Question No 14 Chapter No 19 – T.S. Grewal 11 Class

Question No 14 Chapter No 19

Question No 14 Chapter No 19

14. Vikas is keeping his accounts according to Single Entry System. His capital on 31st December, 2015 was 2,50,000 and his capital on 31st December, 2016 was 4,25,000. He further informs you that during the year he gave a loan of 30,000 to his brother on private account and withdrew 1,000 per month for personal purposes. He used a flat for his personal purpose, the rent of which @ 1,800 per month and electricity charges at an average of 10% of rent per month were paid from the business account. During the year he sold his 7% Government Bonds of 50,000 at 1% premium and brought that money into the business. Prepare a Statement of Profit or Loss for the year ended 31st December, 2016.

The solution of Question No 14 Chapter No 19:-

Statement of Profit or Loss
for the year and March 31, 2018
Particular
Amount
Closing Capita   4,25,000
Less: Opening Capita   2, 50, 000
Less: Additional Capital   50, 500
Add: Drawings   65,760
Profit for the Year   1,90,260

 

Note: Drawings include loan to brother, withdrawals in cash, rent and electricity charges.

 

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

T.S. Grewal’s Double Entry Book Keeping

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