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

Question No 22 Chapter No 18

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

T.S. Grewal’s Double Entry Book Keeping

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