Chapter No. 18 – Financial Statements of Sole Proprietorship – Solution

Book Solutions

Meaning of Final Accounts

Final Accounts gives an idea about the profitability and financial position of a business to its management, owners, and other interested parties. It is a combination of the following statement: –

  1. Trading Account
  2. Profit and loss account
  3. Balance Sheet

Every businessman started a business to earn some income from it. Profit is the net income that the owner gets from the business. To calculate profit or loss, An accountant has made the final accounts for the business for a particular accounting period(i.e. One year starts from 1st April and ends 31st March).

On the basis of the Trial balance, An accountant prepared the final accounts or financial statement for the particular period of time for reporting the management of the business. The final accounts are prepared to throw light on the financial results of the operation of the business during the particular accounting period of time and the financial position of the business at that period of time.

Statement Involve in the Final accounts: –

  • 1. Trading Account:-
  • 2. Profit and loss account: –
  • 3. Balance Sheet: –

Chapter No. 18 – Financial Statements of Sole Proprietorship – Solution:

Question No.01 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 01 Chapter No 18 1. State whether the following expenses are capital or revenue in nature: i Expenses ...
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Question No.02 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 02 Chapter No 18 2. State with reasons whether the following are Capital or Revenue Expenses: i Excise ...
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Question No.03 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 03 Chapter No 18 3.From the following information determine Gross Profit for the year ended 31st March, 2018 ...
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Question No.04 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 04 Chapter No 18 4. Calculate Closing Stock from the following details:         Opening Stock  ...
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Question No.05 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 05 Chapter No 18 5. Prepare Trading Account from the transactions given below:         Opening ...
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Question No.06 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 06 Chapter No 18 6.Ascertain Gross Profit from the following:         Opening Stock 2,00,000 Carriage ...
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Question No.07 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 07 Chapter No 18 7.From the following information prepare Trading Account for the year ended 31st March, 2018: ...
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Question No.08 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 08 Chapter No 18 8. From the following information, prepare Trading Account for the year ended 31st March, ...
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Question No.09 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 09 Chapter No 18 9. Following balances appear in the Trail Balance of a firm as on 31st ...
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Question No.10 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 10 Chapter No 18 10.From the following information, prepare Trading account for the year ended 31st March, 2018: ...
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Question No.11 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 11 Chapter No 18 11. From the following figures, calculate Operating Profit:         Net Profit ...
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Question No.12 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 12 Chapter No 18 12. From the following, prepare Profit and Loss Account of Sohan Lal as it ...
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Question No.13 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 13 Chapter No 18 13. From the following information, prepare Profit and Loss Account for the year ended ...
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Question No.14 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 14 Chapter No 18 14. From the following particular, prepare Balance Sheet as at 31st March, 2018:   ...
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Question No.15 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 15 Chapter No 18 15. From the following information, prepare Balance Sheet of a trader as at 31st ...
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Question No.16 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 16 Chapter No 18 16. From the Balance Sheet given below, calculate: i Fixed Assets ii Current Assets ...
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Question No.17 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 17 Chapter No 18 17. Prepare Trading and Profit and Loss Account and Balance Sheet of Jagat Shah ...
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Question No.18 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 18 Chapter No 18 18. From the following balances, prepare Trading and Profit and Loss Account and Balance ...
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Question No.19 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 19 Chapter No 18 19.The following are the balances as on 31st March, 2018 extracted from the books ...
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Question No.20 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 20 Chapter No 18 20.From the following balances of Anand, prepare Trading Account, Profit and Loss Account and ...
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Question No.21 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 21 Chapter No 18 21. From the following balances, prepare Final Accounts of M./s. Raja & Sons for ...
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Question No.22 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 22 Chapter No 18 22.From the following balances, prepare Final Accounts of M./s. Mangal & Sons for the ...
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Question No.23 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 23 Chapter No 18 23.From the following balances, prepare Trading and Profit and Loss Account and the Balance ...
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Question No.24 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 24 Chapter No 18 24.From the following balances taken from the books of Hari & Co., prepare Trading ...
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Question No.25 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 25 Chapter No 18 25. From the following balances, as on 31st March, 2018, prepare Trading and Profit ...
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Question No.26 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 26 Chapter No 18 26. Trial Balance of Chatter Sen on 31st March, 2018 revealed the following balances: ...
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Question No.27 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 27 Chapter No 18 27. Following Trial Balance is extracted from the books of a merchant on 31st ...
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Question No.28 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 28 Chapter No 18 28. The following balances were extracted from the books of Harish Chandra on 31st ...
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Question No.29 Chapter No.18 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution
Question No 29 Chapter No 18 29 From the following Trial Balance and additional information of Mr. Gaurav, a proprietor, ...
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T.S. Grewals Double Entry Book Keeping - Chapter No. 18 - Financial Statements of Sole Proprietorship - Solution

T.S. Grewal’s Double Entry Book Keeping

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