Question No 10 Chapter No 17

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 sales1,00,000Sale return14,000
Credit sales80,000Purchases Return5,000
Cash purchases69,000Carriage on purchases3,800
Credit purchases75,000Carnage on sale4,200
Opening stock32,500Closing stock18,000
Revneet’s Capital60,000Ravneet’s Drawing5,000
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
AmountParticular
Amount
To opening Stock A/c 32,500By Sales 1,66,000
To Purchases 1,39,000   
To carriage on purchase a/c 3,800To Closing Stock 18,000
To Gross Profit 8,700   
  1,84,000  1,84,000

 

Profit & Loss Account
Particular
AmountParticular
Amount
To Office Rent A/c 3,200By 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: 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 all Chapters: –

 

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

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