Question No 12 Chapter No 17
12. Prepare the Profit & Loss Account of Simranjit Singh for the year ending 13st March 2019 from the following information
| Debit Balance | Rs | Rs | |
| Office salaries | 32,000 | Trade expenses | 8,000 |
| Travelling expenses | 25,000 | Export duty | 6,000 |
| Discount received | 12,000 | Postage and telegram | 1,500 |
| Bad debts | 24,000 | Interest received | 7,800 |
| Printing and stationery | 11,000 | Interest paid | 5,800 |
| Godown rent | 60,000 | Rent of building sub-let | 10,000 |
| Commission earned | 17,500 | Legal charges | 12,000 |
| Advertising | 22,000 | Audit fees | 5,000 |
| Discount allowed | 18,000 | Office rent | 24,000 |
| Insurance- office | 5,000 | Travelers salary | 15,000 |
| Insurance godown | 7,500 | Trading account(Cr.) | 2,85,000 |
The solution of Question No 12 Chapter No 17:-
| Profit & Loss Account |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Office Salaries A/c | 32,000 | By Gross Profit A/c | 2,85,000 | ||
| To Travelling Expenses A/c | 25,000 | By Discount received A/c | 12,000 | ||
| To Printing & Stationery A/c | 11,000 | By Commission earned A/c | 17,500 | ||
| To Godown Rent A/c | 60,000 | By Interest Received A/c | 7,800 | ||
| To Adverting A/c | 22,000 | By Rent of building sub-let A/c | 10,000 | ||
| To Discount allowed A/c | 18,000 | ||||
| To Insurance Office A/c | 5,000 | ||||
| To Insurance godown A/c | 7,500 | ||||
| To Trade expenses A/c | 8,000 | ||||
| To Export Duty A/c | 6,000 | ||||
| To Postage & Telegrams A/c | 1,500 | ||||
| To Interest Paid A/c | 5,800 | ||||
| To Bad Debts A/c | 24,000 | ||||
| To Legal Charges A/c | 12,000 | ||||
| To Audit fees A/c | 5,000 | ||||
| To Office Rent A/c | 24,000 | ||||
| To Travelers Salaries A/c | 15,000 | ||||
| To Net Profit A/c | 50,500 | ||||
| 3,32,300 | 3,32,300 | ||||
Final Accounts: Definition and Explanation
Profit and Loss Account: Meaning, Format & Examples
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Balance Sheet: Meaning, Format & Examples
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Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
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Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 14 – Provisions and Reserves
Chapter No. 15 – Bills of Exchange
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Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)