Question No 09 Chapter No 18 – T.S. Grewal 11 Class

Question No 09 Chapter No 18

Question No 09 Chapter No 18

9. Following balances appear in the Trail Balance of a firm as on 31st March, 2018:

Opening Stock: Raw Material 80,000
  Finished Goods 1,40,000
Purchases   3,60,000
Sales   7,00,000
Returns: Purchases 10,000
  Sales 6,000
Wages   1,30,000
Factory Expenses   90,000
Freight: Inwards 20,000
  Outwards 30,000
At the end of the accounting period, stock was:
Raw Materials   70,000
Work-in-Process   20,000
Finished Goods   1,10,000

Prepare Trading Account of the firm

The solution of Question No 09 Chapter No 18:-

 

Trading Account    
Particulars

Amount Particulars

Amount
To Opening Stock     By Sales 7,00,000  
Raw Materials 80,000   Less: Return Inwards 6,000 6,94,000
Finished Goods 1,40,000 2,20,000      
To Purchases 3,60,000 20,000      
Less: Return Outwards 1,40,000 50,000 By Closing Stock    
To Freight Inwards   20,000 Raw Materials 70,000  
To Wages   1,30,000 Work-in-Progress 20,000  
To Factory Expenses   6,000 Finished Goods 1,10,000 2,00,000
To Gross Profit   84,000      
    8,94,000     8,94,000

Note: Note: Freight outwards is an indirect expense. It will be recorded in Profit & Loss A/c.

 

Final Accounts: Definition and Explanation

 

Trading Account: Meaning, Format and 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 09 Chapter No 18 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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