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

Question No 12 Chapter No 19

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During the year, he had withdrawn 5,00,000 for his personal use and invested 2,50,000 as additional capital.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 Content covered in this article:

 

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: 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 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

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T.S. Grewals Double Entry Book Keeping - Question No 12 Chapter No 19 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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