Question No 17 Chapter No 19 – T.S. Grewal 11 Class

Question No 17 Chapter No 19

Question No 17 Chapter No 19

17.X, a retailer, has not maintained proper books of accent but it has been possible to obtain the following details:

Particulars Last Year  This Year
Trade Creditors 6,270 5,890
Loan from Naresh 5,000 5,000
Stock 12,350 11,980
Cash in Hand 570 650
Shop Fittings 7,250 7,800
Trade Debtors 5,280 4,560
Bank Balance 3,990 4,130

Calculate the net profit for this year and draft the Statement of Affairs at the end of the year after noting that:
a. Shop Fittings are to be depreciated by 780.
b .X has drawn 100 per week for his own use.
c .Included in the Trade Debtors is an irrecoverable balance of 270.
d .Interest at 5% p.a. is due on the loan from Naresh but has not been paid for the year.

The Content covered in this article:

 

The solution of Question No 17 Chapter No 19:-

 

Statements of Affairs as
Previous Year

Liabilities

Amount Assets Amount
Trade Creditors   6,270 Stock   12,350
Loan from Naresh   5,000 Cash in Hand   570
      Shop Fittings   7,250
      Trade Debtors   5,280
      Bank Balance   3,990
Capital    18,170      
    29,440     29,440

 

Statement of
Affairs Current Year

Liabilities

Amount Assets Amount
Trade Creditors   5,890 Shop Fittings 7,800  
Loan from Naresh 5,000   Less: Depreciation 780 7,200
Add: Outstanding Interest 5, 000 ×5% 250 5,250 Trade Debtors 4,560  
      Less: Bad Debts 270 4,290
      Stock   11,980
      Cash in Hand   650
Capital
  16,930
Bank Balance   4,130
    28,070     28,070

 

Statement of Profit or Loss
Current Year
Particular
Amount
Capital of the Current Year   16,930
Add: Drawings Rs100 ×52   5,200
    22,130
Less: Capital of the Previous Year   18, 170
Profit made during the Current Year   3,960

 

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 19 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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