Question No 23 Chapter No 18 – T.S. Grewal 11 Class

Question No 23 Chapter No 18

Question No 23 Chapter No 18

23.From the following balances, prepare Trading and Profit and Loss Account and the Balance Sheet:

Debit Balances:   Debit Balances  
Machinery 2,00,000 Opening Stock 2,00,000
Building 1,50,000 Rent 45,000
Debtors 2,70,000 Sundry Expenses 20,000
Drawings 90,000 Carriage 15,000
Purchases 9,50,000 Credit Balances:  
Wages 5,00,000 Capital 10,00,000
Bed Debts 10,000 Creditors 1,40,000
Bank 1,50,000 Sales 14,50,000
    Commission 10,000

Closing Stock was of 70,000 but its net realizable value was estimated at 60,000.

 

The solution of Question No 23 Chapter No 18:-

Financial Statement of M/s. Mangal & Sons

Trading Account
Particular
Amount Particular
Amount
To Opening Stock   2,00,000 By Sales   14,50,000
To Purchases   9,50,000      
To Carriage   15,00 By Closing Stock   60,000
To Wages   5,00,000      
      By Gross Loss   1,55,000
    16,65,000     16,65,000

 

Profit and Loss Account
Particular
Amount Particular
Amount
To Gross Loss   1,55,000 By Commission   10,000
To Bad Debts   10,000      
To Rent   45,000      
To Sundry Expenses   20,000      
      By Net Loss   2,20,000
    2,30,000     2,30,000

 

Balance Sheet
Particular
Amount Particular
Amount
Capital 10,00,000   Building   1,50,000
Less: Net Loss 2,20,000   Machinery   2,00,000
Less: Drawings 90,000 6,90,000 Closing Stock   60,000
Creditors   1,40,000 Debtors   2,70,000
Bills Payable   3,150 Bank   1,50,000
           
    8,30,000     8,30,000

 

Note: Closing Stock is recorded at cost price or market price which is lower

 

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 23 Chapter No 18 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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