Question No 16 Chapter No 19

Question No 16 Chapter No 19

16. From the following balances extracted from the books of Sh. Badri Vishal on 31st March, 2017, prepare a Trading Account, P & L A/c and a Balance Sheet. Closing Stock valued on that date was 15,000.

 Dr.Cr.
Capital  1,28,200
Household Expenses10,000 
Sales 1,80,000
Return inwards4,000 
Return outwards 6,000
Purchases1,50,000 
Cash at Shop1,600 
Bank Overdraft 15,000
Interest on Overdraft1,500 
Creditors 17,800
Stock at the Commencement18,000 
Freight8,500 
Rent and Taxes7,000 
Debtors32,600 
Commission3,0002,200
Freehold property30,000 
Sundry expenses3,900 
Salaries and wages20,000 
Life Insurance Premium1,800 
Insurance Premium1,600 
Motor Vehicle39,800 
Typewriter8,000 
Interest 800
Carriage inwards2,000 
Carriage outwards800 
Power2,200 
Audit Fee1,700 
Lighting2,000 
 3,50,0003,50,000

The solution of Question No 16 Chapter No 19: –

Trading Account
Particular
AmountParticular
Amount
To Opening Stock A/c 18,000By Sales1,80,000 
To Purchases A/c1,50,000 Less: return4,0001,76,000
Less: Return6,0001,44,000   
To Freight 8,500By Closing Stock 15,000
To Carriage Inwards 2,000   
To Power 2,200   
To Gross Profit 44,670   
  1,91,000  1,91,000
Profit & Loss Account
Particular
AmountParticular
Amount
To interest on Overdraft 1,500By Gross Profit 16,300
To Rent & Taxes 7,000By Commission Received 2,200
To Commission 3,000By Interest Received 800
To Sundry Expenses 3,900   
To Salaries & Wages 20,000   
To Insurance Premium 1,600   
To Carriage Outwards 800   
To Audit Fees 1,700   
To Lighting 2,000   
   By Net Loss A/c 22,200
  41,500  41,500
Balance Sheet
Liabilities
AmountAssets
Amount
Capital1,28,200 Freehold Property 30,000
Less: Net Loss22,200 Motor Vehicle 39,800
Less: Drawings*11,80094,200Typewriter 8,000
Creditors 17,800Closing Stock 15,000
Bank Overdraft 15,000Debtors 32,600
   Cash in hand 1,600
      
  1,27,000  1,27,000

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 16 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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