Advertisement

Question No 07 Chapter No 18 – T.S. Grewal 11 Class

Question No 07 Chapter No 18
Question No.07 - Chapter No.18- T.S. Grewal +1 Book 2019-Solution

Advertisement

Question No 07 Chapter No 18

Advertisement

7.From the following information prepare Trading Account for the year ended 31st March, 2018:

    
Stock on 1st April, 201740,000Returns Outward80,000
Purchases4,00,000Wages and Salaries50,000
Sales3,80,000Returns Inward20,000
Carriage Inwards20,000Stock on 31st March, 20181,30,000

The solution of Question No 07 Chapter No 18:-

 

Trading Account   
Particulars

AmountParticulars

Amount
To Opening Stock 40,000By Sales3,80,0004,07,000
To Purchases4,00,000 Less: Return Inwards20,000 
To Opening Stock80,0003,20,000   
To Carriage Inwards 20,000   
To Wages and Salaries 50,000   
   By Closing Stock 1,20,000
To Gross Profit 50,000   
  4,80,000  4,80,000

Advertisement-X

Note: Closing Stock is taken at its Market Price
i. e. Rs 1, 20, 000 instead of its Cost i. e. Rs 1, 30, 000. This is because, as per Principle of Conservatism, Closing stock is taken at Cost or Market Price whichever is less.

 

Final Accounts: Definition and Explanation

 

Trading Account: Meaning, Format and Examples

Thanks, Please Like and share with your friends  

Advertisement-X

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. Grewal's Double Entry Book Keeping

T.S. Grewal’s Double Entry Book Keeping

Advertisement

Advertisement

error: Content is protected !!