Question No 26 Chapter No 17 - USHA Publication 11 Class

Question No 26 Chapter No 17

Trading and Profit & Loss Account and Balance Sheet

26.From the following information compile a Manufacturing Trading and Profit & Loss account of M/s Milton Bros. for the year ended 13st March 2019

Ledger Account	Rs	Ledger Account	Rs
Raw materials:		Factory light and water	975
On 1-4-2018	650	Power	3,500
On 31-3-2019	870	Factory insurance	750
Purchases of raw material	23,230	Factory rent	810
Work in progress:		Office insurance	1,210
On 1-4-2018	990	Office salaries	950
On 31-3-2019	750	Sales	42,000
Finish goods:		Depreciation:
On 1-4-2018	810	Plant	700
On 31-3-2019	920	Office furniture	50
Carriage inwards	210	Trade expenses	40
Carriage outwards	795	Repair to Plant	190
Manufacturing wages	5,975	Office light	150
Stores consumed	895	Interest on loan (Dr.)	90

The solution of Question No 26 Chapter No 17:-

Manufacturing A/c

Particular		Amount	Particular		Amount
To Opening Stock A/c			By Sale A/c
Raw material	650		Raw material	870
Add: work in progress	990	1,640	Add: work in progress	750	1,620
To Purchases of raw material A/c		23,230
To Carriage Inwards A/c		210
To Manufacturing Wages A/c		5,975
To Store Consumed A/c		895
To Factory light & water A/c		975
To Power A/c		3,500
To Factory insurance A/c		750
To Factory Rent A/c		810
To Depreciation on plant A/c		700
To Repairs to Plant A/c		190
			By Cost of production A/c		37,255
		38,875			38,875

 

Trading A/c

Particular		Amount	Particular		Amount
To Cost pf Production b/d		37,255	By sale of finish goods A/c		42,000
To Opening Stock of finished goods A/c		810	By closing stock of finished goods A/c		920
To Gross Profit A/c		4,855
		42,920			42,920

 

Profit/Loss A/c

Particulars		Amount	Particulars		Amount
To Carriage outwards A/c		795	By Gross Profit A/c		4,855
To Office Insurance A/c		1,210
To Office Salaries A/c		950
To Depreciation of furniture A/c		50
To Trade Expenses A/c		40
To Office light A/c		150
To Interest on loan A/c		90
To Net profit A/c		1,570
		4,855			4,855

 

 

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Usha Publication - Elements of Book-Keeping PSEB (Class 11) - Solution

Chapter No. 1 - Introduction

Chapter No. 2 - Theory Base of Accounting 

Chapter No. 3 - Origin of Transactions

Chapter No. 4 - Vouchers and transactions

Chapter No. 5 - Journal

Chapter No. 6 - Accounting for Goods and Services Tax(GST)

Chapter No. 7 - Ledger

Chapter No. 8 - Cash Book

Chapter No. 9 - Other Subsidiary Books

Chapter No. 10 - Journal Proper

Chapter No. 11 - Trial Balance

Chapter No. 12 - Bank Reconciliation Statement

Chapter No. 13 - Depreciation

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)

Chapter No. 18 - Financial Statements - (With Adjustments)