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Goods are withdrawn for business and personal use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 balances Rs Ledger balances Rs
Trade creditor 35,780 Discount received  5,800
Bills payable 18,700 Bills receivable 5,360
Legal charges 420 Purchases 1,17,200
General expenses 7,580 Stock on April 1, 2016 63,900
Cash at bank 18,980 Trade debtors 63,220
Capital 1,69,200 Carriage inwards 3,580
Building 40,000 Sales return 28,600
Bank loan @10% p.a. 40,000 Salaries 15,700
Purchases return 16,200 Sales 1,98,400
Reserve for doubtful debts 2,200 Bad debts 2,600
Cash in hand 400 Rent, rates and taxes 11,200
Discount allowed 8,600 Plant & Machinery 59,000
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
Amount Particular
Amount
To Opening Stock A/c   63,900 By Sale A/c 1,98,400  
To Purchases A/c 1,17,200   Less: Return 28,600 1,69,800
Less: return 16,200 1,01,000 By 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
Amount Particular
Amount
To Legal charges A/c   420 By Gross Profit A/c   55,220
To General exp.   7,580 By 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 debts 2,600        
Add: written off now 3,220        
Add: New provision required 3,000        
Less: Old provision 2,200 6,620      
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
Amount Assets
Amount
Capital A/c   40,000 Debtors 63,220  
Sundry Creditor   35,780 Less: Provision for doubtful debts 3,220  
Bills Payable   18,700 Less: provision for doubtful debts 3,000 57,000
Bank loan 40,000   Cash in hand   400
Add: outstanding 4,000 44,000 Cash at bank   18,980
      Closing stock   93,840
      Bills receivable   5,360
      Building 40,000  
      Less: depreciation 1,000 39,000
      Plant & machinery 59,000  
      Less: depreciation 5,900 53,100
    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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