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Question No 12 Chapter No 19 – T.S. Grewal 11 Class

Question No 12 Chapter No 19
Question No.12 - Chapter No.19- T.S. Grewal +1 Book 2019-Solution

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Question No 12 Chapter No 19

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12. Kuldeep, a general merchant, keeps his accounts on Single Entry System. He wants to know the results, of his business on 31st March, 2018 and for that following information is available:

Particulars1st April, 201731st March, 2018
Cash in Hand1,50,0001,75,000
Bank Balance7,50,0008,00,000
Furniture1,00,0001,00,000
Stock5,00,0006,50,000
Creditors3,50,0004,00,000
Debtors2,50,0003,00,000

During the year, he had withdrawn 5,00,000 for his personal use and invested 2,50,000 as additional capital. Calculate his profits on 31st March, 2018 and prepare the Statement of Affairs as on that date.

 

The solution of Question No 12 Chapter No 19:-

 

Statement of Affairs as
on March 31, 2017
Liabilities

AmountAssetsAmount
Creditors 3,50,000Cash in Hand 1,50,00
   Bank Balance 7,50,000
   Furniture 1,00,000
   Stock 5,00,000
   Debtors 2,50,000
Capital  14,00,000   
  17,50,000  17,50,000

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Statement of Affairs as
on March 31, 2018
Liabilities

AmountAssetsAmount
Creditors 4,00,000Cash in Hand 1,75,000
   Bank Balance 8,00,000
   Furniture 1,00,000
   Stock 6,50,000
   Debtors 3,00,000
Capital  16,25,000   
  20,25,000  20,25,000

 

Statement of Profit or Loss
for the year and March 31, 2018
Particular
Amount
Capital as on March 31, 2017 16,25,000
Add: Drawings 5,00,000
  21,25,000
Less: Additional Capital Introduced 2, 50, 000
Adjusted Capital as on March 31, 2017 18,75,000
Less: Capital as on April 01, 2016
 14, 00, 000
Profit made during the year 2017-18 4,75,000

 

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 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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