Question No 21 Chapter No 18 - T.S. Grewal 11 Class

Question No 21 Chapter No 18

21. From the following balances, prepare Final Accounts of M./s. Raja & Sons for the year ended 31st March, 2018:
Salary 5,400; Insurance 2,500; Cash 400; Purchases 84,170; Rent Received 3,150; Drawings 2,100; Bills Payable 3,900; Debtors 38,080; Stock 1stApril, 2017 29,500; Bank Overdraft 9,700; Carriage 2,200; Creditors 4,200; Trade Expenses 4,900; Sales Return 4,700; Machinery 12,000; Wages 45,000; Sales 1,47,200; Purchases Return 3,900; Capital 58,900; Closing Stock 31stMarch, 2018 36,200

The solution of Question No 21 Chapter No 18:-

Financial Statement of M/s. Raja & Sons

Trading Account for the year ended March 31, 2018
Particular		Amount	Particular		Amount
To Opening Stock		29,500	By Sales	1,47,200
To Purchases	84,170		Less : Return inward	4,700	1,42,500
Less: Return Outwards	3, 900	80,270	By Closing Stock		36,200
To Carriage		2,200
To Wages		45,000
To Gross Profit		21,730
		1,78,700			1,78,700

Profit and Loss Account for the year ended March 31, 2018
Particular	Amount	Particular	Amount
To Salaries	5,400	By Gross Profit	21,730
To Insurance	2,500	By Rent Received	3,150
To Trade Expenses	4,900
To Net Profit	12,080
	24,880		24,880

Balance Sheet
Particular		Amount	Particular	Amount
Capital	58,900		Machinery	12,000
Add: Net Profit	12,080		Closing Stock	36,200
Less: Drawings	2, 100	68,880	Debtors	38,080
Creditors		4,200	Cash	400
Bank Overdraft		9,700
Bills Payable		3,900
		86,680		86,680

Final Accounts: Meaning, Definition and Explanation

Profit and Loss Account: Meaning, Format & Examples

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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