Question No 19 Chapter No 17 - USHA Publication 11 Class

Question No 19 Chapter No 17

Table of Contents

The solution of Question No 19 Chapter No 17:-

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

Trading and Profit & Loss Account and Balance Sheet

19. Form the following balance taken from the book of Bhutto, prepare Trading and Profit & Loss Account for the year ending 31st March 2019 and a balance sheet at that date
Stock in hand on 31st March 23019 was Rs 20,000

Ledger Account	Rs	Ledger Account	Rs
Purchases	20,250	Drawings	5,000
Bank overdraft	7,000	Interest (Cr.)	900
Bank Charges	50	Loose tools	2,200
Freehold Premises	10,000	Cash in hand	2,300
Annuity deposits	3,000	Carriage	600
Furniture	4,000	Investments	5,000
Legal charges	200	Goodwill	10,000
General expenses	2,900	Productive expenses	2,000
Telephone	600	Plant	15,000
Wages	6,900	Rent & Taxes	3,500
Factory fuel	2,300	Office expenses	2,500
Creditor	25,000	Stock(1-4-2018)	9,700
Capital	50000	Debtors	25,000
Sales	40,920	Bills payable	18,000
Bill receivable	5,320	Loans to staff	2,000

The solution of Question No 19 Chapter No 17:-

Trading A/c
Particular	Amount	Particular	Amount
To Opening Stock A/c	9,700	By Sale A/c	40,920
To Purchases A/c	20,250
To Wages A/c	6,900	By Closing Stock	20,000
To Factory Fuel A/c	2,300
To Carriage A/c	600
To Productive Expenses A/c	2,000
To Gross Profit A/c	19,170
	60,920		60,920

Profit/Loss A/c
Particular	Amount	Particular	Amount
To Bank Charges A/c	50	By Gross Profit A/c	19,170
To Legal Charges A/c	200	By Interest A/c	900
To Insurance A/c	600
To General Expenses A/c	2,900
To Telephone Charges A/c	600
To Rent and Taxes A/c	3,500
To Office expenses A/c	2,500
To Net profit A/c	9,720
	20,070		20,070

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Balance Sheet
Labilities		Amount	Assets	Amount
Capital A/c	50,000		Cash in hand	2,300
Add: Net Profit	9,720		Annuity Deposits	3,000
Less: Drawing	5,000		Bill receivable	5,320
Less: Insurance premium	900	53,820	Investments	5,000
Bank Overdraft		7,000	S. Debtors	25,000
S. creditor		25,000	Closing Stock	20,000
Bill Payable		18,000	Loan to Staff	2,000
			Freehold Premises	10,000
			Furniture	4,000
			Loose tolls	2,200
			Plant	15,000
			Goodwill	10,000
		1,03,820		1,03,820