Question No 33 Chapter No 18 – USHA Publication 11 Class

Question No 33 Chapter No 18

Question No 33 Chapter No 18

Goods are withdrawn for business and personal use

33.From the balances given below and the adjustment that follows, prepare Trading and Profit & loss account for the year ending 31st March 2017 and balance sheet as on the last date

Ledger balancesRsLedger balancesRs
Trade creditor35,780Discount received 5,800
Bills payable18,700Bills receivable5,360
Legal charges420Purchases1,17,200
General expenses7,580Stock on April 1, 201663,900
Cash at bank18,980Trade debtors63,220
Capital1,69,200Carriage inwards3,580
Building40,000Sales return28,600
Bank loan @10% p.a.40,000Salaries15,700
Purchases return16,200Sales1,98,400
Reserve for doubtful debts2,200Bad debts2,600
Cash in hand400Rent, rates and taxes11,200
Discount allowed8,600Plant & Machinery59,000
Wages(manufacturing)39,940  

Bad debts are estimated to be Rs 3,220; creditor reserve for bad and doubtful debts at the rate of 5% . Interest on bank loan is outstanding for the full year. Depreciation plant and machinery at the rate of 10% and building @2.5% stock on 31st March 2017 is Rs 93,840

The solution of Question No 33 Chapter No 18:-

 

Trading A/c
Particular
AmountParticular
Amount
To Opening Stock A/c 63,900By Sale A/c1,98,400 
To Purchases A/c1,17,200 Less: Return28,6001,69,800
Less: return16,2001,01,000By Closing Stock 93,840
To Wages A/c 39,940   
To carriage inwards A/c 3,580   
To Gross Profit A/c 55,220   
  2,63,640  2,63,640

 

Profit/Loss A/c
Particular
AmountParticular
Amount
To Legal charges A/c 420By Gross Profit A/c 55,220
To General exp. 7,580By Discount received A/c 5,800
To Discount allowed 8,600   
To Salaries 15,700   
To Rent, rates & taxes 11,200   
To Bad debts A/c     
Written off during year Bad debts2,600    
Add: written off now3,220    
Add: New provision required3,000    
Less: Old provision2,2006,620   
To interest on bank loan A/c 4,000   
To Dep. On Plant & machinery 5,900   
To Dep. On Building 1,000   
      
  61,020  61,020

 

Balance Sheet
Labilities
AmountAssets
Amount
Capital A/c 40,000Debtors63,220 
Sundry Creditor 35,780Less: Provision for doubtful debts3,220 
Bills Payable 18,700Less: provision for doubtful debts3,00057,000
Bank loan40,000 Cash in hand 400
Add: outstanding4,00044,000Cash at bank 18,980
   Closing stock 93,840
   Bills receivable 5,360
   Building40,000 
   Less: depreciation1,00039,000
   Plant & machinery59,000 
   Less: depreciation5,90053,100
  2,67,680  2,67,680

 

 

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 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

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

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)

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

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