Question No 18 Chapter No 18

Question No 18 Chapter No 18

Withdrawal of goods for personal use

18. The following balances have been extracted from the trial balance of Rahul Dev As on 31st March 2018

Ledger Account(Dr. Rs)(Cr. Rs)
Tools and Implements34,000

Materials worth Rs 6,000 and wages Rs 4,000 were used in marking Tools and implements for the business. Show the adjustment entry and its treatment in the financial statement


The solution of Question No 18 Chapter No 18:-

Adjustment entries
 Tools and Implements A/cDr. 10,000 
 To Purchases A/c   6,000
 To Wages A/c   4,000
 (Being material and wages used for tools and implement.)   


Trading Account
To Purchases A/c66,000    
Less: tools and Imp.6,00060,000   
To Wages A/c18,000    
Less: tools and Imp.4,00014,000   


Balance Sheet
   Tools and Imp. A/c34,000 
   Add: addition during year10,00044,000


Final Accounts: Definition and Explanation


Profit and Loss Account: Meaning, Format & Examples


Balance Sheet: Meaning, Format & Examples

Thanks, Please Like and share with your friends  

Comment if you have any question.

Also, Check out the solved question of all Chapters: –

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Vouchers and transactions

Chapter No. 4 – Journal

Chapter No. 5 – Ledger

Chapter No. 6 – Cash Book

Chapter No. 7 – Other Subsidiary Books

Chapter No. 8 – Journal Proper

Chapter No. 9 – Trial Balance 

Chapter No. 10 – Bank Reconciliation Statement

Chapter No. 11 – Depreciation

Chapter No. 12 – Provisions and Reserves 

Chapter No. 13 – Bills of Exchange

Chapter No. 14 – Rectification of Errors 

Chapter No. 15 – Financial Statements – (Without Adjustments)

Chapter No. 16 – Financial Statements – (With Adjustments)

Leave a Reply

About us

About us, we are here to improve your knowledge in all financial & Business related topics and to get better carrier opportunities. The author has about 10-year Experience in tuition Business. It is very difficult to teach a large number of students with a personal touch or in a classroom. 

Animation's Resource websites

All Icons and images used on my website were downloaded from the following website please go and download free:-