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

Question No 13 Chapter No 19
Question No.13 - Chapter No.19- T.S. Grewal +1 Book 2019-Solution

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Question No 13 Chapter No 19

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

Particulars1st April, 201731st March, 2018
Cash6,0007,000
Sundry Debtors68,00064,000
Stock59,00087,000
Furniture15,00013,500
Sundry Creditors20,00018,000
Bills Payable15,00011,000

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 solution of Question No 13 Chapter No 19:-

 

Statement of Affairs as
on March 31, 2017
Liabilities

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

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Statement of Affairs as
on March 31, 2018
Liabilities

AmountAssetsAmount
Sundry Creditors 18,000Cash 7,000
Bills Payable 11,000Stock 87,000
9% Loan from Friend20,000 Furniture 13,500
Add: Interest Outstanding 20,000 ×9% X 6/1290020,900Sundry Debtors64,000 
   Less: 5% Provision for Doubtful Debts3, 20060,800
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: Meaning, Definition and Explanation

Profit and Loss Account: Meaning, Format & Examples

 

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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

Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication

T.S. Grewal's Double Entry Book Keeping

T.S. Grewal’s Double Entry Book Keeping

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