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

Question No 34 Chapter No 19
Question No.34 - Chapter No.19- T.S. Grewal +1 Book 2019-Solution

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Question No 34 Chapter No 19

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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, 201720,600
Sundry Debtors as on 31st March, 201837,400
Stock as on 31st March, 201726,000
Stock as on 31st March, 201824,000
During the year ended 31st March, 2018: 
Purchases1,10,000
Discount allowed by creditors800
Discount allowed to customers1,100
Cash paid to sundry creditors95,000
Bills Payable issued by them14,000
Bills Receivable received from customers16,500
Cash received from customers1,30,000
Bills receivable dishonored1,900

 

 

The solution of Question No 34 Chapter No 19:-

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Debtors Account
Liabilities

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

 

Creditors Account
Liabilities

AmountAssetsAmount
Cash A/c 43,100Balance b/d 20,600
Discount Received A/c 1,40,000Purchases 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=1,12,000X30
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: Meaning, Definition and Explanation

Profit and Loss Account: Meaning, Format & Examples

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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. Grewal's Double Entry Book Keeping

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T.S. Grewal’s Double Entry Book Keeping

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