Question No 25 Chapter No 18
25. From the following balances, as on 31st March, 2018, prepare Trading and Profit and Loss Account and Balance Sheet:
| Capital Account | 1,00,000 | Returns Outward | 5,000 |
| Plant and Machinery | 40,000 | Rent | 4,000 |
| Sundry Debtors | 24,000 | Sales | 1,64,000 |
| Sundry Creditors | 12,000 | Manufacturing Expenses | 8,000 |
| Life Insurance Premium | 12,000 | Trade Expenses | 7,000 |
| Purchases | 1,05,000 | Bad Debts | 2,000 |
| Wages | 50,000 | Carriage | 1,500 |
| Bank | 10,000 | Bills Payable | 7,000 |
| Repairs | 500 | Returns Inward | 4,000 |
| Stock 1stApril, 2017 | 20,000 |
Closing Stock on 31st March, 2018 was valued at 14,500
The solution of Question No 25 Chapter No 18:-
| Trading Account |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Opening Stock | 20,000 | By Sales | 1,64,000 | ||
| To Purchases | 1,05,000 | Less : Return inward | 4,000 | 1,60,000 | |
| Less: Return Outwards | 5,000 | 1,00,000 | By Closing Stock | 14,500 | |
| To Wages | 50,000 | ||||
| To Manufacturing Expenses | 8,000 | ||||
| To Carriage | 1,500 | ||||
| By Gross Loss | 5,000 | ||||
| 1,79,500 | 1,79,500 | ||||
| Profit and Loss Account |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Gross Loss | 5,000 | ||||
| To Repairs | 500 | ||||
| To Rent | 4,000 | ||||
| To Trade Expenses | 7,000 | ||||
| To Bad Debts | 2,000 | ||||
| By Net Loss | 18,500 | ||||
| 18,500 | 18,500 | ||||
| Balance Sheet |
|||||
| Particular |
Amount | Particular |
Amount | ||
| Capital | 1,00,000 | Plant and Machinery | 40,000 | ||
| Less: Life Insurance Premium | 12,000 | Closing Stock | 14,500 | ||
| Less: Net Loss | 18,500 | 69,500 | Sundry Debtors | 24,000 | |
| Sundry Creditors | 12,000 | Bank | 10,000 | ||
| Bills Payable | 7,000 | ||||
| 88,500 | 88,500 | ||||
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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