Question No 13 Chapter No 17
13. Prepare the Profit & Loss Account from the following balances extracted from the books of Renu Bala for the year 2017-18
| Debit Balance | Rs | Rs | |
| Gross profit | 1,85,000 | Advertisement | 5,000 |
| Sallies | 20,000 | Discount(Dr.) | 500 |
| Rent & Rates | 5,000 | Salesmen Commission | 5,000 |
| Stationery | 1,000 | Bad debts | 2,000 |
| Postage | 500 | Loss To fire | 2,000 |
| Insurance | 2,000 | Interest on investment | 2,500 |
| Repairs | 1,500 | Profit on sale of investments | 2,000 |
| Depreciation | 5,000 |
The solution of Question No 13 Chapter No 17:-
| Profit & Loss Account |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Salaries A/c | 20,000 | By Gross Profit A/c | 1,85,000 | ||
| To Rent & Rates A/c | 5,000 | By interest on Investment A/c | 2,500 | ||
| To Stationery A/c | 1,000 | By Profit on sale of Investment A/c | 2,000 | ||
| To Advertisement A/c | 5,000 | ||||
| To Discount A/c | 500 | ||||
| To Salesmen Commission A/c | 5,000 | ||||
| To Bad Debts A/c | 2,000 | ||||
| To Postage A/c | 500 | ||||
| To Insurance A/c | 2,000 | ||||
| To Repair A/c | 1,500 | ||||
| To Depreciation A/c | 5,000 | ||||
| To Loss To fire A/c | 2,000 | ||||
| To Net Profit A/c | 1,40,000 | ||||
| 1,89,500 | 1,89,500 | ||||
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. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
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Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 14 – Provisions and Reserves
Chapter No. 15 – Bills of Exchange
Chapter No. 16 – Rectification of Errors
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Chapter No. 17 – Financial Statements – (Without Adjustments)