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

Question No 09 Chapter No 19
Question No.09 - Chapter No.19- T.S. Grewal +1 Book 2019-Solution

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Question No 09 Chapter No 19

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

 1st April, 201531st March, 2016
Cash1,2001,600
Bills Receivable 2,400
Debtors16,80027,200
Stock22,40024,400
Investments 8,000
Furniture7,5008,000
Creditors14,90011,600

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

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Working Notes

Opening Statement of Affairs as
on April 01, 2015

Liabilities
AmountAssets

Amount
Creditors14,900Cash 1,200
  Debtors 16,800
Capital 33,000Stock 22,400
  Furniture 7,500
 47,900  47,900

 

Closing Statement of Affairs
Liabilities
AmountAssets

Amount
Creditors11,600Cash 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

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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