Question No 18 Chapter No 18 - T.S. Grewal 11 Class

Question No 18 Chapter No 18

18. From the following balances, prepare Trading and Profit and Loss Account and Balance Sheet:

Debit Balances:		Debit Balances
Machinery	3,50,000	Rent	45,000
Debtors	2,70,000	Sundry Expenses	20,000
Drawings	90,000	Carriage	15,000
Purchases	9,50,000	Credit Balances:
Wages	5,00,000	Capital	10,00,000
Bank	1,50,000	Creditors	1,40,000
Opening Stock	2,00,000	Sales	14,50,000

Closing Stock was valued at 30,000

The solution of Question No 18 Chapter No 18:-

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Trading Account
Particular	Amount	Particular	Amount
To Opening Stock	2,00,000	By Sales	14,50,000
To Purchases	9,50,000	By Closing Stock	2,00,000
To Wages	5,00,000
To Carriage Inwards	15,000
		By Gross Loss	1,85,000
	16,65,000		16,65,000

Profit and Loss Account
Particular	Amount	Particular	Amount
To Gross Loss	60,000
To Rent	20,000
To Sundry Expenses	50,000

		By Net Loss	2,50,000
	2,50,000		2,50,000

Balance Sheet
Particular		Amount	Particular	Amount
Capital	10,00,000		Machinery	3,50,000
Less: Drawings	90, 000		Closing Stock	30,000
Less: Net Loss	2, 50,000	6,60,000	Debtors	2,70,000
Creditors		1,40,000	Bank	1,50,000

		8,00,000		8,00,000

Final Accounts: Meaning, Definition and Explanation

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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: –

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- 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