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Question No 08 Chapter No 18
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Expenses & Income Expenses
08. Prepare Trading and Profit & Loss Account and Balance sheet from the following balances, related to the year ending 31st march 2018
| Particular | Amount | Particular | Amount |
| Capital | 1,00,000 | Wages | 50,000 |
| Creditor | 12,000 | Bank | 10,000 |
| Return outwards | 5,000 | Repair | 500 |
| Sales | 1,64,000 | Stock(1-4-2017) | 20,000 |
| Bills payable | 5,000 | Rent | 4,000 |
| Plant & machinery | 40,000 | Manufacturing expenses | 8,000 |
| Sundry Debtors | 24,000 | Trade Expenses | 7,000 |
| Drawing | 10,000 | Bad debts | 2,000 |
| Purchases | 1,05,000 | Carriage | 1,500 |
| Return inwards | 3,000 | Fuel & power | 1,000 |
Adjustments:
- The closing stock was valued at Rs 14,500
- Depreciate on plant & machinery Rs 4,000
- Commission due but not paid Rs 5,000
- A sum of Rs 400 is due for repair
The solution of Question No 08 Chapter No 18:-
| Trading Account |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Opening Stock A/c | 20,000 | By Sale A/c | 1,64,000 | ||
| To Purchases A/c | 1,05,000 | Less: Return | 3,000 | 1,61,000 | |
| Less: Return | 5,000 | 1,00,000 | By Closing Stock | 14,500 | |
| To Wages A/c | 50,000 | ||||
| To Carriage A/c | 1,500 | ||||
| To Fuel and power A/c | 1,000 | ||||
| To Manufacturing Exp. A/c | 8,000 | ||||
| By Gross Loss A/c | 5,000 | ||||
| 1,80,500 | 1,80,500 | ||||
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| Profit/Loss Account |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Gross Loss A/c | 5,000 | ||||
| To Rent A/c | 4,000 | ||||
| To Repair A/c | 500 | ||||
| Add: outstanding Repair | 400 | 900 | |||
| To Trade Expenses A/c | 7,000 | ||||
| To Bad debts A/c | 2,000 | ||||
| To Dep. On Machinery A/c | 4,000 | ||||
| To Outstanding Commission A/c | 5,000 | ||||
| By Net Loss A/c | 27,900 | ||||
| 27,900 | 27,900 | ||||
| Balance Sheet | |||||
| Labilities |
Amount | Assets |
Amount | ||
| Capital A/c | 1,00,000 | Plant & machinery | 40,000 | ||
| Less : Net Loss | 27,900 | Less: Depreciation | 4,000 | 36,000 | |
| Less: Drawing | 10,000 | 67,100 | Debtors | 24,000 | |
| Bills Payable | 5,000 | Bank | 10,000 | ||
| Creditor | 12,000 | Closing Stock | 14,500 | ||
| Outstanding Commission | 5,000 | ||||
| Outstanding repair | 400 | ||||
| 84,500 | 84,500 | ||||
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 all Chapters: –
Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
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Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
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Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
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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)