Question No 20 Chapter No 17 - USHA Publication 11 Class

Question No 20 Chapter No 17

Table of Contents

The solution of Question No 20 Chapter No 17:-

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

Trading and Profit & Loss Account and Balance Sheet

20.The following balance were extracted from the books of Jagjivan Ram & Co. prepare Trading account, Profit & Loss Account for the year ending 31st March 2018 and Balance sheet as at that date.

Ledger Account	Debit Rs	Credit Rs
Opening Stock	4,000
Purchases	12,000
Sales		25,000
Purchases return		1,455
Return inwards	1,350
Productive wages	500
Carriage	700
Coal, gas and water	300
Salaries	1,200
Trade expenses	500
Printing &Stationery	700
Capital		5,000
Drawings	100
Land	5,000
Machinery	4,000
Cash	2,200
Debtors	1,000
Creditor		6,000
Investments	3,905
	37,455	37,455

The solution of Question No 20 Chapter No 17:-

Trading A/c
Particular		Amount	Particular		Amount
To Opening Stock A/c		4,000	By Sale A/c	25,000
To Purchases A/c	12,000		Less: return	1,350	23,650
Less: Return	1,455	10,545	By Closing Stock		6,000
To Productive Wages A/c		500
To Carriage A/c		700
To Coal, Gas & Water A/c		300
To Gross Profit A/c		13,605
		29,650			29,650

Profit/Loss A/c
Particular	Amount	Particular	Amount
To salaries A/c	1,200	By Gross Profit A/c	13,605
To Trade expense A/c	200
To Printing & Stationery A/c	700
To Net profit A/c	11,205
	13,605		13,605

Balance Sheet
Labilities		Amount	Assets	Amount
Capital A/c	5,000		Cash in hand	2,200
Add: Net Profit	11,205		S. Debtors	1,000
Less: Drawing	100	16,105	Investments	3,905
Sundry Creditors		6,000	Closing Stock	6,000
			Machinery	4,000
			Land	5,000
		22,105		22,105