Question No 18 Chapter No 17 - USHA Publication 11 Class

Question No 18 Chapter No 17

Table of Contents

The solution of Question No 18 Chapter No 17:-

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

Trading and Profit & Loss Account and Balance Sheet

18.From the following trial balance of Ashok Kumar, pass the necessary closing entries. Prepare Trading Profit & Loss Account for the year ending 31st March 2017 and balance sheet at that date:

Debit Balance	Rs	Credit Balance	Rs
Opening stock	27,400	Sales	4,02,160
Purchases	2,83,950	Purchases return	1,150
Sale return	2,005	Creditor	62,000
Carriage	8,715	Discount	110
Wages	58,840	Capital	50,000
Coal, gas and water	42,860
Manufacturing expenses	4,840
Debtors	67,900
General expenses	4,890
Salaries	4,305
Rent, Rates and Taxes	1,910
Cash in hand	75
Cash at bank	4,730
Drawing	3,000
	5,15,420		5,15,420

Closing Stock Rs 53,800

The solution of Question No 18 Chapter No 17:-

Trading A/c
Particular		Amount	Particular		Amount
To Opening Stock A/c		27,400	By Sale A/c	4,02,160
To Purchases A/c	2,83,950		Less: return	2,005	4,00,155
Less: Return	1,150	2,82,800	By Closing Stock		53,800
To Carriage A/c		8,715
To Wages A/c		58,840
To Coal, gas& Water A/c		42,860
By Manufacturing expenses A/c		4,840
To Gross Profit A/c		28,500
		4,53,955			4,53,955

Profit/Loss A/c
Particular	Amount	Particular	Amount
By General expenses A/c	4,890	By Gross Profit A/c	28,500
By Salaries A/c	4,305	By Discount A/c	110
By Rent rates & taxes A/c	1,910
To Net profit A/c	17,505
	28610		28,610

Balance Sheet
Labilities		Amount	Assets	Amount
Capital A/c	50,000		Cash in hand	75
Add: Net Profit	17,505		Cash at bank	4,730
Less: Drawing	3,000	64,505	Trade debtors	67,900
Trade creditor		62,000	Closing Stock	53,800
		1,26,505		1,26,505