Question No 06 Chapter No 19
6. Mahesh who keeps his books on Single Entry System sells goods at Cost plus 50%. On 1st April, 2017 his Capital was 4,00,000 and on 31st March, 2018 it was 3,50,000. He had withdrawn 20,000 per month besides goods of the sale value of 60,000. How much did he earn in 2017-18?
The solution of Question No 06 Chapter No 19:-
| Statement of Profit or Loss |
||
| Particular |
Amount | |
| Capital at the end | 1,32,000 | |
| Less: Opening Capital | 1, 00, 000 | |
| 32,000 | ||
| Add: Drawings |
2, 000 | |
| Profit made during the year 2017-18 | 34,000 | |
Working Notes:
| Closing Statement of Affairs | Cr. | ||
| Particulars |
Amount | Particulars |
Amount |
| Creditors | 12,000 | Cash | 3,200 |
| Loan from Brother | 10,000 | Stock | 34,800 |
| Capital | 1,32,000 | Debtors | 31,000 |
| Plant | 85,000 | ||
| 1,54,000 | 1,54,000 | ||
Final Accounts: Meaning, Definition and Explanation
Profit and Loss Account: Meaning, Format & Examples
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Balance Sheet: Meaning, Format & Examples
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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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T.S. Grewal’s Double Entry Book Keeping