Question No 09 Chapter No 19 - T.S. Grewal 11 Class

Question No 09 Chapter No 19

9. Shruti maintains her books of account from Incomplete Records. Her books provide the following information:

	1st April, 2015	31st March, 2016
Cash	1,200	1,600
Bills Receivable		2,400
Debtors	16,800	27,200
Stock	22,400	24,400
Investments		8,000
Furniture	7,500	8,000
Creditors	14,900	11,600

She withdrew 500 per month for personal expenses. She sold her Investments of 16,000 at 5% premium and introduced the amount into business. You are required to prepare a Statement of Profit or Loss for the year ending 31st March, 2016.

The solution of Question No 09 Chapter No 19:-

Statement of Profit or Loss
Particular		Amount
Closing Capita		60,000
Less: Opening Capital		33, 000
Less: Additional Capital		16, 800
Add: Drawings		6,000
Profit for the Year		16,200

Working Notes

Opening Statement of Affairs as on April 01, 2015
Liabilities	Amount	Assets	Amount
Creditors	14,900	Cash	1,200
		Debtors	16,800
Capital	33,000	Stock	22,400
		Furniture	7,500
	47,900		47,900

Closing Statement of Affairs
Liabilities	Amount	Assets	Amount
Creditors	11,600	Cash	1,600
		Bills Receivable	2,400
		Debtors	27,200
		Stock	24,400
		Investments	8,000
		Furniture	8,000
Capital	60,000
	71,600		71,600

Final Accounts: Definition and Explanation

Profit and Loss Account: Meaning, Format & Examples

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Balance Sheet: Meaning, Format & 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