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Question No 19 Chapter No 18 – USHA Publication 11 Class

Question No 19 Chapter No 18
Q-19 - CH-18 - USHA +1 Book 2020 - Solution

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Question No 19 Chapter No 18

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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 balancesRsCredit balancesRs
Building70,000Capital92,000
Motor Trucks12,000Creditors18,852
Furniture1,640Bills payables6,930
Debtors15,600Sales1,21,850
Opening stock15,040Interest 340
Cash in hand988Apprentice premium1,320
Purchases87,522Purchases return2,000
Carriage inwards1,291  
Carriage outwards800  
Cash at bank14,534  
Bills receivable5,844  
General expenses6,085  
Insurance613  
Bad debts783  
Audit fees300  
Travelling expenses425  
Discount420  
Sales return485  
Investments8,922  
 2,43,292 2,43,292

 

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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 Goods are withdrawn by the proprietor for personal sue Rs 5,500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
AmountParticular
Amount
To Opening Stock A/c 15,040By Sale A/c1,21,850 
To Purchases A/c87,522  4851,21,365
Less: furniture2,600 By Closing Stock 35,000
Less: drawings5,500    
Less: Free samples1,800    
Less: Donation1,400    
Less: Building3,000    
Less: Return2,000    
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
AmountParticular
Amount
To Carriage outwards A/c 800By Gross Profit A/c 60,812
To General Exp. A/c 6,085By Interest A/c 340
To Insurance 613By 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
AmountAssets
Amount
Capital A/c92,000 Building70,000 
Add: net Profit49,846 Add: Addition3,00073,000
Less: Drawing5,5001,36,346Debtors 15,600
Creditor18,852 Bills receivable 5,844
Additional purchases8,00026,852Investment 8,922
Bills Payable 6,930Furniture1,640 
   Add: Addition2,6004,240
   Closing Stock 35,000
   Cash in hand 988
   Cash at bank 14,534
  1,70,128  1,70,128

 

Final Accounts: Meaning, Definition and Explanation

 

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Profit and Loss Account: Meaning, Format & Examples

 

Balance Sheet: Meaning, Format & Examples

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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

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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

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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)

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

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