Question No 09 Chapter No 17

Question No 09 Chapter No 17

09.Preapre trading ad Profit & Loss account of Subhash Chander for the year ended 31st march 2018 from the following particular.

 Rs Rs
Opening stock8,000Commission1,010
Rent and rates4,300Salaries2,000
Trade expenses3,600 legal expenses2,050
Return inwards2,600Audit fees1,060
Sales82,000Bank charges1,040
Purchases50,000Sales Tax550
Return outwards1,300Interest on drawing 360
Carriage inwards1,200Interest on investment1,200
Wages3,500Repair and renewals3,260
Discount(Dr.)540Closing Stock6,000
Discount(Cr.)650  

 

The solution of Question No 09 Chapter No 17:-

 

Trading Account
Particular
AmountParticular
Amount
To opening Stock A/c 8,000By Sales82,000 
To Purchases50,000 Less: Return2,60079,400
Less: Return1,30048,700To Closing Stock 6,000
To Carriage inwards 1,200   
To Wages 3,500   
To Gross Profit 23,000   
  85,400  85,400

 

Profit & Loss Account
Particular
AmountParticular
Amount
To Trade expenses A/c 3,600By Gross Profit A/c 24,000
To Rent and rate A/c 4,300By Interest on investment A/c 1,200
To Salaries A/c 2,000By Interest on drawings A/c 360
To legal expenses A/c 2,050By 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: 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 all Chapters: –

 

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

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)

Chapter No. 18 – Financial Statements – (With Adjustments)

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