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

Question No 24 Chapter No 18
Question No.24 - Chapter No.18- T.S. Grewal +1 Book 2019-Solution

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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:

    
Capital3,50,000Salaries11,100
Building1,87,500Discount Allowed3,000
Machinery92,500Interest on Investments1,000
Debtors35,000Stock 1stApril, 20171,65,000
Investment35,000Bills Payable50,000
General Expenses8,000Sales6,35,000
Rent Paid37,100Purchases4,68,500
Proprietor’s6,500Wages25,000
Drawings  Electricity1,900Cash in Hand18,000
Carriage Inwards8,500Sundry Creditors1,00,000
Cash at Bank30,000Returns Inward4,500
Returns Outward1,100  

Closing Stock was valued at 1,82,100.

The solution of Question No 24 Chapter No 18:-

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Trading Account
Particular
AmountParticular
Amount
To Opening Stock 1,65,000By Sales6,35,000 
To Purchases4,68,500 Less : Return inward4, 5006,30,500
Less: Return Outwards1, 10037,000By 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
AmountParticular
Amount
To General Expenses 8,000By Gross Profit 1,46,700
To Rent Paid 37,100By 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
AmountParticular
Amount
Capital3,50,000 Building 1,87,500
Add: Net Profit86,600 Machinery 92,500
Less: Drawings6, 5004,30,100Investments 35,000
Sundry Creditors 1,00,000Closing Stock 1,82,100
Bills Payable 50,000Debtors 35,000
   Cash at bank 30,000
   Cash in Hand 18,000
  5,80,100  5,80,100

 

 

Final Accounts: Meaning, Definition and Explanation

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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. Grewal’s Double Entry Book Keeping

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