Question No 19 Chapter No 18 – USHA Publication 11 Class

Question No 19 Chapter No 18

Question No 19 Chapter No 18

Interest on Drawings

19. From the following trail balance of Kabul Singh prepare Trading and profit & Loss account for the year ended 31st march 2019 and balance sheet as on that date:

Debit balances Rs Credit balances Rs
Building 70,000 Capital 92,000
Motor Trucks 12,000 Creditors 18,852
Furniture 1,640 Bills payables 6,930
Debtors 15,600 Sales 1,21,850
Opening stock 15,040 Interest  340
Cash in hand 988 Apprentice premium 1,320
Purchases 87,522 Purchases return 2,000
Carriage inwards 1,291    
Carriage outwards 800    
Cash at bank 14,534    
Bills receivable 5,844    
General expenses 6,085    
Insurance 613    
Bad debts 783    
Audit fees 300    
Travelling expenses 425    
Discount 420    
Sales return 485    
Investments 8,922    
  2,43,292   2,43,292

 

Adjustments:

  1. Purchases include purchases of furniture Rs 2,600
  2. Goods are withdrawn by the proprietor for personal sue Rs 5,500
  3. Goods distributed as free samples Rs 1,800
  4. Goods donated to orphanage Rs 1,400
  5. Goods of the value of Rs 3,000were used in the construction of the building
  6. Stock at the end of the year Rs 35,000

The solution of Question No 19 Chapter No 18:-

Trading Account
Particular
Amount Particular
Amount
To Opening Stock A/c   15,040 By Sale A/c 1,21,850  
To Purchases A/c 87,522     485 1,21,365
Less: furniture 2,600   By Closing Stock   35,000
Less: drawings 5,500        
Less: Free samples 1,800        
Less: Donation 1,400        
Less: Building 3,000        
Less: Return 2,000        
Add: Additional Purchases (8,000) 79,222      
To Carriage Inwards A/c   1,921      
To Gross Profit A/c   60,812      
    1,56,365     1,56,365

 

Profit/Loss Account
Particular
Amount Particular
Amount
To Carriage outwards A/c   800 By Gross Profit A/c   60,812
To General Exp. A/c   6,085 By Interest A/c   340
To Insurance   613 By apprentice premium A/c   1,320
To bad debts   783      
To Audit fee A/c   300      
To Travelling Exp.   425      
To Discount   420      
To Advertisement   1,800      
To Donation   1,400      
To Net Profit A/c   49,846      
    62,472     62,472

 

Balance Sheet
Labilities
Amount Assets
Amount
Capital A/c 92,000   Building 70,000  
Add: net Profit 49,846   Add: Addition 3,000 73,000
Less: Drawing 5,500 1,36,346 Debtors   15,600
Creditor 18,852   Bills receivable   5,844
Additional purchases 8,000 26,852 Investment   8,922
Bills Payable   6,930 Furniture 1,640  
      Add: Addition 2,600 4,240
      Closing Stock   35,000
      Cash in hand   988
      Cash at bank   14,534
    1,70,128     1,70,128

 

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 all Chapters: –

 

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

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

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