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Question No 12 Chapter No 18 – T.S. Grewal 11 Class

Question No 12 Chapter No 18
Question No.12 - Chapter No.18- T.S. Grewal +1 Book 2019-Solution

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Question No 12 Chapter No 18

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12. From the following, prepare Profit and Loss Account of Sohan Lal as it would appear in the 1st year that ended 31st March, 2019:

    
Salaries and Wages30,000Advertising10,000
Commission Paid2,000Discount Allowed18,000
Postage and Courier1,500Rent Received17,000
Insurance3,000Interest on Investment15,000
Interest Paid4,000Bad Debts9,000
Carriage Outwards5,000Brokerage Paid950

The Gross Profit was 45% of sales, which amounted to 6,50,000. Also, pass the Journal entries.

 

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The solution of Question No 12 Chapter No 18:-

 

Profit and Loss Account
for the year ended March 31, 2018
Particulars
AmountParticulars
Amount
To Salaries and Wages 30,000By Gross Profit (6, 50, 000 ×45) 2,92,500
To Commission Paid 2,000By Rent Received 17,000
To Postage and Telegram 1,500By Interest on Investments 15,000
To Insurance 3,000   
To Interest Paid 4,000   
To Carriage Outwards 5,000   
To Advertising 10,000   
To Discount Allowed 18,000   
To Bad Debts 9,000   
To Brokerage Paid 950   
To Net Profit 2,41,050   
  3,24,500  3,34,500



Final Accounts: Meaning, Definition and Explanation

Profit and Loss Account: 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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