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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question No 36 Chapter No 19
36. Vijay commenced business as food grains merchant on 1st April, 2017 with a capital of 4,00,000. On the same day, he purchased furniture for 80,000. From the following particulars obtained from his books which do not conform to Double Entry principles, you are required to prepare the Trading and Profit and Loss Account for the year ended 31st March, 2018 and the Balance Sheet as on that date:
| Sales including Cash Sales 2, 00, 000 | 5,00,00 |
| Purchases (including Cash Purchases 1,20,000 | 4,00,000 |
| Vijay's Drawings incash | 40,000 |
| Salaries to Staff | 48,000 |
| Bad Debts written off | 4,000 |
| Trade Expenses paid | 16,000 |
Vijay used goods of 12,000 for private purposes during the year. On 31st March, 2018, his Debtors amounted to 1,40,000 and Creditors 80,000. Stock-in-Trade on that date was 1,60,000.
The solution of Question No 36 Chapter No 19:-
Trading Account
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| By Sales | 5,00,000 | ||||
| To Purchases | 4,00,000 | By Closing Stock | 1,60,000 | ||
| Less: Drawings | 12,000 | 3,88,000 | |||
| To Gross Profit | 2,72,000 | ||||
| 6,60,000 | 6,60,000 | ||||
Profit and Loss Account
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Salary | 48,000 | By Gross Profit | 2,72,000 | ||
| To Trade Expenses | 16,000 | ||||
| To Bad Debts | 4,000 | ||||
| To Net Profit | 2,04,000 | ||||
| 2,72,000 | 2,72,000 | ||||
Balance Sheet
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| Creditors | 80,000 | Cash in Hand | 2,56,000 | ||
| Capital | 4,00,000 | Furniture | 80,000 | ||
| Less: Drawings | 52,000 | Debtors | 1,40,000 | ||
| Add: Net Profit | 2,04,000 | 5,52,000 | Less: Bad Debts | 4,000 | 1,36,000 |
| Creditors | 25,000 | Closing Stock | 1,60,000 | ||
| 6,32,000 | 6,32,000 | ||||
Cash Account
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| Capital A/c | 4,00,000 | Creditors A/c | 2,00,000 | ||
| Debtors A/c | 1,60,000 | Drawings A/c | 40,000 | ||
| Sales A/c | 2,00,000 | Furniture A/c | 80,000 | ||
| Purchases A/c | 1,20,000 | ||||
| Salaries A/c | 48,000 | ||||
| Trade Expenses A/c | 16,000 | ||||
| Balance c/d | 2,56,000 | ||||
| 7,60,000 | 7,60,000 | ||||
Debtors Account
| Particular | Amount | Particular | Amount | ||
|---|---|---|---|---|---|
| Sales A/c B/F | 3,00,000 | Cash A/c | 1,60,000 | ||
| Balance c/d | 1,40,000 | ||||
| 3,00,000 | 3,00,000 | ||||
Creditors Account
| Particular | Amount | Particular | Amount | ||
|---|---|---|---|---|---|
| Cash A/c | 2,00,000 | Purchases A/c | 2,80,000 | ||
| Balance c/d |
80,000 | ||||
| 2,80,000 | 2,80,000 | ||||
https://tutorstips.com/final-accounts/
https://tutorstips.com/profit-and-loss-account/
https://tutorstips.com/balance-sheet/
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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 36 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.
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