Question No 09 Chapter No 17
09.Prepare trading and Profit & Loss account of Subhash Chander for the year ended 31st march 2018 from the following particular.
| Rs | Rs | ||
| Opening stock | 8,000 | Commission | 1,010 |
| Rent and rates | 4,300 | Salaries | 2,000 |
| Trade expenses | 3,600 | legal expenses | 2,050 |
| Return inwards | 2,600 | Audit fees | 1,060 |
| Sales | 82,000 | Bank charges | 1,040 |
| Purchases | 50,000 | Sales Tax | 550 |
| Return outwards | 1,300 | Interest on drawing | 360 |
| Carriage inwards | 1,200 | Interest on investment | 1,200 |
| Wages | 3,500 | Repair and renewals | 3,260 |
| Discount(Dr.) | 540 | Closing Stock | 6,000 |
| Discount(Cr.) | 650 |
The solution of Question No 09 Chapter No 17:-
| Trading Account |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To opening Stock A/c | 8,000 | By Sales | 82,000 | ||
| To Purchases | 50,000 | Less: Return | 2,600 | 79,400 | |
| Less: Return | 1,300 | 48,700 | To Closing Stock | 6,000 | |
| To Carriage inwards | 1,200 | ||||
| To Wages | 3,500 | ||||
| To Gross Profit | 24,000 | ||||
| 85,400 | 85,400 | ||||
| Profit & Loss Account |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Trade expenses A/c | 3,600 | By Gross Profit A/c | 24,000 | ||
| To Rent and rate A/c | 4,300 | By Interest on investment A/c | 1,200 | ||
| To Salaries A/c | 2,000 | By Interest on drawings A/c | 360 | ||
| To legal expenses A/c | 2,050 | By discount (Cr.)A/c | 650 | ||
| To Audit fees A/c | 1,060 | ||||
| To Bank Charges A/c | 1,040 | ||||
| To Sale Tax A/c | 550 | ||||
| To Repairs and Renewals A/c | 3,260 | ||||
| To Discount (Dr.)A/c | 540 | ||||
| To Commission A/c | 1,010 | ||||
| To Net Profit | 6,800 | ||||
| 26,210 | 26,210 | ||||
Final Accounts: Meaning, Definition and Explanation
Profit and Loss Account: Meaning, Format & Examples
Advertisement-X
Balance Sheet: Meaning, Format & Examples
Thanks, Please Like and share with your friends
Comment if you have any question.
Also, Check out the solved question of all Chapters: –
Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
Advertisement-X
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 14 – Provisions and Reserves
Chapter No. 15 – Bills of Exchange
Advertisement-X
Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)