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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 24 Chapter No 17
Trading and Profit & Loss Account and Balance Sheet
24. Abraham Started a business on 1st April 2018. Stock on 31st March 2019 was Rs 15,000. from the following figures extracted from his book prepare Trading Account and Profit & Loss Account for the year ending 31st March 2019 and balance sheet as of that date
| Ledger Account | Dr. Balance | Cr. Balance |
| Machinery & Plant | 12,000 | |
| Freehold premises | 24,000 | |
| Wages | 14,500 | |
| Purchases | 60,000 | |
| Cash in hand | 500 | |
| Salaries | 2,000 | |
| Carriage | 800 | |
| Rent | 700 | |
| Insurance | 500 | |
| Abraham’s Drawing | 3,200 | |
| Sundry debtors | 2,800 | |
| Motive power, heating & Lighting | 1,600 | |
| Interest on loan | 200 | |
| Carriage outwards | 300 | |
| Bills receivable | 1,900 | |
| Sales | 80,000 | |
| Sundry creditor | 3,000 | |
| Bill payable | 2,500 | |
| Bankers | 2,500 | |
| Loan on mortgages | 7,000 | |
| Abraham’s Capital | 30,000 | |
| 1,25,000 | 1,25,000 |
Trading A/c
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Purchases A/c | 60,000 | By Sale A/c | 80,000 | ||
| To Wages A/c | 14,500 | ||||
| To carriage A/c | 800 | By Closing Stock | 15,000 | ||
| To M.Power, lighting,heating A/c | 1,600 | ||||
| To Gross Profit A/c | 18,100 | ||||
| 95,000 | 95,000 | ||||
Profit/Loss A/c
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Salaries A/c | 2,000 | By Gross Profit A/c | 18,100 | ||
| To Rent A/c | 700 | ||||
| To Insurance A/c | 500 | ||||
| To Interest on loan A/c | 200 | ||||
| To Carriage A/c | 300 | ||||
| To Net profit A/c | 14,400 | ||||
| 18,100 | 18,100 | ||||
Balance Sheet
| Labilities |
Amount | Assets |
Amount | ||
|---|---|---|---|---|---|
| Capital A/c | 30,000 | Cash in hand | 500 | ||
| Add: Net Profit | 14,400 | S. Debtors | 2,800 | ||
| Less: Drawing | 3,200 | 41,200 | Bill Receivable | 1,900 | |
| S. Creditor | 3,000 | Closing Stock | 15,000 | ||
| Bills Payable | 2,500 | Machinery | 12,000 | ||
| Bankers | 2,500 | Freehold premises | 24,000 | ||
| Laon on Mortgage | |||||
| 56,200 | 56,200 | ||||
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Also, Check out the solved question of all Chapters: –
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
Chapter No. 14 - Provisions and Reserves
Chapter No. 15 - Bills of Exchange
Chapter No. 16 - Rectification of Errors
Chapter No. 17 - Financial Statements - (Without 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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