Question No 07 Chapter No 17

Question No 07 Chapter No 17

07. M/s Avinash and Co. has requested you to calculate the gross profit for the year ended 31st March 2018 with the help of the following details:

 RsRs
Opening stock 82,000
Customs duty 13,456
Clearing charges 544
Loading an unloading charges:  
On purchase320 
On sale 540860
Productive wages 75,000
Rent: Factory9,200 
Office80010,000
Salaries:  
Foreman and supervisor 18,600
Manger 9,600
Purchases less retune 3,43,900
Dock dues 600
Freight and carriage 8,750
Octroi duty 650
Royalty 1,200
Carriage on sale 900
Insurance:  
Factory800 
Office4051,205
Fuel, gas and water 6,500
Sales less retune 6,22,500
Closing stock 69,000

 

The solution of Question No 07 Chapter No 17:-

 

Trading Account
Particular
AmountParticular
Amount
To opening Stock A/c 82,000By Sales 6,22,500
To Purchases less return 3,43,900   
To Custom duty 13,426To Closing Stock 69,000
To clearing charges 554   
To Loading and unloading 320   
To Productive wages 75,000   
To Factory rent 9,200   
To Foreman & supervisor’s salary 18,600   
To Dock dues 600   
To Freight & carriage 8,750   
To Octroi Duty 650   
To Royalty 1,200   
To Factory insurance 800   
To Fuel gas & water 6,500   
To Gross Profit 1,29,970   
  6,91,500  6,91,500

 

Final Accounts: Definition and Explanation

 

Profit and Loss Account: Meaning, Format & Examples

 

Balance Sheet: Meaning, Format & Examples

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Also, Check out the solved question of all Chapters: –

 

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

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