Question No 22 Chapter No 18 - T.S. Grewal 11 Class

Question No 22 Chapter No 18

22.From the following balances, prepare Final Accounts of M./s. Mangal & Sons for the year ended 31st March, 2018:
Opening Stock 12,500; Bills Receivable 2,000; Sales 70,000; Purchases 37,500; Creditors 20,000; Salaries 3,850; Insurance 200; Debtors 32,500; Carriage 1,450; Commission 750; Interest 900; Printing 250; Bills Payable 3,150; Returns In 1,300; Returns Out 500; Bank 5,250; Rent and Taxes 1,300; Furniture 1,000; Capital 7,100; Stock on 31st March, 2018 15,000.

The solution of Question No 22 Chapter No 18:-

Financial Statement of M/s. Mangal & Sons

Trading Account for the year ended March 31, 2018
Particular		Amount	Particular		Amount
To Opening Stock		12,500	By Sales	70,000
To Purchases	37,500		Less : Return inward	1, 300	68,700
Less: Return Outwards	500	37,000	By Closing Stock		15,000
To Carriage		1,450
To Gross Profit		32,750
		83,700			83,700

Profit and Loss Account for the year ended March 31, 2018
Particular	Amount	Particular	Amount
To Salaries	3,850	By Gross Profit	32,750
To Insurance	200
To Printing	250
To Commission	750
To Interest	900
To Rent and Taxes	1,300
To Net Profit	25,500
	32,750		32,750

Balance Sheet
Particular		Amount	Particular	Amount
Capital	7,100		Furniture	1,000
Add: Net Profit	25,500	32,600	Closing Stock	15,000
Creditors		20,000	Debtors	32,500
Bills Payable		3,150	Bills Receivable	2,000
			Bank	5,250
		55,750		55,750

Final Accounts: Meaning, Definition and Explanation

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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