Question No 17 Chapter No 18
17. Prepare Trading and Profit and Loss Account and Balance Sheet of Jagat Shah as at 31st March, 2018 from the following balances:
| Capital Cr. | 3,60,000 | Salaries | 60,000 |
| Machinery | 70,000 | General Expenses | 20,000 |
| Sales | 8,20,000 | Rent | 50,000 |
| Purchases | 4,00,000 | Purchases Return | 5,000 |
| Sales Return | 10,000 | Debtors | 3,00,000 |
| Stock on 1st April, 2017 | 1,00,000 | Cash | 40,000 |
| Drawing | 40,000 | Carriage Outwards | 20,000 |
| Wages | 1,00,000 | Advertising | 20,000 |
| Carriage Inwards | 5,000 | Creditors | 50,000 |
The Closing Stock was valued at 2,00,000.
The solution of Question No 17 Chapter No 18:-
Financial Statements of Jagat Shah
| Trading Account for the year ended March 31, 2018 |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Opening Stock | 1,00,000 | By Sales | 8,20,000 | ||
| To Purchases | 4,00,000 | Less: Sales Return | 10,000 | 8,10,000 | |
| Less: Purchases Return | 5, 000 | 3,95,000 | By Closing Stock | 2,00,000 | |
| To Wages | 63,000 | ||||
| To Carriage Inwards | 10,700 | ||||
| To Gross Profit | 4,10,000 | ||||
| 10,10,000 | 10,10,000 | ||||
| Profit and Loss Account for the year ended March 31, 2018 |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Salaries | 60,000 | By Gross Profit | 4,10,000 | ||
| To General Expenses | 20,000 | ||||
| To Rent | 50,000 | ||||
| To Carriage Outwards | 20,000 | ||||
| To Advertising | 20,000 | ||||
| To Net Profit | 2,40,000 | ||||
| 4,10,000 | 4,10,000 | ||||
| Balance Sheet as on March 31, 2018 |
|||||
| Particular |
Amount | Particular |
Amount | ||
| Capital | 3,60,000 | Machinery | 70,000 | ||
| Less: Drawings | 40,000 | Closing Stock | 2,00,000 | ||
| Add: Net Profit | 2,40,000 | 5,60,000 | Debtors | 3,00,000 | |
| Creditors | 50,000 | Cash | 40,000 | ||
| 6,10,000 | 6,10,000 | ||||
Advertisement-X
Final Accounts: Meaning, 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 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