Question No 17 Chapter No 18

Question No 17 Chapter No 18

Withdrawal of goods for personal use

17. The following balances have been taken from the trial balances of Jayant Singh as of 31st March 2019

Ledger Account(Dr. Rs)(Cr. Rs)
Purchases40,000
Advertisement10,000
Donation6,000
Input CGST5,500
Input SGST5,500

Adjustments
Goods worth Rs 3,000 were distributed as free samples and worth Rs 2,000 were donated to poor people (CGST and SGST 14%)
Give adjustment entries and show their accounting treatment in the financial statement for the year 2018-19

 

The solution of Question No 17 Chapter No 18:-

Adjustment entries
DateParticulars
L.F.DebitCredit
 Advertisement A/cDr. 3,840 
 Donation A/cDr. 2,560 
 To Purchases A/c   5,000
 To Input CGST A/c   700
 To Input SGST A/c   700
 (Being goods distributed in advertisement and donated .)   
     

 

Trading Account
Particular
AmountParticular
Amount
To Purchases A/c40,000    
Less: Donation3,000    
Less: Advertisement2,00045,000   
    

 

Profit & Loss  Account
Particular
AmountParticular
Amount
To Donation A/c6,000    
Add: Donation2,0008,000   
      
To Advertisement A/c10,000    
Add: Advertisement3,00013,000   
    

 

Balance Sheet
Labilities
AmountAssets
Amount
   Input CGST 4,700
   Input SGST 4,700
      
    

 

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 all Chapters: –

 

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

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

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