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

Question No 25 Chapter No 18
Question No.25 - Chapter No.18- T.S. Grewal +1 Book 2019-Solution

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Question No 25 Chapter No 18

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25. From the following balances, as on 31st March, 2018, prepare Trading and Profit and Loss Account and Balance Sheet:

    
Capital Account1,00,000Returns Outward5,000
Plant and Machinery40,000Rent4,000
Sundry Debtors24,000Sales1,64,000
Sundry Creditors12,000Manufacturing Expenses8,000
Life Insurance Premium12,000Trade Expenses7,000
Purchases1,05,000Bad Debts2,000
Wages50,000Carriage1,500
Bank10,000Bills Payable7,000
Repairs500Returns Inward4,000
Stock 1stApril, 201720,000  

Closing Stock on 31st March, 2018 was valued at 14,500

The solution of Question No 25 Chapter No 18:-

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Trading Account
Particular
AmountParticular
Amount
To Opening Stock 20,000By Sales1,64,000 
To Purchases1,05,000 Less : Return inward4,0001,60,000
Less: Return Outwards5,0001,00,000By 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
AmountParticular
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
AmountParticular
Amount
Capital1,00,000 Plant and Machinery 40,000
Less: Life Insurance Premium12,000 Closing Stock 14,500
Less: Net Loss18,50069,500Sundry Debtors 24,000
Sundry Creditors 12,000Bank 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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T.S. Grewal’s Double Entry Book Keeping

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