Question No 15 Chapter No 19 – T.S. Grewal 11 Class

Question No 15 Chapter No 19

Question No 15 Chapter No 19

15. Manu started business with a capital of 4,00,000 on 1st October, 2005. He borrowed from his friend a sum of 1,00,000. He brought further 75,000 as capital on 31st March, 2006, his position was: Cash: 30,000; Stock: 4,70,000; Debtors: 3,50,000 and Creditors: 3,00,000. He withdrew 8,000 per month during this period. Calculate profit on loss for the period.

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The solution of Question No 15 Chapter No 19:-

 

Statement of Affairs as
on March 31, 2017
Liabilities

Amount Assets Amount
Creditors   3,00,000 Cash   8,50,000
Loan from Friend   1,00,000 Stock   4,70,000
      Debtors   3,50,000
           
Capital    4,50,000      
    8,50,000     8,50,000

 

 

Statement of Profit or Loss
for the year and March 31, 2018
Particular
Amount
Capital as on March 31, 2006   4,50,000
Add: Drawings 8, 000 ×6   48,000
    4,98,000
Less: Additional Capital Introduced   75, 000
Adjusted Capital as on March 31, 2006   4,23,000
Less: Capital as on Oct.01, 2005   4, 00, 000
Profit made during the year 2005-06   23,000

 

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

T.S. Grewal’s Double Entry Book Keeping

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