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

Question No 28 Chapter No 18
Question No.28 - Chapter No.18- T.S. Grewal +1 Book 2019-Solution

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Question No 28 Chapter No 18

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

    
Drawings15,000Capital2,45,000
Life Insurance5,000Loan78,800
Premium General Expenses25,000Sales6,53,600
Building1,10,000Purchases4,70,000
Machinery93,400Motor Car20,000
Stock on 1st April, 20171,62,000Reserve Fund Cr.9,000
Power22,400Commission Cr13,200
Insurance13,150Car Expenses18,000
Wages72,000Bills Payable38,500
Debtors62,800Cash800
Creditors25,000Bank Overdraft33,000
Input CGST A/c15,000Charity1,050
Input SGST A/c15,000Bad Debts5,500
Output IGST A/c30,000  

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:-

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Trading Account
Particular
AmountParticular
Amount
To Opening Stock 1,62,000By Sales 6,53,600
To Purchases 4,70,000By 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
AmountParticular
Amount
To General Expenses 25,000By Gross Profit 1,62,200
To Taxes and Insurance 13,150By 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
AmountParticular
Amount
Capital2,45,000 Building 1,10,000
Add: Net Profit1,12,700 Machinery 93,400
Less: Life Insurance Premium5, 000 Motor Car 20,000
Less: Drawings15, 0003,37,700Closing Stock 2,35,000
Reserve Fund 9,000Sundry Debtor 62,800
Loan 78,800Cash 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.

 

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Final Accounts: Meaning, 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. Grewal's Double Entry Book Keeping

T.S. Grewal’s Double Entry Book Keeping

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