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

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

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: Meaning, Definition and Explanation

Profit and Loss Account: Meaning, Format & Examples

Balance Sheet: Meaning, Format & Examples

Comment if you have any question.

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

T.S. Grewal’s Double Entry Book Keeping