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

Question No 21 Chapter No 18

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

T.S. Grewal’s Double Entry Book Keeping

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