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Question No 16 Chapter No 17 – USHA Publication 11 Class

Question No 16 Chapter No 17
Q-16 - CH-17 - USHA +1 Book 2020 - Solution

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Question No 16 Chapter No 17

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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 stock12,500Insurance200
Bills receivable 2,000Debtors32,500
Sales70,000Carriage1,450
Purchase37,500Commission 750
Creditor20,000Interest900
Salaries3,850Printing250
Return Outward500Bills Payable3,150
Bank5,250Return Inward1,300
Rent & Taxes1,300Furniture1,000
Capital 7,100  

Closing Stock Rs 15,000

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The solution of Question No 16 Chapter No 17:-

 

Trading A/c
Particular
AmountParticular
Amount
To Opening Stock A/c 12,500By Sale A/c70,000 
To Purchases A/c37,500 Less: return1,30068,700
Less: Return50037,000By 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
AmountParticular
Amount
To Salaries A/c 3,850By 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
AmountAssets
Amount
Capital A/c7,100 Bank 5,250
Add : Net Profit25,50032,600Debtors 32,500
Creditors 20,000Bill Receivable 2,000
Bills Payable 3,150Closing Stock 15,000
   Furniture 1,000
  55,750  55,750

 

 

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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 all Chapters: –

 

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

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Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

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Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

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Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

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