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

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

Question No 12 Chapter No 19

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:

 Particulars 1st April, 2017 31st March, 2018 Cash in Hand 1,50,000 1,75,000 Bank Balance 7,50,000 8,00,000 Furniture 1,00,000 1,00,000 Stock 5,00,000 6,50,000 Creditors 3,50,000 4,00,000 Debtors 2,50,000 3,00,000

During the year, he had withdrawn 5,00,000 for his personal use and invested 2,50,000 as additional capital.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 Amount Assets Amount Creditors 3,50,000 Cash 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

 Statement of Affairs as on March 31, 2018 Liabilities Amount Assets Amount Creditors 4,00,000 Cash 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

Balance Sheet: Meaning, Format & Examples

Comment if you have any question.

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

T.S. Grewal’s Double Entry Book Keeping