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Question No 27 Chapter No 18 – T.S. Grewal 11 Class

Question No 27 Chapter No 18
Question No.27 - Chapter No.18- T.S. Grewal +1 Book 2019-Solution

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Question No 27 Chapter No 18

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27. Following Trial Balance is extracted from the books of a merchant on 31st March, 2018:

Debit Balances: Debit Balances 
Furniture and Fittings6,400Insurance12,500
Motor Vehicles62,500General Charges7,820
Building75,900Salaries33,000
Bad Debts1,250Credit Balances: 
Sundry Debtors38,000Capital1,28,900
Stock on 1st April, 201734,600Bills Payable2,000
Purchases55,750Sundry Creditors25,000
Sales Return2,000Sales1,54,500
Advertising4,500Bank Overdraft28,500
Interest1,180Purchases Return1,250
Cash in Hand6,500Commission1,750

Stock in Hand on 31st March, 2018 was valued at 32,500.
From the above, prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date

The solution of Question No 27 Chapter No 18:-

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Trading Account
Particular
AmountParticular
Amount
To Opening Stock 34,600By Sales1,54,500 
To Purchases55,750 Less: Sales Return2, 0001,52,500
Less: Purchases Return1, 25054,500By Closing Stock 32,500
      
To Gross Profit 95,900   
  1,85,000  1,85,000

 

Profit and Loss Account
Particular
AmountParticular
Amount
To Taxes and Insurance 12,500By Gross Profit 95,900
To General Charges 7,820By Commission 1,750
To Salaries 33,000   
To Bad Debts 1,250   
To Advertising 4,500   
To Interest 1,180   
To Net Profit 37,400   
  97,650  97,650

 

Balance Sheet
Particular
AmountParticular
Amount
Capital1,28,900 Building 75,900
Add: Net Profit37,4001,66,300Furniture and Fittings 6,400
Sundry Creditors 25,000Motor Vehicles 62,500
Bank Overdraft 28,500Closing Stock 32,500
Bills Payable 2,000Sundry Debtor 38,000
   Cash in Hand 6,500
  2,21,800  2,21,800

 

 

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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