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

Question No.08 - Chapter No.19- T.S. Grewal +1 Book 2019-Solution

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 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 onApril 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: Meaning, Definition and Explanation

Profit and Loss Account: Meaning, Format & Examples

Balance Sheet: Meaning, Format & Examples

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

T.S. Grewal’s Double Entry Book Keeping