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

Question No 24 Chapter No 18

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

T.S. Grewal’s Double Entry Book Keeping

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