Advertisement
Question No 37 Chapter No 19
Advertisement
37.Following information is obtained from the books of Vinay, who maintained his books of account under Single Entry System:
I. Receipts for the year ended 31st March, 2018: | |
From Debtors | 88,125 |
Cash Sales | 20,625 |
Paid by Vinay | 12,500 |
1,21,250 | |
2. Payments during the year: | |
New plant bought | 3,125 |
Drawings | 7,500 |
Salaries | 5,625 |
Wages | 33,625 |
Interest paid | 375 |
Rent paid | 6,625 |
Light and power | 2,375 |
Sundry Expenses | 10,625 |
Sundry Creditors | 38,125 |
1,08,000 |
Vinay banks all receipts and makes payments by means of cheque.
Assets and Liabilities | As at 31st March,2017 | As at 31st March, 2018 Rs |
Sundry Creditors | 12.625 | 12,000 |
Sundry Debtors | 18,750 | 30,625 |
Bank | 3,125 | ? |
Stock | 31,250 | 15,625 |
Plant | 37,500 | 36,575 |
From the above information, prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as on that date.
Advertisement-X
The solution of Question No 37 Chapter No 19:-
Trading Account | |||||
Particular | Amount | Particular | Amount | ||
To Opening Stock | 31,250 | By Sales | 1, 00, 000 +20, 625 | 1,20,625 | |
To Purchases | 37,500 | By Closing Stock | 15,625 | ||
To Light & Power | 2,375 | ||||
To Wages | 33,625 | ||||
To Gross Profit | 31,500 | ||||
1,36,250 | 1,36,250 |
Profit and Loss Account | |||||
Particular | Amount | Particular | Amount | ||
To Depreciation on Plant | 4,050 | By Gross Profit | 31,500 | ||
To Interest | 375 | ||||
To Rent | 6,625 | ||||
To Salary | 5,625 | ||||
To Sundry Expenses | 10,625 | ||||
To Net Profit | 4,200 | ||||
31,500 | 31,500 |
Balance Sheet as on April 01, 2017 | |||||
Particular | Amount | Particular | Amount | ||
Creditors | 12,625 | Cash in Hand | 37,500 | ||
Capital | 4,00,000 | 78,000 | Closing Stock | 15,625 | |
Debtors | 3,125 | ||||
Plant | 31,250 | ||||
90,625 | 90,625 |
Advertisement-X
Balance Sheet as on March 31, 2018 | |||||
Particular | Amount | Particular | Amount | ||
Creditors | 12,000 | Bank | 16,375 | ||
Capital | 78,000 | Closing Stock | 15,625 | ||
Less: Drawings | 7,500 | Debtors | 30,625 | ||
Add: Additional Capital | 12,500 | Plant | 36,575 | ||
Add: Net Profit | 4,200 | 87,200 | |||
99,200 | 99,200 |
Advertisement-Y
Bank Account | |||||
Particular | Amount | Particular | Amount | ||
Balance b/d | 3,125 | Creditors A/c | 38,125 | ||
Capital A/c | 12,500 | Drawings A/c | 7,500 | ||
Debtors A/c | 88,125 | Interest A/c | 375 | ||
Sales A/c | 20,625 | Light & Power A/c | 2,375 | ||
Plant A/c | 3,125 | ||||
Rent A/c | 6,625 | ||||
Salaries A/c | 5,625 | ||||
Sundry Expenses A/c | 10,625 | ||||
Wages A/c | 33,625 | ||||
Balance c/d | 16,375 | ||||
1,24,375 | 1,24,375 |
Debtors Account | |||||
Particular | Amount | Particular | Amount | ||
Balance b/d | 18,750 | Cash A/c | 88,125 | ||
Balance c/d | 30,625 | ||||
Sales A/c | 1,00,000 | ||||
3,00,000 | 3,00,000 |
Creditors Account | |||||
Particular | Amount | Particular | Amount | ||
Cash A/c | 38,125 | Balance b/d | 12,625 | ||
Balance c/d | 12,000 | ||||
Purchases A/c | 37,500 | ||||
50,125 | 50,125 |
Advertisement-X
Final Accounts: Meaning, Definition and Explanation
Profit and Loss Account: Meaning, Format & Examples
Balance Sheet: Meaning, Format & Examples
Thanks, Please Like and share with your friends
Comment if you have any question.
Advertisement-X
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
Leave a Reply