Question No 13 Chapter No 19 – T.S. Grewal 11 Class

Question No 13 Chapter No 19

Question No 13 Chapter No 19

13.Following information is supplied to you by a shopkeeper:

Particulars 1st April, 2017 31st March, 2018
Cash 6,000 7,000
Sundry Debtors 68,000 64,000
Stock 59,000 87,000
Furniture 15,000 13,500
Sundry Creditors 20,000 18,000
Bills Payable 15,000 11,000

During the year, he withdrew 2,500 per month for domestic purposes. He also borrowed from a friend at 9% a sum of 20,000 on 1st October, 2017. He has not yet paid the interest. A provision of 5% on debtors for doubtful debts is to be made. Ascertain the profit or loss made by him during the period.

The Content covered in this article:

 

The solution of Question No 13 Chapter No 19:-

 

Statement of Affairs as
on March 31, 2017
Liabilities

Amount Assets Amount
Sundry Creditors   20,000 Cash   6,000
Bills Payable   15,000 Sundry Debtors   68,000
      Stock   59,000
      Furniture   15,000
Capital    1,13,000      
    1,48,000     1,48,000

 

Statement of Affairs as
on March 31, 2018
Liabilities

Amount Assets Amount
Sundry Creditors   18,000 Cash   7,000
Bills Payable   11,000 Stock   87,000
9% Loan from Friend 20,000   Furniture   13,500
Add: Interest Outstanding 20,000 ×9% X 6/12 900 20,900 Sundry Debtors 64,000  
      Less: 5% Provision for Doubtful Debts 3, 200 60,800
Capital    1,18,400      
    1,68,300     1,68,300

 

Statement of Profit or Loss
for the year and March 31, 2018
Particular
Amount
Capital as on March 31, 2017   1,18,400
Add: Drawings Rs2,500 ×12   30,000
    1,48,400
Less: Capital as on April 01, 2016   1, 13, 000
Profit made during the year 2017-18   35,400

 

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 13 Chapter No 19 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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