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

Question No 07 Chapter No 19
Question No.07 - Chapter No.19- T.S. Grewal +1 Book 2019-Solution

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Question No 07 Chapter No 19

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

  
Cash3,200
Stock34,800
Debtors31,000
Plant85,000

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 solution of Question No 07 Chapter No 19:-

 

Statement of Affairs as on March 31, 2018Cr.
Liabilities
AmountAssets
Amount
Creditors12,000Cash3,200
Loan from Brother10,000Stock34,800
Capital 1,32,000Debtors31,000
  Plant85,000
 1,54,000 1,54,000

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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: Meaning, 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. Grewal's Double Entry Book Keeping

T.S. Grewal’s Double Entry Book Keeping

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