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

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

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Question No 17 Chapter No 19

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

ParticularsLast Year This Year
Trade Creditors6,2705,890
Loan from Naresh5,0005,000
Stock12,35011,980
Cash in Hand570650
Shop Fittings7,2507,800
Trade Debtors5,2804,560
Bank Balance3,9904,130

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

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

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Statement of
Affairs Current Year

Liabilities

AmountAssetsAmount
Trade Creditors 5,890Shop Fittings7,800 
Loan from Naresh5,000 Less: Depreciation7807,200
Add: Outstanding Interest 5, 000 ×5%2505,250Trade Debtors4,560 
   Less: Bad Debts2704,290
   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

 

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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

Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication

T.S. Grewal's Double Entry Book Keeping

T.S. Grewal’s Double Entry Book Keeping

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