Question No 16 Chapter No 17
Trading and Profit & Loss Account and Balance Sheet
16. Fromm the following balances prepare the financial statement of M/s Shabir Khan & Sons for the year ending 31st March 2019
| Rs | Rs | ||
| Opening stock | 12,500 | Insurance | 200 |
| Bills receivable | 2,000 | Debtors | 32,500 |
| Sales | 70,000 | Carriage | 1,450 |
| Purchase | 37,500 | Commission | 750 |
| Creditor | 20,000 | Interest | 900 |
| Salaries | 3,850 | Printing | 250 |
| Return Outward | 500 | Bills Payable | 3,150 |
| Bank | 5,250 | Return Inward | 1,300 |
| Rent & Taxes | 1,300 | Furniture | 1,000 |
| Capital | 7,100 |
Closing Stock Rs 15,000
The solution of Question No 16 Chapter No 17:-
| Trading A/c |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Opening Stock A/c | 12,500 | By Sale A/c | 70,000 | ||
| To Purchases A/c | 37,500 | Less: return | 1,300 | 68,700 | |
| Less: Return | 500 | 37,000 | By Closing Stock | 15,000 | |
| To Wages A/c | 1,450 | ||||
| To Gross Profit A/c | 32,750 | ||||
| 83,700 | 83,700 | ||||
| Profit/Loss A/c |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Salaries A/c | 3,850 | By Gross Profit A/c | 32,750 | ||
| To Insurance A/c | 200 | ||||
| To Commission A/c | 750 | ||||
| To Interest A/c | 900 | ||||
| To Printing A/c | 250 | ||||
| To Rent & Taxes A/c | 1,300 | ||||
| To Net profit A/c | 25,500 | ||||
| 32,750 | 32,750 | ||||
| Balance Sheet | |||||
| Labilities |
Amount | Assets |
Amount | ||
| Capital A/c | 7,100 | Bank | 5,250 | ||
| Add : Net Profit | 25,500 | 32,600 | Debtors | 32,500 | |
| Creditors | 20,000 | Bill Receivable | 2,000 | ||
| Bills Payable | 3,150 | Closing Stock | 15,000 | ||
| Furniture | 1,000 | ||||
| 55,750 | 55,750 | ||||
Advertisement-X
Final Accounts: Definition and Explanation
Profit and Loss Account: Meaning, Format & Examples
Balance Sheet: Meaning, Format & Examples
Thanks, Please Like and share with your friends
Comment if you have any question.
Also, Check out the solved question of all Chapters: –
Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Advertisement-X
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Advertisement-X
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 14 – Provisions and Reserves
Chapter No. 15 – Bills of Exchange
Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)