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

Question No 11 Chapter No 19

Question No 11 Chapter No 19

11. A commenced business on 1st April, 2017 with a capital of 10,000. He immediately bought Furniture and Fixtures for 2,000. On 1st October, 2017, he borrowed 5,000 from his wife @ 9% p.a. interest not yet paid and introduced a further capital of his own amounting to 1,500. A drew @ 300 per month at the end of each month for household expenses. On 31st March, 2018 his position was as follows: Cash in Hand 2,800; Sundry Debtors 4,800; Stock 6,800; Bills Receivable 1,600; Sundry Creditors 500 and owing for Rent 150. Furniture and Fixtures to be depreciated by 10%. Ascertain the profit or loss made by A during 2017–18.

 

The solution of Question No 11 Chapter No 19:-

 

Statement of Affairs as
on March 31, 2018
Liabilities

Amount Assets Amount
Wife’s Loan 5,000   Furniture 2,000  
Add: Outstanding Interest 5, 000 X9%X6/12 225 5,225 Less: 10% Depreciation 200 1,800
Sundry Creditors   500 Cash in Hand   2,800
Rent Outstanding   150 Sundry Debtors   4,800
      Stock   6,800
      Bills Receivables   1,600
Capital    11,925      
    17,800     17,800

 

Statement of Profit or Loss
for the year and March 31, 2018
Particular
Amount
Capital as on March 31, 2017   11,925
Add: Drawings Rs1, 200 ×3   3,600
    15,525
Less: Additional Capital Introduced   35, 000
Less: Additional Capital Introduced   14,025
Less: Capital as on April 01, 2016
  10, 000
Profit made during the year 2017-18   4,025

 

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

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T.S. Grewals Double Entry Book Keeping - Question No 11 Chapter No 19 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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