Question No 10 Chapter No 19 – T.S. Grewal 11 Class

Question No 10 Chapter No 19

Question No 10 Chapter No 19

10.Hari maintains her books of account on Single Entry System. His books provide the following information:

  1st April, 2017 31st March, 2018
Furniture 2,000 2,000
Stock 28,000 30,500
Sundry Debtors 21,000 34,000
Cash 1,500 2,000
Sundry Creditors 17,500 19,000
Bills Receivable 3,000
Loan 5,000
Investments 10,000

His drawings during the year were 5,000 Depreciate furniture by 10% and provide a reserve for Bad and Doubtful Debts at 10% on Sundry Debtors. Prepare the statement showing the profits for the year.

The solution of Question No 10 Chapter No 19:-

 

Working Notes

Statements of Affairs as
on April 01, 2017

Liabilities
Amount Assets
Amount
Sundry Creditors 17,500 Furniture   2,000
    Stock   28,000
Capital  35,000 Sundry Debtors   21,000
    Cash   1,500
  52,500     52,500

 

Closing Statement of Affairs
Liabilities
Amount Assets Amount
Sundry Creditors 19,000 Furniture 2,000  
Loan 5,000 Less: 10% Depreciation 200 1,8000
    Stock   30,500
    Sundry Debtors 34,000  
    Less: 10% Reserve for Doubtful Debts 3,400 30,600
    Cash   2,000
    Bills Receivables   3,000
    Investments   10,000
Capital  53,900      
  77,900     77,900

 

Statement of Profit or Loss
for the year and March 31, 2018
Particular
Amount
Capital as on March 31, 2018   53,900
Add: Drawings   5,000
    58,900
Less: Capital as on April 01, 2017
  35, 000
Profit made during the year 2017-18   23,900

 

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 10 Chapter No 19 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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