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: Definition and Explanation

Profit and Loss Account: Meaning, Format & Examples

Balance Sheet: Meaning, Format & Examples

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## 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)