Question No 34 Chapter No 19 – T.S. Grewal 11 Class

Question No 34 Chapter No 19

Question No 34 Chapter No 19

34. From the following information, ascertain the opening balance of Sundry Debtors and the closing balance of Sundry Creditors

   
Sundry Creditors as on 31st March, 2017 20,600
Sundry Debtors as on 31st March, 2018 37,400
Stock as on 31st March, 2017 26,000
Stock as on 31st March, 2018 24,000
During the year ended 31st March, 2018:  
Purchases 1,10,000
Discount allowed by creditors 800
Discount allowed to customers 1,100
Cash paid to sundry creditors 95,000
Bills Payable issued by them 14,000
Bills Receivable received from customers 16,500
Cash received from customers 1,30,000
Bills receivable dishonored 1,900

 

 

The solution of Question No 34 Chapter No 19:-

 

Debtors Account
Liabilities

Amount Assets Amount
Balance b/d   43,100 Cash A/c   1,30,000
Sales A/c   1,40,000 Discount Allowed A/c   1,100
Bill Receivable A/c   1,900 Bill Receivable A/c   16,500
           
      Balance c/d   37,400
    1,85,000     1,85,000

 

Creditors Account
Liabilities

Amount Assets Amount
Cash A/c   43,100 Balance b/d   20,600
Discount Received A/c   1,40,000 Purchases A/c   1,10,000
Bills Payable A/c   1,900      
           
Balance c/d
  20,800      
    1,30,600     1,30,600

 

 

Cost of Goods Sold = Opening Stock + Purchases – Closing Stock
Cost of Goods Sold = 26,000 + 1,10,000 – 24,000
  = 1,12,000
Gross Profit = 1,12,000 X 30
70
  = 48,000    
Sale = Cost of Goods Sold + Gross Profit
Sale = 1,12,000 + 48,000
  = 1,60,000
Credit Sales = 1,60,000 – 20,000
  = 1,40,000



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

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T.S. Grewals Double Entry Book Keeping - Question No 34 Chapter No 19 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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