Question No 10 Chapter No 17
10. From the following records of Ravneet Kalra on 31st March 2016, determine:
(i) Net Sales (ii) net Purchases (iii) Gross Profit and Ranveer’s capital on 31st March 2016
| Rs | Rs | ||
| Cash sales | 1,00,000 | Sale return | 14,000 |
| Credit sales | 80,000 | Purchases Return | 5,000 |
| Cash purchases | 69,000 | Carriage on purchases | 3,800 |
| Credit purchases | 75,000 | Carnage on sale | 4,200 |
| Opening stock | 32,500 | Closing stock | 18,000 |
| Revneet’s Capital | 60,000 | Ravneet’s Drawing | 5,000 |
| Office rent | 3,200 |
The solution of Question No 10 Chapter No 17:-
| (i) Net Sale | = | Cash sale + credit sale – sale return |
| = | 1,00,000 + 80000 – 14,000 | |
| = | 1,66,000 | |
| (ii) Net Purchases | = | Cash Purchases + credit Purchases – Purchases return |
| = | 69,000 + 75,000 – 5,000 | |
| = | 1,39,000 |
| Trading Account |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To opening Stock A/c | 32,500 | By Sales | 1,66,000 | ||
| To Purchases | 1,39,000 | ||||
| To carriage on purchase a/c | 3,800 | To Closing Stock | 18,000 | ||
| To Gross Profit | 8,700 | ||||
| 1,84,000 | 1,84,000 | ||||
| Profit & Loss Account |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Office Rent A/c | 3,200 | By Gross Profit A/c | 8,700 | ||
| To carriage on sale A/c | 4,200 | ||||
| To Net Profit | 1,300 | ||||
| 8,700 | 8,700 | ||||
| (iv) Ravneet’s Capital | = | Revneet’s Capital (2015) + Net Profit – Revneet’s Drawing |
| = | 60,000 + 1,300 – 5,000 | |
| = | 56,300 |
Final Accounts: Meaning, 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 all Chapters: –
Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
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Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 14 – Provisions and Reserves
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Chapter No. 15 – Bills of Exchange
Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)