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Question No 24 Chapter No 18
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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:-
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| 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
Profit and Loss Account: Meaning, Format & Examples
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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
Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication
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T.S. Grewal’s Double Entry Book Keeping
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