Question No 24 Chapter No 17 - USHA Publication 11 Class

Question No 24 Chapter No 17

Table of Contents

The solution of Question No 24 Chapter No 17:-

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Trading and Profit & Loss Account and Balance Sheet

24. Abraham Started a business on 1st April 2018. Stock on 31st March 2019 was Rs 15,000. from the following figures extracted from his book prepare Trading Account and Profit & Loss Account for the year ending 31st March 2019 and balance sheet as of that date

Ledger Account	Dr. Balance	Cr. Balance
Machinery & Plant	12,000
Freehold premises	24,000
Wages	14,500
Purchases	60,000
Cash in hand	500
Salaries	2,000
Carriage	800
Rent	700
Insurance	500
Abraham’s Drawing	3,200
Sundry debtors	2,800
Motive power, heating & Lighting	1,600
Interest on loan	200
Carriage outwards	300
Bills receivable	1,900
Sales		80,000
Sundry creditor		3,000
Bill payable		2,500
Bankers		2,500
Loan on mortgages		7,000
Abraham’s Capital		30,000
	1,25,000	1,25,000

The solution of Question No 24 Chapter No 17:-

Trading A/c
Particular	Amount	Particular	Amount
To Opening Stock A/c	60,000	By Sale A/c	80,000
To Purchases A/c	14,500
To carriage A/c	800	By Closing Stock	15,000
To M.Power, lighting,heating A/c	1,600
To Gross Profit A/c	18,100
	95,000		95,000

Profit/Loss A/c
Particular	Amount	Particular	Amount
To Salaries A/c	2,000	By Gross Profit A/c	18,100
To Rent A/c	700
To Insurance A/c	500
To Interest on loan A/c	200
To Carriage A/c	300
To Net profit A/c	14,400
	18,100		18,100

Balance Sheet
Labilities		Amount	Assets	Amount
Capital A/c	30,000		Cash in hand	500
Add: Net Profit	14,400		S. Debtors	2,800
Less: Drawing	3,200	41,200	Bill Receivable	1,900
S. Creditor		3,000	Closing Stock	15,000
Bills Payable		2,500	Machinery	12,000
Bankers		2,500	Freehold premises	24,000
Laon on Mortgage
		56,200		56,200