Question No 37 Chapter No 19 - T.S. Grewal 11 Class

Question No 37 Chapter No 19

37.Following information is obtained from the books of Vinay, who maintained his books of account under Single Entry System:

I. Receipts for the year ended 31st March, 2018:
From Debtors	88,125
Cash Sales	20,625
Paid by Vinay	12,500
	1,21,250
2. Payments during the year:
New plant bought	3,125
Drawings	7,500
Salaries	5,625
Wages	33,625
Interest paid	375
Rent paid	6,625
Light and power	2,375
Sundry Expenses	10,625
Sundry Creditors	38,125
	1,08,000

Vinay banks all receipts and makes payments by means of cheque.

Assets and Liabilities	As at 31st March,2017	As at 31st March, 2018 Rs
Sundry Creditors	12.625	12,000
Sundry Debtors	18,750	30,625
Bank	3,125	?
Stock	31,250	15,625
Plant	37,500	36,575

 

From the above information, prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as on that date.

 

The solution of Question No 37 Chapter No 19:-

 

Trading Account

Particular		Amount	Particular		Amount
To Opening Stock		31,250	By Sales	1, 00, 000 +20, 625	1,20,625
To Purchases		37,500	By Closing Stock		15,625
To Light & Power		2,375
To Wages		33,625
To Gross Profit		31,500
		1,36,250			1,36,250

 

Profit and Loss Account

Particular		Amount	Particular		Amount
To Depreciation on Plant		4,050	By Gross Profit		31,500
To Interest		375
To Rent		6,625
To Salary		5,625
To Sundry Expenses		10,625
To Net Profit		4,200
		31,500			31,500

 

Balance Sheet as on April 01, 2017

Particular		Amount	Particular		Amount
Creditors		12,625	Cash in Hand		37,500
Capital	4,00,000	78,000	Closing Stock		15,625
			Debtors		3,125
			Plant		31,250
		90,625			90,625

 

Balance Sheet as on March 31, 2018

Particular		Amount	Particular		Amount
Creditors		12,000	Bank		16,375
Capital	78,000		Closing Stock		15,625
Less: Drawings	7,500		Debtors		30,625
Add: Additional Capital	12,500		Plant		36,575
Add: Net Profit	4,200	87,200
		99,200			99,200

 

Bank Account

Particular		Amount	Particular		Amount
Balance b/d		3,125	Creditors A/c		38,125
Capital A/c		12,500	Drawings A/c		7,500
Debtors A/c		88,125	Interest A/c		375
Sales A/c		20,625	Light & Power A/c		2,375
			Plant A/c		3,125
			Rent A/c		6,625
			Salaries A/c		5,625
			Sundry Expenses A/c		10,625
			Wages A/c		33,625
			Balance c/d		16,375
		1,24,375			1,24,375

 

Debtors Account

Particular		Amount	Particular		Amount
Balance b/d		18,750	Cash A/c		88,125
			Balance c/d		30,625
Sales A/c		1,00,000
		3,00,000			3,00,000

 

Creditors Account

Particular		Amount	Particular		Amount
Cash A/c		38,125	Balance b/d		12,625
Balance c/d		12,000
			Purchases A/c		37,500
		50,125			50,125

 

 

 

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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