Question No 20 Chapter No 18
20.From the following balances of Anand, prepare Trading Account, Profit and Loss Account and Balance Sheet as at 31st March, 2018:
| Credit Balances: | Debit Balances | ||
| Capital | 3,60,000 | Postage | 2,730 |
| Creditors | 87,200 | Bad Debts | 2,870 |
| Bills Payable | 25,270 | Interest | 12,950 |
| Sales | 7,81,820 | Insurance | 4,170 |
| Bad Debts Recovered | 1,750 | Machinery | 1,00,000 |
| Loan | 1,20,000 | Stock Opening | 99,450 |
| Debit Balances: | Purchases | 6,20,920 | |
| Debtors | 38,850 | Wages | 43,000 |
| Salaries | 40,000 | Building | 2,37,800 |
| Discount | 10,000 | Selling Expenses | 1,750 |
| Fixtures and Fittings | 1,61,550 |
Value of goods on hand 31stMarch, 2018 was 1,43,000.
The solution of Question No 20 Chapter No 18:-
Financial Statement of Anand
| Trading Account for the year ended March 31, 2018 |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Opening Stock | 1,76,000 | By Sales | 7,81,820 | ||
| To Purchases | 6,20,920 | ||||
| To Wages | 43,000 | By Closing Stock | 1,43,000 | ||
| To Gross Profit | 43,000 | ||||
| 9,24,820 | 9,24,820 | ||||
| Profit and Loss Account for the year ended March 31, 2018 |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Salaries | 40,000 | By Gross Profit | 1,61,450 | ||
| To Discount | 10,000 | By Bad debts Recovered | 1,750 | ||
| To Selling Expense | 1,750 | ||||
| To Postage | 2,730 | ||||
| To Bad Debts | 2,870 | ||||
| To Interest | 12,950 | ||||
| To Insurance | 4,170 | ||||
| To Bad Debts | 4,000 | ||||
| To Net Profit | 88,730 | ||||
| 1,63,200 | 1,63,200 | ||||
| Balance Sheet |
|||||
| Particular |
Amount | Particular |
Amount | ||
| Capital | 3,60,000 | Building | 2,37,800 | ||
| Less: Net Loss | 88,730 | 4,48,730 | Machinery | 1,00,000 | |
| Loan | 1,20,000 | Fixtures and fittings | 1,61,550 | ||
| Creditors | 87,200 | Closing Stock | 1,43,000 | ||
| Bills Payable | 25,270 | Debtors | 38,850 | ||
| 6,81,200 | 6,81,200 | ||||
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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
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