Question No 37 Chapter No 19 – T.S. Grewal 11 Class

Question No 37 Chapter No 19

Question No 37 Chapter No 19

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.

 

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

 

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

 

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

 

 

 

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 37 Chapter No 19 - T.S. Grewal 11 Class

T.S. Grewal’s Double Entry Book Keeping

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