Question No 18 Chapter No 17

Question No 18 Chapter No 17

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 BalanceRsCredit BalanceRs
Opening stock27,400Sales4,02,160
Purchases2,83,950Purchases return1,150
Sale return2,005Creditor62,000
Carriage8,715Discount110
Wages58,840Capital50,000
Coal, gas and water42,860  
Manufacturing expenses4,840  
Debtors67,900  
General expenses4,890  
Salaries4,305  
Rent, Rates and Taxes1,910  
Cash in hand 75  
Cash at bank4,730  
Drawing3,000  
 5,15,420 5,15,420

Closing Stock Rs 53,800

 

The solution of Question No 18 Chapter No 17:-

 

Trading A/c
Particular
AmountParticular
Amount
To Opening Stock A/c 27,400By Sale A/c4,02,160 
To Purchases A/c2,83,950 Less: return2,0054,00,155
Less: Return1,1502,82,800By 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
AmountParticular
Amount
By General expenses A/c 4,890By Gross Profit A/c 28,500
By Salaries A/c 4,305By Discount A/c 110
By Rent rates & taxes A/c 1,910   
To Net profit A/c 17,505   
  28,601  28,601

 

Balance Sheet
Labilities
AmountAssets
Amount
Capital A/c50,000 Cash in hand 75
Add: Net Profit17,505 Cash at bank 4,730
Less: Drawing3,00064,505Trade debtors 67,900
Trade creditor 62,000Closing Stock 53,800
  1,26,505  1,26,505

 

 

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 all Chapters: –

 

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

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

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