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Question No 12 Chapter No 18 – USHA Publication 11 Class

Question No 12 Chapter No 18
Q-12 - CH-18 - USHA +1 Book 2020 - Solution

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Question No 12 Chapter No 18

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Opening stock Valuation

12. D. Morarji’s books show the following balances. You are required to prepare his trading and profit & loss account and balances sheet from the following information:

Debit balancesRsDebit balancesRs
Stock on 1-4-201512,000Interest paid on loan200
Purchases21,650Bills receivable1,800
Carriage inwards250Legal charges1,900
Carriage outwards600Plant & machinery25,000
Wages6,000Tools5,000
Motive power and heating and light1,600Credit balance 
Printing and stationery2,650Sales48,590
Sundry debtors21,100Reserve fund500
Furniture & fixtures2,000Loan account38,000
Investment4,000Discount received 580
Freehold premises7,340Sundry creditor2,430
Travelling expenses3,060Capital account42,710
Office expenses650  

Depreciation furniture and fixtures 5% plant & machinery 10% stationery in hand on 31st March 2016 was Rs 2,160 stock on 31st March 2016 was Rs 18,000

The solution of Question No 12 Chapter No 18:-

Trading Account
Particular
AmountParticular
Amount
To Opening Stock A/c 21,000By Sale A/c 48,590
To Purchases A/c 21,650   
To carriage inwards A/c 250By Closing Stock 18,000
To Wages A/c 6,000   
To Motive power A/c 1,600   
To Gross Profit A/c 61,090   
  66,590  66,590

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Profit/Loss Account
Particular
AmountParticular
Amount
To Carriage Outwards A/c 600By Gross Profit A/c 16,090
To Printing and Stationery A/c2,660 By Discount received A/c 580
Less: stationery in hand2,160500   
To interest on the loan 200   
To Legal charges A/c 1,900   
To Travelling Exp. 400   
To office exp. A/c 650   
To Dep. On furniture & fixtures 100   
To Dep. On plant & machinery 2,500   
To Net Profit A/c 9,820   
  16,670  16,670

 

Balance Sheet
Labilities
AmountAssets
Amount
Capital A/c42,710 Furniture & Fixtures2,000 
Less : Net Loss9,82052,530Less: Depreciation1001,900
Loan 38,000Bill Receivable 1,800
Creditor 2,430Sundry Debtors 28,100
Outstanding salaries 500Stationery in hand 2,160
   Investment 4,000
   Closing stock 18,000
   Tools 5,000
   Plant & machinery25,000 
   Less: Depreciation2,50022,500
  93,460  93,460

 

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 all Chapters: –

 

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

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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)

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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

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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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