Question No 16 Chapter No 19 – T.S. Grewal 11 Class

Question No 16 Chapter No 19

Question No 16 Chapter No 19

16. From the following information relating to the business of Mr. X who keeps books on Single Entry System, ascertain the profit or loss for the year 2017–18:

Particulars 1st April, 2017 31st March, 2018
Machinery 8,000 8,000
Furniture 2,000 2,000
Stock 7,000 5,000
Sundry Debtors 4,000 4,500
Bank Balance 200 Cr 1,800 Dr
Sundry Creditors 5,000 3,500

Mr. X withdrew 4,100 during the year to meet his household expenses. He introduced 300 as fresh capital on 15th January, 2018. Machinery and Furniture are to be depreciated at 10% and 5% p.a. respectively.

The Content covered in this article:

 

The solution of Question No 16 Chapter No 19:-

 

Statement of Affairs as
on March 31, 2017
Liabilities

Amount Assets Amount
Bank Overdraft   200 Machinery   8,000
Sundry Creditors   5,000 Furniture   2,000
      Stock   7,000
      Sundry Debtors   4,000
Capital    15,800      
    21,000     21,000

 

Statement of Affairs as
on March 31, 2018
Liabilities

Amount Assets Amount
Sundry Creditors   18,000 Machinery 8,000  
      Less: 10% Depreciation 800 7,200
      Furniture 2,000  
      Less: 5% Depreciation 100 1,900
      Stock   5,000
      Sundry Debtors   4,500
Capital
  16,900
Bank Balance   1,800
    20,400     20,400

 

Statement of Profit or Loss
for the year and March 31, 2018
Particular
Amount
Capital as on March 31, 2017   16,900
Add: Drawings   4,100
    21,000
Less: Additional Capital Introduced   300
Adjusted Capital as on March 31, 2017   20,700
Less: Capital as on April 01, 2016   15, 800
Profit made during the year 2016-17   4,900

 

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

T.S. Grewal’s Double Entry Book Keeping

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