Question No 26 Chapter No 18 – T.S. Grewal 11 Class

Question No 26 Chapter No 18

Question No 26 Chapter No 18

26. Trial Balance of Chatter Sen on 31st March, 2018 revealed the following balances:

Debit Balances:   Debit Balances  
Plant and Machinery 90,000 Rent 2,000
Purchases 58,000 Advertisement 2,000
Sales Return  1,000 Cash at Bank 6,900
Opening Stock 40,000 Credit Balances:  
Discount Allowed 350 Capital A/c 1,10,000
Bank Charge 75 Sales 1,27,000
Sundry Debtors 45,000 Purchases Return 1,275
Salaries 6,800 Discount Received 800
Wages 10,000 Loan 5,000
Freight In 750 Sundry Creditors 20,000
Freight Out 1,200    

Stock on 31st March, 2018 was valued at 35,000. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at the date.

The solution of Question No 26 Chapter No 18:-

 

Trading Account
Particular
Amount Particular
Amount
To Opening Stock   40,000 By Sales 1,27,000  
To Purchases 58,000   Less: Sales Return 1, 000 1,26,000
Less: Purchases Return 1, 275 56,725 By Closing Stock   35,000
To Wages   10,000      
To Freight Inwards   750      
To Gross Profit   53,525      
    1,61,000     1,61,000

 

Profit and Loss Account
Particular
Amount Particular
Amount
To Discount Allowed   350 By Gross Profit   53,525
To Bank Charges   75 By Discount Received   800
To Salaries   6,800      
To Freight Outwards   1,200      
To Rent, Rates and Taxes   2,000      
To Advertisement   2,000      
To Net Profit   41,900      
    54,325     54,325

 

Balance Sheet
Particular
Amount Particular
Amount
Capital 1,10,00   Plant and Machinery   90,000
Add: Net Profit 41,900 1,51,900 Closing Stock   35,000
Sundry Creditors   20,000 Sundry Debtors   45,000
Loan   5,000 Bank   6,900
    1,76,900     1,76,900

 

 

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 26 Chapter No 18 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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