Advertisement
Question No 17 Chapter No 18
Advertisement
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:-
Advertisement-X
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 |
Final Accounts: Meaning, Definition and Explanation
Advertisement-X
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: –
Advertisement-X
- 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
Advertisement-Y
Leave a Reply