Question No 24 Chapter No 18 - T.S. Grewal 11 Class

Question No 24 Chapter No 18

24.From the following balances taken from the books of Hari & Co., prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date:


Capital	3,50,000	Salaries	11,100
Building	1,87,500	Discount Allowed	3,000
Machinery	92,500	Interest on Investments	1,000
Debtors	35,000	Stock 1stApril, 2017	1,65,000
Investment	35,000	Bills Payable	50,000
General Expenses	8,000	Sales	6,35,000
Rent Paid	37,100	Purchases	4,68,500
Proprietor’s	6,500	Wages	25,000
Drawings Electricity	1,900	Cash in Hand	18,000
Carriage Inwards	8,500	Sundry Creditors	1,00,000
Cash at Bank	30,000	Returns Inward	4,500
Returns Outward	1,100

Closing Stock was valued at 1,82,100.

The solution of Question No 24 Chapter No 18:-

Trading Account
Particular		Amount	Particular		Amount
To Opening Stock		1,65,000	By Sales	6,35,000
To Purchases	4,68,500		Less : Return inward	4, 500	6,30,500
Less: Return Outwards	1, 100	37,000	By Closing Stock		1,82,100
To Wages		25,000
To Carriage		8,500
To Gross Profit		1,46,700
		8,12,600			8,12,600

Profit and Loss Account
Particular	Amount	Particular	Amount
To General Expenses	8,000	By Gross Profit	1,46,700
To Rent Paid	37,100	By Interest on Investments	1,000
To Electricity Charges	1,900
To Salaries	11,100
To Discount Allowed	3,000
To Net Profit	86,600
	1,47,700		1,47,700

Balance Sheet
Particular		Amount	Particular	Amount
Capital	3,50,000		Building	1,87,500
Add: Net Profit	86,600		Machinery	92,500
Less: Drawings	6, 500	4,30,100	Investments	35,000
Sundry Creditors		1,00,000	Closing Stock	1,82,100
Bills Payable		50,000	Debtors	35,000
			Cash at bank	30,000
			Cash in Hand	18,000
		5,80,100		5,80,100

Final Accounts: Meaning, Definition and Explanation

Advertisement-X

Profit and Loss Account: Meaning, Format & Examples

Balance Sheet: Meaning, Format & Examples

Thanks, Please Like and share with your friends

Comment if you have any question.

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