Question No 12 Chapter No 17

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 BalanceRs Rs
Office salaries32,000Trade expenses 8,000
Travelling expenses25,000Export duty6,000
Discount received 12,000Postage and telegram1,500
Bad debts24,000Interest received 7,800
Printing and stationery11,000Interest paid 5,800
Godown rent60,000Rent of building sub-let10,000
Commission earned17,500Legal charges12,000
Advertising22,000Audit fees5,000
Discount allowed18,000Office rent 24,000
Insurance- office5,000Travelers salary15,000
Insurance godown7,500Trading account(Cr.)2,85,000

 

 

The Content covered in this article:

The solution of Question No 12 Chapter No 17:-

 

Profit & Loss Account
Particular
AmountParticular
Amount
To Office Salaries A/c 32,000By Gross Profit A/c 2,85,000
To Travelling Expenses A/c 25,000By Discount received A/c 12,000
To Printing & Stationery A/c 11,000By Commission earned A/c 17,500
To Godown Rent A/c 60,000By Interest Received A/c 7,800
To Adverting A/c 22,000By 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

 

Balance Sheet: Meaning, Format & Examples

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Also, Check out the solved question of all Chapters: –

 

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

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