Question No 18 Chapter No 19 – T.S. Grewal 11 Class

Question No 18 Chapter No 19

Question No 18 Chapter No 19

18. On 1st April, 2017, X started a business with 40,000 as his capital. On 31st March, 2018, his position was as follows:

Particulars Last Year 
Creditors 30,000
Bills Payable 10,000
Bank 10,000
Debtors 50,000
Stock 40,000
Plant 68,000
Furniture 12,000

During the year 2017–18, X drew 24,000. On 1st October, 2017, he introduced further capital amounting to 30,000. You are required to ascertain profit on loss made by him during the year 2017–18. Adjustments: a. Plant is to be depreciated at 10%.
b. A provision of 5% is to be made against debtors, Also prepare the Statement of Affairs as on 31st March, 2018.

The Content covered in this article:

 

The solution of Question No 18 Chapter No 19:-

 

 

Statement of Affairs for the year
ended March 31, 2018

Liabilities

Amount Assets Amount
Creditors   30,000 Debtors 50,000  
Bills Payable   10,000 Less: 5% Provision for Doubtful Debts 2, 500 47,500
      Plant 68,000  
      Less: 10% Depreciation 6, 800 61,200
      Furniture   12,000
      Bank   12,350
Capital
  1,30,700
Stock   40,000
    1,70,700     1,70,700

 

Statement of Profit or Loss
for the year and March 31, 2018
Particular
Amount
Capital as on March 31, 2018   1,30,700
Add: Drawings Rs100 ×52   24,000
    1,54,700
Less: Additional Capital Introduced   30, 000
Adjusted Capital as on March 31, 2018   1,24,700
Less: Capital of the Previous Year   40, 000
Profit made during the year 2017-18   84,700

 

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 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. Grewals Double Entry Book Keeping - Question No 18 Chapter No 19 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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