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

Question No.17 - Chapter No.19- T.S. Grewal +1 Book 2019-Solution

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 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 ofAffairs 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: Meaning, Definition and Explanation

Profit and Loss Account: Meaning, Format & Examples

Balance Sheet: Meaning, Format & Examples

Comment if you have any question.

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

T.S. Grewal’s Double Entry Book Keeping