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

Question No 19 Chapter No 18

19.The following are the balances as on 31st March, 2018 extracted from the books of Dass:


Sales	9,20,000	Postage and Courier	6,200
Purchases	6,83,000	Miscellaneous Expenses	9,000
Returns Inward	13,000	Bad Debts	4,000
Returns Outward	22,000	Debtors	2,20,000
Stock on 1st April, 2017	1,76,000	Creditors	1,28,000
Carriage Inwards	24,000	Loan from Sahil	50,000
Rent	22,000	Capital	5,25,000
Discount	37,500	Drawings	19,100
Printing	7,200	Business Premises	3,90,000
Insurance	5,000	Office Furniture	15,000
Travelling Expenses	14,000

The stock on 31st March, 2018 was valued at 2,40,000.
You are required to prepare Trading Account, Profit and Loss Account and Balance Sheet as at 31st March, 2018.

The solution of Question No 19 Chapter No 18:-

Financial Statement of Bhagwan Das

Trading Account for the year ended March 31, 2018
Particular		Amount	Particular		Amount
To Stock		1,76,000	By Sales	9,20,000
To Purchases	6,83,000		Less : Return inward	13, 000	9,07,000
Less: Return Outwards	22, 000	6,61,000	By Closing Stock		2,40,000
To Carriage Inwards		24,000
To Gross Profit		2,86,000
		11,47,000			11,47,000

Profit and Loss Account for the year ended March 31, 2018
Particular	Amount	Particular	Amount
To Rent, Rates and Taxes	22,000	By Gross Profit	2,86,000
To Discount	37,500
To Printing	7,200
To Insurance	5,000
To Travelling Expenses	14,000
To Postage and Courier	6,200
To Miscellaneous Expenses	9,000
To Bad Debts	4,000
To Net Profit	1,81,100
	2,86,000		2,86,000

Balance Sheet
Particular		Amount	Particular	Amount
Capital	5,25,000		Business Premises	3,90,000
Less: Drawings	19, 100		Office Furniture	15,000
Add: Net Profit	1,81,100	6,87,000	Closing Stock	2,40,000
Loan from Sahil		50,000	Debtors	2,20,000
Creditors		1,28,000
		8,65,000		8,65,000

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Final Accounts: Meaning, 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