Question No 07 Chapter No 19 – T.S. Grewal 11 Class

Question No 07 Chapter No 19

Question No 07 Chapter No 19

7. Krishan started his business on 1st April, 2017 with a Capital of 1,00,000. On 31st March, 2018, his assets were :

   
Cash 3,200
Stock 34,800
Debtors 31,000
Plant 85,000

He owed 12,000 to sundry creditors and 10,000 to his brother on that date. He withdrew 2,000 per month for the private expenses. Ascertain his profit.

The Content covered in this article:

 

The solution of Question No 07 Chapter No 19:-

 

Statement of Affairs as on March 31, 2018 Cr.
Liabilities
Amount Assets
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

 

Statement of Profit or Loss
Particular
Amount
Capital as on March 31, 2018   1,32,000
Add: Drawings Rs2, 000 ×12   24,000
    1,56,000
Less: Capital as on April 01, 2017
  1, 00, 000
Profit made during the year 2017-18   56,000

 

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 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 07 Chapter No 19 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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