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Question No 35 Chapter No 19 – T.S. Grewal 11 Class

Question No 35 Chapter No 19
Question No.35 - Chapter No.19- T.S. Grewal +1 Book 2019-Solution

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Question No 35 Chapter No 19

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35. Roshan, whose accounts are maintained by Single Entry System, acquired a retail business on 1st April, 2017. He had 40,000 of his own and he borrowed 20,000 from his wife. He paid 15,000 for Goodwill, 5,000 for Furniture and 35,000 for Stock. Total cash received by him during the financial year from the Debtors was 2,30,000. His payments were:

  
Purchases1,56,000
Salary and Wages21,400
Trade Expenses7,200
Rent: 
For business premises5,920
For private house2,960
Payments made for domestic purposes and drawings26,400

At the end of the year, the Stock was 37,500. He owed 13,500 to Creditors for goods and his customers owed to him 15,000. Provide 5% for Depreciation on Furniture, Interest at 5% on wife’s Loan and 1,000 for Doubtful Debts. Prepare the Cash Account, the Profit and Loss Account for the year ended 31st March, 2018 and the Balance Sheet at the close of the yea

The solution of Question No 35 Chapter No 19:-

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Trading Account
Particular
AmountParticular
Amount
To Opening Stock 1,62,000By Sales 2,45,000
To Purchases Cash1,56,000 By Closing Stock 37,500
Credit13,5001,69,500   
To Gross Profit 78,000   
  2,82,500  2,82,500

 

Profit and Loss Account
Particular
AmountParticular
Amount
To Salary and Wages 21,400By Gross Profit 78,000
To Trade Expenses 7,200   
To Rent for Business Premises 5,920   
To Provision for Doubtful Debts 1,000   
To Depreciation on Furniture 250   
To Interest on wife’s loan 1,000   
To Net Profit 41,230   
  78,000  78,000

 

Balance Sheet
Particular
AmountParticular
Amount
Creditors 13,500Cash Balance 15,120
Wife’s Loan from Wife20,000 Stock 37,500
Wife’s Loan from Wife1, 00021, 000Furniture5,000 
Capital40,000 Less: Depreciation2504,750
Add: Net Profit41,23051,870Debtors15,000 
Bills Payable 38,500Less: Provision for Doubtful Debts1,00014,000
Creditors 25,000Goodwill 15,000
  5,22,000  5,22,000

 

 

Cash Account
Particular
AmountParticular
Amount
Capital 21,400Goodwill 15,000
Wife’s Loan 7,200Furniture 5,000
Debtors 5,920Stock 35,000
   Purchases 1,56,000
   Salary and Wages 21,400
   Trade Expenses 7,200
   Rent for Business Premises 5,920
   Drawings2, 960 +26, 400 29,360
   Balance c/d 15,120
  2,90,000  2,90,000

 

Debtors Account
ParticularAmountParticularAmount
Sales A/c B/F 2,45,000Cash A/c 2,30,000
      
      
      
   Balance c/d 15,000
  2,45,000  2,45,000

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Creditors Account
ParticularAmountParticularAmount
   Purchases-Credit B/F 13,500
      
      
      
Balance c/d
 13,500   
  13,500  13,500

 

 

 

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

Check out T.S. Grewal +1 Book 2019 @ Official Website of Sultan Chand Publication

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T.S. Grewal’s Double Entry Book Keeping

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