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Question No 30 Chapter No 18 – USHA Publication 11 Class

Question No 30 Chapter No 18
Q-30 - CH-18 - USHA +1 Book 2020 - Solution

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Question No 30 Chapter No 18

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Goods are withdrawn for business and personal use

30.The following balance is taken from the books of D. Goswami:

Ledger balancesRsLedger balancesRs
Capital1,20,000Drawings21,000
Stock (1.4.2018)45,000Plant & machinery24,000
Furniture1,500Purchases2,95,000
Sales4,35,000Insurance1,500
Purchases return4,000Sale return7,000
Rent5000Trade expenses2,000
Salaries24,000Wages40,000
Bad debts1,0006% investments (1.7.2018)50,000
Sundry debtors40,000Sundry creditor19,000
Bad debts reserve800Cash 12,200
Establishment6,000Miscellaneous receipt1,200
Patents4,800  

After making the following adjustment, prepare trading account and profit & loss account for the ear ended 31st march 2019 and a balance sheet as on that date.

  1. Stock on 31st March 2019 was RS 75,000
  2. Depreciation machinery by 10% & furniture by 20%
  3. Wages RS 5,000 and salaries Rs 1,200 are outstanding
  4. Write off Rs 500 as bad debts and create a reserve on bad and doubtful debts at 5% and reserve for a discount on debtors at 2%
  5. Investment is made on 1.7.2018 and no interest has been received so far.

The solution of Question No 30 Chapter No 18:-

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Trading A/c
Particular
AmountParticular
Amount
To Opening Stock A/c 45,000By Sale A/c4,35,000 
To Purchases A/c2,95,000 Less: Return7,0004,28,000
Less: return4,0002,91,000By Closing Stock 75,000
To Wages A/c40,000    
Add: outstanding wages5,00045,000   
To Gross Profit A/c 1,22,000   
  5,03,000  5,03,000

 

Profit/Loss A/c
Particular
AmountParticular
Amount
To Rent A/c 5,000By Gross Profit A/c 1,22,000
To Salaries A/c24,000 By Interest on investment A/c 2,250
Add: outstanding salaries1,20025,200By miscellaneous receipt A/c 1,200
To Establishment 6,000   
To Provision for doubtful debts A/c     
Bad debts1,000    
Add: further bad debts500    
Add: provision required1,975    
Less: Old provision8002,675   
To Trade exp. 2,000   
To Dep. On machinery 2,400   
To Dep. On Furniture 300   
To Provision for discount on dents 750.50   
To Insurance 1,500   
To Net profit A/c 78,624.50   
  1,25,450  1,25,450

 

Balance Sheet
Labilities
AmountAssets
Amount
Capital A/c1,20,000 Debtors40,000 
Add: Net Profit78,624.50 Less: Provision for doubtful debts500 
less: Drawing21,0001,78,624.50Less: provision for doubtful debts1,975 
Sundry Creditor 19,000Less: provision for discount750.5039,774.50
Outstanding salaries 1,200Cash 12,200
Outstanding Wages 5,000Closing Stock 75,000
   Investment 50,000
   Accrued interest 2,250
   Furniture1,500 
   Less: depreciation3001,200
   Machinery24,000 
   Less: depreciation2,40021,600
   Patents 4,800
  2,03,824.50  2,03,824.50

 

 

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 all Chapters: –

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Chapter No. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

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Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

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Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

Chapter No. 17 – Financial Statements – (Without Adjustments)

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Chapter No. 18 – Financial Statements – (With Adjustments)

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