Question No 05 Chapter No 18 – T.S. Grewal 11 Class

Question No 05 Chapter No 18

Question No 05 Chapter No 18

5. Prepare Trading Account from the transactions given below:

       
Opening Stock 1stApril, 2017 23,000 Purchases Return 2,400
Purchases 29,000 Closing Stock 47,700
Sales Return 500 Carriage Inwards 100
Sales 25,400 Depreciation 2,000

Also pass the Journal entries

The solution of Question No 05 Chapter No 18:-

 

Trading Account    
Particulars

Amount Particulars

Amount
To Opening Stock   25,000 By Sales 25,400  
To Purchases 29,000 1,40,000 Less: Sales Return 500 24,900
Less: Purchases Return 2, 400 10,000      
To Carriage Inwards          
      By Closing Stoc   47,700
To Gross Profit   22,900      
    72,600     72,600

Note: Depreciation is an Indirect Expense, therefore it is not shown in the Trading Account.

 

Date   Particulars
L.F. Debit Credit
  Trading A/c Dr.   52,600  
  To Opening Stock A/c       23,000
  To Purchases A/c       29,000
  To Carriage Inwards A/c       100
  To Sales Return A/c       500
  (Being Transfer of balances to the debit side of Trading A/c)        
  Sales A/c Dr.   25,400  
  Purchase Return A/c Dr.   2,400  
  To Trading A/c       27,800
  (Being Transfer of balances to the credit side of Trading A/c)        
  Closing Stock A/c Dr.   47,700  
  To Trading A/c       47,700
  (Being Recording of Closing Stock)        
  Trading A/c Dr.   22,900  
  To Profit & Loss A/c       22,900
  (Being Transfer of gross profit to the Profit & Loss A/c)        

 

 

Final Accounts: Definition and Explanation

 

Trading Account: Meaning, Format and Examples

Thanks, Please Like and share with your friends  

Comment if you have any question.

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

Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication

T.S. Grewals Double Entry Book Keeping - Question No 05 Chapter No 18 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

Leave a Reply