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

Question No 17 Chapter No 18

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

 

 

Final Accounts: 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

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T.S. Grewals Double Entry Book Keeping - Question No 17 Chapter No 18 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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