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

Question No 09 Chapter No 18
Question No.09 - Chapter No.18- T.S. Grewal +1 Book 2019-Solution

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Question No 09 Chapter No 18

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

Opening Stock:Raw Material80,000
 Finished Goods1,40,000
Purchases 3,60,000
Sales 7,00,000
Returns:Purchases10,000
 Sales6,000
Wages 1,30,000
Factory Expenses 90,000
Freight:Inwards20,000
 Outwards30,000
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:-

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Trading Account   
Particulars

AmountParticulars

Amount
To Opening Stock  By Sales7,00,000 
Raw Materials80,000 Less: Return Inwards6,0006,94,000
Finished Goods1,40,0002,20,000   
To Purchases3,60,00020,000   
Less: Return Outwards1,40,00050,000By Closing Stock  
To Freight Inwards 20,000Raw Materials70,000 
To Wages 1,30,000Work-in-Progress20,000 
To Factory Expenses 6,000Finished Goods1,10,0002,00,000
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: Meaning, 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

Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication

T.S. Grewal's Double Entry Book Keeping

T.S. Grewal’s Double Entry Book Keeping

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