Question No 21 Chapter No 17 - USHA Publication 11 Class

Question No 21 Chapter No 17

Table of Contents

The solution to Question No 21 Chapter No 17:-

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

Trading and Profit & Loss Account and Balance Sheet

21. From the following balances taken from the books of Ved and Co. prepare the Trading and Profit & Loss Account for the year ending 31st March 2019 and the Balance sheet.

Ledger Account	Rs	Ledger Account	Rs
Capital	35,000	Salaries	1,110
Building	18,750	Discount allowed	200
Machinery	9,250	Stock(1st April 2018)	16,500
Debtors	7,000	Bills payable	5,000
General expenses	800	Sales	73,500
Rent paid	3,710	Purchases	46,850
Proprietor’s Drawing	650	Wages	12,500
Electric charges	190	Cash in hand	1,800
Carriage inwards	850	Sundry Creditor	10,000
Cash at bank	3,000	Return inwards	450
Return outwards	110

Closing Stock was valued at Rs 18,210

The solution to Question No 21 Chapter No 17:-

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Trading A/c
Particular		Amount	Particular		Amount
To Opening Stock A/c		16,500	By Sale A/c	73,500
To Purchases A/c	46,850		Less: return	450	73,050
Less: Return	110	46,740	By Closing Stock		18,210
To Carriage inwards A/c		850
To Wages A/c		12500
To Gross Profit A/c		14,670
		91,260			91,260

Profit/Loss A/c
Particular	Amount	Particular	Amount
To General Expenses A/c	800	By Gross Profit A/c	14,670
To Rent A/c	3,710
To Electric Charges A/c	190
To salaries A/c	1,110
To Discount allowed A/c	200
To Net profit A/c	8,660
	14,670		14,670

Balance Sheet
Labilities		Amount	Assets	Amount
Capital A/c	35,000		Cash in hand	1,800
Add: Net Profit	8,660		Cash at bank	3,000
Less: Drawing	650	43,010	S. Debtors	7,000
Sundry Creditors		10,000	Building	18,750
Bills Payable		5,000	Machinery	9,250
			Closing Stock	18,210
		58,010		58,010