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

Question No 16 Chapter No 19
Question No.16 - Chapter No.19- T.S. Grewal +1 Book 2019-Solution

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Question No 16 Chapter No 19

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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:

Particulars1st April, 201731st March, 2018
Machinery8,0008,000
Furniture2,0002,000
Stock7,0005,000
Sundry Debtors4,0004,500
Bank Balance200 Cr1,800 Dr
Sundry Creditors5,0003,500

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 solution of Question No 16 Chapter No 19:-

 

Statement of Affairs as
on March 31, 2017
Liabilities

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

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Statement of Affairs as
on March 31, 2018
Liabilities

AmountAssetsAmount
Sundry Creditors 18,000Machinery8,000 
   Less: 10% Depreciation8007,200
   Furniture2,000 
   Less: 5% Depreciation1001,900
   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: Meaning, Definition and Explanation

Profit and Loss Account: Meaning, Format & Examples

 

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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

Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication

T.S. Grewal's Double Entry Book Keeping

T.S. Grewal’s Double Entry Book Keeping

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