Question No 28 Chapter No 18 – T.S. Grewal 11 Class

Question No 28 Chapter No 18

Question No 28 Chapter No 18

28. The following balances were extracted from the books of Harish Chandra on 31st March, 2018:

       
Drawings 15,000 Capital 2,45,000
Life Insurance 5,000 Loan 78,800
Premium General Expenses 25,000 Sales 6,53,600
Building 1,10,000 Purchases 4,70,000
Machinery 93,400 Motor Car 20,000
Stock on 1st April, 2017 1,62,000 Reserve Fund Cr. 9,000
Power 22,400 Commission Cr 13,200
Insurance 13,150 Car Expenses 18,000
Wages 72,000 Bills Payable 38,500
Debtors 62,800 Cash 800
Creditors 25,000 Bank Overdraft 33,000
Input CGST A/c 15,000 Charity 1,050
Input SGST A/c 15,000 Bad Debts 5,500
Output IGST A/c 30,000    

Stock on 31st March, 2018 was valued at 2,35,000. Prepare final accounts for the year ended 31st March, 2018.

The solution of Question No 28 Chapter No 18:-

 

Trading Account
Particular
Amount Particular
Amount
To Opening Stock   1,62,000 By Sales   6,53,600
To Purchases   4,70,000 By Closing Stock   2,35,000
To Power   22,400      
To Wages   72,000      
To Gross Profit   1,62,200      
    8,88,600     8,88,600

 

Profit and Loss Account
Particular
Amount Particular
Amount
To General Expenses   25,000 By Gross Profit   1,62,200
To Taxes and Insurance   13,150 By Commission   13,200
To Bad Debts   5,500      
To Car Expenses   18,000      
To Charity   1,050      
To Net Profit   1,12,700      
    1,75,400     1,75,400

 

Balance Sheet
Particular
Amount Particular
Amount
Capital 2,45,000   Building   1,10,000
Add: Net Profit 1,12,700   Machinery   93,400
Less: Life Insurance Premium 5, 000   Motor Car   20,000
Less: Drawings 15, 000 3,37,700 Closing Stock   2,35,000
Reserve Fund   9,000 Sundry Debtor   62,800
Loan   78,800 Cash   800
Bank Overdraft   33,000      
Bills Payable   38,500      
Creditors   25,000      
    5,22,000     5,22,000

Working Note:

Output IGST-Input CGST-Input SGST= 30,000-15,000-15,000=Nil
GST Payable/Receivable=Nil
Hence, Computation of GST won’t affect the Balance Sheet.

 

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

Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication

T.S. Grewals Double Entry Book Keeping - Question No 28 Chapter No 18 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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