Question No 17 Chapter No 19

Question No 17 Chapter No 19

17.From the following balances of the Ledger of Sh. Akhileshwar Singh, prepare Trading and Profit & Loss Account and Balance Sheet :-

 Dr.Cr.
Stock on 1-4-201730,000 
Stock on 31-3-201846,200 
Purchases and Sales2,30,0003,45,800
Returns12,50015,200
Commission on Purchases1,200 
Freight and Carriage26,000 
Wages and Salary 10,800 
Fire Insurance Premium820 
Business Premises40,000 
Sundry Debtors26,100 
Sundry Creditors 26,100
Goodwill8,000 
Patents8,400 
Coal, Gas and Power12,100 
Printing and Stationery2,100 
Postage710 
Travelling Expenses4,250 
Drawings7,200 
Depreciation1,000 
General Expenses8,350 
Capital 89,760
Investments8,000 
Interest on Investments 800
Cash in Hand2,570 
Banker’s Account 5,200
Commission4,6004,400
Loan on Mortgage 30,000
Interest on Loan3,000 
B/P 2,280
B/R4,540 
Income Tax3,000 
Horses and Carts20,300 
Discount on Purchases 1,600
 5,21,7405,21,740

The solution of Question No 17 Chapter No 19: –

Trading Account
Particular
AmountParticular
Amount
To Opening Stock A/c 30,000By Sales3,45,800 
To Purchases A/c2,30,000 Less: return12,5003,33,300
Less: Return15,2002,14,800   
To Freight and Carriage 26,000   
To Commission on Purchases 1,200   
To Wages & Salaries 10,800   
To Coal, Gas and Power 12,100   
To Gross Profit 38,400   
  3,33,300  3,33,300
Profit & Loss Account
Particular
AmountParticular
Amount
To Fire Insurance Premium 820By Gross Profit 38,400
To Printing & Stationer 2,100By Interest on Investments 800
To Postage & Telegram 710By Commission Received 4,400
To Travelling Expenses 4,250By Discount Received 1,600
To Depreciation 1,000   
To General Expenses 8,350   
To Commission 4,600   
To Interest on Loan 3,000   
      
To Net Profit A/c 20,370   
  45,200  45,200
Balance Sheet
Liabilities
AmountAssets
Amount
Capital89,760 Goodwill 8,000
Add: Net Profit20,370 Business Premises 40,000
Less: Income tax3,000 Patents 8,400
Less: Drawings7,20099,930Horses and Carts 20,300
Loan on Mortgage 30,000Closing Stock 46,200
Creditors 26,700Debtors 26,100
Banker’s Account 5,200Cash in Hand 2,570
Bills Payable 2,280Bills Receivable 4,540
   Investment 8,000
  1,64,110  1,64,110

Trading Account: Meaning, Format and Examples

Also, Check out the solved question of all Chapters: –

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

Check out the Accountancy Class +1 by D.K. Goal (Arya Publication) from their official Site.

ISC Accounts 11 20 Image min 197x300 - Question No 17 Chapter No 19 - D.K Goal 11 Class
D K Goel accountancy +1 – ISC_Accounts_11_20_ImageQuestion No 42 Chapter No 11 – D.K Goal 11 Class

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