Question No 08 Chapter No 19 – T.S. Grewal 11 Class

Question No 08 Chapter No 19

Question No 08 Chapter No 19

8. Ram Prashad keeps his books on Single Entry System and from them and the particulars supplied, the following figures were gathered together on 31 st March, 2018: Book Debts 10,000; Cash in Hand 510; Stock-in-Trade estimated 6,000; Furniture and Fittings 1,200; Trade Creditors 4,000; Bank Overdraft 1,000; Ram Prashad stated that he started business on 1 st April with cash 6000 paid into bank but stocks valued at 4,000. During the year he estimated his drawings to be 2,400. You are required to prepare the statement, showing the profit for the year, after writing off 10% for Depreciation on Furniture and Fittings.

The Content covered in this article:

 

The solution of Question No 08 Chapter No 19:-

Books of Ram Prashad Statement of Affairs

Balance Sheet
for the year ended March 31, 2018
Liabilities
Amount Assets

Amount
Trade Creditors 4,000 Book Debts   10,000
Bank Overdraft 1,000 Cash in Hand   510
Capital  12,590 Stock   6,000
    Furniture and Fittings 1,200  
    Less: 10% Depreciation 120 1,080
  17,590     17,590

 

Statement of Affairs as on
April 01, 2017
Liabilities
Amount Assets

Amount
    Bank   10,000
    Stock   510
Capital  10,000      
  10,000     10,000

 

Statement of Profit or Loss
for the year and March 31, 2018

Particular
Amount
Capital as on March 31, 2018   12,590
Add: Drawings   2,400
    14,990
Less: Capital as on April 01, 2017
  10,000
Profit made during the year 2017-18   4,990

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

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T.S. Grewals Double Entry Book Keeping - Question No 08 Chapter No 19 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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