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

Question No 10 Chapter No 19
Question No.10 - Chapter No.19- T.S. Grewal +1 Book 2019-Solution

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Question No 10 Chapter No 19

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

 1st April, 201731st March, 2018
Furniture2,0002,000
Stock28,00030,500
Sundry Debtors21,00034,000
Cash1,5002,000
Sundry Creditors17,50019,000
Bills Receivable3,000
Loan5,000
Investments10,000

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

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Statements of Affairs as
on April 01, 2017

Liabilities
AmountAssets
Amount
Sundry Creditors17,500Furniture 2,000
  Stock 28,000
Capital 35,000Sundry Debtors 21,000
  Cash 1,500
 52,500  52,500

 

Closing Statement of Affairs
Liabilities
AmountAssetsAmount
Sundry Creditors19,000Furniture2,000 
Loan5,000Less: 10% Depreciation2001,8000
  Stock 30,500
  Sundry Debtors34,000 
  Less: 10% Reserve for Doubtful Debts3,40030,600
  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: 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 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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