
			By Gross Loss		1,55,000
		16,65,000			16,65,000

 

Profit and Loss Account

Particular		Amount	Particular		Amount
To Gross Loss		1,55,000	By Commission		10,000
To Bad Debts		10,000
To Rent		45,000
To Sundry Expenses		20,000
			By Net Loss		2,20,000
		2,30,000			2,30,000

 

Balance Sheet

Particular		Amount	Particular		Amount
Capital	10,00,000		Building		1,50,000
Less: Net Loss	2,20,000		Machinery		2,00,000
Less: Drawings	90,000	6,90,000	Closing Stock		60,000
Creditors		1,40,000	Debtors		2,70,000
Bills Payable		3,150	Bank		1,50,000
		8,30,000			8,30,000

 

Note: Closing Stock is recorded at cost price or market price which is lower

 

https://tutorstips.com/final-accounts/

https://tutorstips.com/profit-and-loss-account/

 

https://tutorstips.com/balance-sheet/

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Also, Check out the solved question of previous Chapters: -

• • Chapter No. 1 – Introduction to Accounting
  • Chapter No. 2 – Basic Accounting Terms
  • Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
  • Chapter No. 4 – Bases of Accounting
  • Chapter No. 5 – Accounting Equation
  • Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
  • Goods and Services Tax(GST)
  • Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
  • Chapter No. 8 – Journal
  • Chapter No. 9 – Ledger
  • Chapter No. 10 – Special Purpose Books I – Cash Book
  • Chapter No. 11 – Special Purpose Books II – Other Books
  • Chapter No. 12 – Bank Reconciliation Statement
  • Chapter No. 13 – Trial Balance
  • Chapter No. 14 – Depreciation
  • Chapter No. 15 – Provisions and Reserves
  • Chapter No. 16 – Accounting for Bills of Exchange
  • Chapter No. 17 – Rectification of Errors
  • Chapter No. 18 – Financial Statements of Sole Proprietorship
  • Chapter No. 19 – Adjustments in preparation of Financial Statements
  • Chapter No. 20 – Accounts from incomplete Records – Single Entry System
  • Chapter No. 21 – Computers in Accounting
  • Chapter No. 22 – Accounting Software – Tally
  • Chapter No. 5 - Accounting Equation
  • Chapter No. 6 - Accounting Procedures - Rules of Debit and Credit
  • Goods and Services Tax(GST)
  • Chapter No. 8 - Journal
  • Chapter No. 9 - Ledger
  • Chapter No. 10 – Special Purpose Books I – Cash Book

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