Question No 17 Chapter No 17 - USHA Publication 11 Class

Question No 17 Chapter No 17

Table of Contents

The solution of Question No 17 Chapter No 17:-

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

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 Balance	Credit Balance
Capital		40,000
Drawing	7,500
Stock on April 1,2017	8,000
Purchases	47,250
Sales		90,000
Carriage inwards	2,300
Return Inward	2,000
Return Outward		1,500
Wages	7,000
Plant and Machinery	30,000
Furniture and Fittings	7,500
Coal, Gad and water	2,100
Power	2,000
Salaries	9,000
Discount allowed	750
Discount received		600
Office Rent	2,400
Factory rent	3,000
Postage and Telephone	900
Insurance	250
Sundry Expenses	800
Trade debtors	20,000
Trade creditor		27,150
Cash in hand	700
Cash at bank	4,100
Carriage outwards	1,700
	1,59,250	1,59,250

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

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The solution of Question No 17 Chapter No 17:-

Trading A/c
Particular		Amount	Particular		Amount
To Opening Stock A/c		8,000	By Sale A/c	90,000
To Purchases A/c	47,250		Less: return	2,000	88,000
Less: Return	1,500	45,750	By 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	Amount	Particular	Amount
To Salaries A/c	9,000	By Gross Profit A/c	27,100
To Discount allowed A/c	750	By 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		Amount	Assets	Amount
Capital A/c	40,000		Cash in hand	700
Add: Net Profit	11,900		Cash at bank	4,100
Less: Drawing	7,500	44,400	Trade debtors	20,000
Trade creditor		27,150	Closing Stock	9,250
			Furniture & Fittings	7,500
			Plant & Machinery	30,000
		71,550		71,550