Question No 25 Chapter No 18 – T.S. Grewal 11 Class

Question No 25 Chapter No 18

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

T.S. Grewal’s Double Entry Book Keeping

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