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

Question No 09 Chapter No 19

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

 

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

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

T.S. Grewals Double Entry Book Keeping - Question No 09 Chapter No 19 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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