Question No 25 Chapter No 17 - USHA Publication 11 Class

Question No 25 Chapter No 17

Table of Contents

The solution of Question No 25 Chapter No 17:-

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

Trading and Profit & Loss Account and Balance Sheet

25.From the following trail balance taken from the books of R. Mehta on 31st March 2017 prepare Trading and Profit & Loss Account for the year and Balance Sheet as at that date:

Ledger Account	Dr. Balance	Cr. Balance
Capital account		87,940
Opening stock	85,600
Discount		350
Advertising	4,700
Goodwill	9,500
Commission		1,600
Bill Payable		1,200
Wages	7,500
Duty and Clearing charges	1,200
Factory rent	1,600
Carriage inwards	3,300
Return Inwards, Outwards	4,500	1,900
Salaries, Interest	15,000	400
Plant & Machinery	20,000
Purchases & sale	2,62,700	3,60,000
Gas and water	700
Office rent	1,500
Bill receivable	2,000
Cash at bank	6,685
Office furniture	2,500
S. Debaters & Creditor	18,000	8,450
Taxes	300
Printing and Stationery	475
Drawings	12,500
General expenses	1,360
Insurance	420
	4,62,040	4,62,040

The solution of Question No 25 Chapter No 17:-

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Trading A/c
Particular		Amount	Particular		Amount
To Opening Stock A/c		85,600	By Sale A/c	3,60,000
To Purchases A/c	2,62,700		Less: retune	4,500	3,55,500
Less: Retune	1,900	2,60,800	By Closing Stock		39,800
To Wages A/c		7,500
To Factory rent A/c		1,600
To Carriage inwards A/c		3,300
To Gas and Water A/c		700
To Duty A/c		1200
To Gross Profit A/c		34,600
		3,95,300			3,95,300

Profit/Loss A/c
Particular	Amount	Particular	Amount
To Advertising A/c	4,700	By Gross Profit A/c	34,600
To Salaries A/c	15,000	By Discount received A/c	350
To Office Rent A/c	1,500	By Commission A/c	1,800
To Taxes A/c	300	By Interest A/c	400
To Printing & Stationery A/c	475
To General Expenses A/c	1,360
To Insurance A/c	420
To Net profit A/c	13,395
	37,150		37,150

Balance Sheet
Labilities		Amount	Assets	Amount
Capital A/c	87,940		Cash in hand	6,685
Add: Net Profit	13,395		S. Debtors	18,000
Less: Drawing	12,500	88,835	Closing Stock	39,800
S. Creditor		8,450	Furniture	2,500
Bills Payable		1,200	Bills Receivable	2,000
			Plant & machinery	20,000
			Goodwill	9,500
		98485		98485