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Question No 13 Chapter No 18
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13. From the following information, prepare Profit and Loss Account for the year ended 31st March, 2018:
| Gross Profit | 1,20,000 | Discount Received | 6,000 |
| Rent | 5,000 | Printing and Stationery | 4,000 |
| Salary | 35,000 | Legal Charges | 10,000 |
| Commission Paid | 19,000 | Bad Debts | 2,000 |
| Interest on Loan | 5,000 | Loss by Fire | 6,000 |
| Advertisement | 8,000 | Depreciation | 4,000 |
| Interest Received | 8,000 |
The solution of Question No 13 Chapter No 18:-
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| Profit and Loss Account for the year ended March 31, 2018 | |||||
| Particulars | Amount | Particulars | Amount | ||
| To Rent | 5,000 | By Gross Profit | 1,20,000 | ||
| To Salary | 35,000 | By Interest Received | 8,000 | ||
| To Commission Paid | 19,000 | By Discount Received | 6,000 | ||
| To Interest on Loan | 5,000 | ||||
| To Advertisement | 8,000 | ||||
| To Printing and Stationer | 4,000 | ||||
| To Legal Charges | 10,000 | ||||
| To Bad Debts | 2,000 | ||||
| To Loss by Fire | 6,000 | ||||
| To Depreciation | 4,000 | ||||
| To Net Profit | 36,000 | ||||
| 1,34,000 | 1,34,000 | ||||
Final Accounts: Meaning, Definition and Explanation
Profit and Loss Account: Meaning, Format & Examples
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Also, Check out the solved question of previous Chapters: –
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- 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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