Question No 20 Chapter No 18 – T.S. Grewal 11 Class

Question No 20 Chapter No 18

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

 

 

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 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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T.S. Grewals Double Entry Book Keeping - Question No 20 Chapter No 18 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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