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

Question No 20 Chapter No 18
Question No.20 - Chapter No.18- T.S. Grewal +1 Book 2019-Solution

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Question No 20 Chapter No 18

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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 
Capital3,60,000Postage2,730
Creditors87,200Bad Debts2,870
Bills Payable25,270Interest12,950
Sales7,81,820Insurance4,170
Bad Debts Recovered1,750Machinery1,00,000
Loan1,20,000Stock Opening99,450
Debit Balances: Purchases6,20,920
Debtors38,850Wages43,000
Salaries40,000Building2,37,800
Discount10,000Selling Expenses1,750
  Fixtures and Fittings1,61,550

Value of goods on hand 31stMarch, 2018 was 1,43,000.

 

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The solution of Question No 20 Chapter No 18:-

Financial Statement of Anand

Trading Account
for the year ended March 31, 2018
Particular
AmountParticular
Amount
To Opening Stock 1,76,000By Sales 7,81,820
To Purchases 6,20,920   
To Wages 43,000By 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
AmountParticular
Amount
To Salaries 40,000By Gross Profit 1,61,450
To Discount 10,000By 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
AmountParticular
Amount
Capital3,60,000 Building 2,37,800
Less: Net Loss88,7304,48,730Machinery 1,00,000
Loan 1,20,000Fixtures and fittings 1,61,550
Creditors 87,200Closing Stock 1,43,000
Bills Payable 25,270Debtors 38,850
  6,81,200  6,81,200

 

 

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Final Accounts: Meaning, 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

Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication

T.S. Grewal's Double Entry Book Keeping

T.S. Grewal’s Double Entry Book Keeping

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