# Question No 21 Chapter No 17 – USHA Publication 11 Class

Q-21 - CH-17 - USHA +1 Book 2020 - Solution

Question No 21 Chapter No 17

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:-

 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

Final Accounts: Meaning, Definition and Explanation

Profit and Loss Account: Meaning, Format & Examples

Balance Sheet: Meaning, Format & Examples

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

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors

Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)