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Question No 17 Chapter No 18 – T.S. Grewal 11 Class

Question No 17 Chapter No 18
Question No.17 - Chapter No.18- T.S. Grewal +1 Book 2019-Solution

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Question No 17 Chapter No 18

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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.3,60,000Salaries60,000
Machinery70,000General Expenses20,000
Sales8,20,000Rent50,000
Purchases4,00,000Purchases Return5,000
Sales Return10,000Debtors3,00,000
Stock on 1st April, 20171,00,000Cash40,000
Drawing40,000Carriage Outwards20,000
Wages1,00,000Advertising20,000
Carriage Inwards5,000Creditors50,000

The Closing Stock was valued at 2,00,000.

 

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The solution of Question No 17 Chapter No 18:-

Financial Statements of Jagat Shah

Trading Account
for the year ended March 31, 2018
Particular
AmountParticular
Amount
To Opening Stock 1,00,000By Sales8,20,000 
To Purchases4,00,000 Less: Sales Return10,0008,10,000
Less: Purchases Return5, 0003,95,000By 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
AmountParticular
Amount
To Salaries 60,000By 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
AmountParticular
Amount
Capital3,60,000 Machinery 70,000
Less: Drawings40,000 Closing Stock 2,00,000
Add: Net Profit2,40,0005,60,000Debtors 3,00,000
Creditors 50,000Cash 40,000
      
  6,10,000  6,10,000

 

 

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Final Accounts: Meaning, Definition and Explanation

Profit and Loss Account: Meaning, Format & Examples

 

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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