Question No 17 Chapter No 17

Question No 17 Chapter No 17

Trading and Profit & Loss Account and Balance Sheet

17. From the following trial balance of Sinjay Kumar, prepare Trading and Profit & Loss Account for the year ended march 31,2018 and a Balance sheet at a date

 Debit BalanceCredit Balance
Capital 40,000
Drawing7,500 
Stock on April 1,20178,000 
Purchases47,250 
Sales 90,000
Carriage inwards2,300 
Return Inward2,000 
Return Outward 1,500
Wages7,000 
Plant and Machinery30,000 
Furniture and Fittings7,500 
Coal, Gad and water2,100 
Power2,000 
Salaries9,000 
Discount allowed750 
Discount received  600
Office Rent 2,400 
Factory rent 3,000 
Postage and Telephone900 
Insurance250 
Sundry Expenses 800 
Trade debtors20,000 
Trade creditor 27,150
Cash in hand700 
Cash at bank4,100 
Carriage outwards1,700 
 1,59,2501,59,250

Stock on 31st March 2018 was valued at Rs 9,250

 

The solution of Question No 17 Chapter No 17:-

 

Trading A/c
Particular
AmountParticular
Amount
To Opening Stock A/c 8,000By Sale A/c90,000 
To Purchases A/c47,250 Less: return2,00088,000
Less: Return1,50045,750By Closing Stock 9,250
To Carriage Inwards A/c 2,300   
To Wages A/c 7,000   
To Coal, gas& Water A/c 2,100   
To Power A/c 2,000   
To Factory Rent A/c 3,000   
To Gross Profit A/c 27,100   
  97,250  97,250

 

Profit/Loss A/c
Particular
AmountParticular
Amount
To Salaries A/c 9,000By Gross Profit A/c 27,100
To Discount allowed A/c 750By Discount Received A/c 600
To Office Rent A/c 2,400   
To Postage and Telephone A/c 900   
To Insurance A/c 250   
To Sundry Expenses A/c 800   
To Carriage outwards A/c 1,700   
To Net profit A/c 11,900   
  27,700  27,700

 

Balance Sheet
Labilities
AmountAssets
Amount
Capital A/c40,000 Cash in hand 700
Add: Net Profit11,900 Cash at bank 4,100
Less: Drawing7,50044,400Trade debtors 20,000
Trade creditor 27,150Closing Stock 9,250
   Furniture & Fittings 7,500
   Plant & Machinery 30,000
  71,550  71,550

 

 

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

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

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

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

Chapter No. 16 – Rectification of Errors 

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

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

Leave a Reply

About us

About us, we are here to improve your knowledge in all financial & Business related topics and to get better carrier opportunities. The author has about 10-year Experience in tuition Business. It is very difficult to teach a large number of students with a personal touch or in a classroom. 

Animation's Resource websites

All Icons and images used on my website were downloaded from the following website please go and download free:-

close