Question No 15 Chapter No 19

Question No 15 Chapter No 19

15.Following is the Trial Balance of Sh. Damodar Parshad as at 31st March, 2020:-

Dr. Balances Cr. Balances 
Stock 1-4-201910,000Discount Received750
Purchases58,000Return Outwards2,600
Wages4,700Sales98,650
Returns Inwards3,520B/P3,000
Carriage on Purchases2,360Sundry Creditors5,600
Carriage on Sales710Creditors for Rent500
Office Salaries4,800Capital40,000
Rent and Taxes2,400Loan from X10,000
Cash1,100Commission1,200
Bank Balance7,820  
Bad-debts600  
Discount allowed640  
Land and Building20,000  
Scooter6,600  
Scooter Repairs850  
B/R3,500  
Commission1,800  
Sundry Debtors25,400  
Interest on X’s Loan1,500  
Drawings6,000  
 1,62,300 1,62,300

Prepare a Trading and Profit and Loss Account for the year ended on 31-3-2016 and the Balance Sheet as at that date. The Stock on 31st March, 2016 was 22,000

The solution of Question No 15 Chapter No 19: –

Trading Account
Particular
AmountParticular
Amount
To Opening Stock A/c 10,000By Sales98,650 
To Purchases A/c58,000 Less: return3,52095,130
Less: Return2,60055,400   
To Wages 4,700By Closing Stock 22,000
To Carriage on Purchase 2,360   
To Gross Profit 44,670   
  1,17,130  1,17,130
Profit & Loss Account
Particular
AmountParticular
Amount
To Carriage on sales 710By Gross Profit 44,670
To Office Salaries 4,800By Discount Received 750
To Rent & Taxes 2,400By Commission 1,200
To Bad Debts 600   
To Discount Allowed 640   
To Scooter Repairs 850   
To Commission 1,800   
To Interest on X’s Loan 1,500   
To Net Profit 33,320   
  46,620  46,620
Balance Sheet
Liabilities
AmountAssets
Amount
Capital40,000 Land & Building 20,000
Add: Net Profit33,320 Scooter 6,600
Less: Drawings6,00067,320Closing Stock 22,000
Loan from X 10,000Debtors 25,400
Creditors 5,600Bills Receivable 3,500
Bills Payable 3,000Cash at bank 7,820
Creditors for Rent 500Cash in hand 1,100
      
  86,240  86,240

Trading Account: Meaning, Format and Examples

Also, Check out the solved question of all Chapters: –

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.

ISC Accounts 11 20 Image min 197x300 - Question No 15 Chapter No 19 - D.K Goal 11 Class
D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class

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