Question No 13 Chapter No 17 – USHA Publication 11 Class

Question No 13 Chapter No 17

Question No 13 Chapter No 17

Free Accounting book Solution - Class 11 and Class 12

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. 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)

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

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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