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

Question No 37 Chapter No 19
Question No.37 - Chapter No.19- T.S. Grewal +1 Book 2019-Solution

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Question No 37 Chapter No 19

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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 Debtors88,125
Cash Sales20,625
Paid by Vinay12,500
 1,21,250
2. Payments during the year: 
New plant bought3,125
Drawings7,500
Salaries5,625
Wages33,625
Interest paid375
Rent paid6,625
Light and power2,375
Sundry Expenses10,625
Sundry Creditors38,125
 1,08,000

Vinay banks all receipts and makes payments by means of cheque.

Assets and LiabilitiesAs at 31st March,2017As at 31st March, 2018 Rs
Sundry Creditors12.62512,000
Sundry Debtors18,75030,625
Bank3,125?
Stock31,25015,625
Plant37,50036,575

 

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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
AmountParticular
Amount
To Opening Stock 31,250By Sales 1, 00, 000 +20, 6251,20,625
To Purchases  37,500By 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
AmountParticular
Amount
To Depreciation on Plant 4,050By 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
AmountParticular
Amount
Creditors 12,625Cash in Hand 37,500
Capital4,00,00078,000Closing Stock 15,625
   Debtors 3,125
   Plant 31,250
  90,625  90,625

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Balance Sheet

as on March 31, 2018

Particular
AmountParticular
Amount
Creditors 12,000Bank 16,375
Capital78,000 Closing Stock 15,625
Less: Drawings7,500 Debtors 30,625
Add: Additional Capital12,500 Plant 36,575
Add: Net Profit4,20087,200   
      
  99,200  99,200

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Bank Account
Particular
AmountParticular
Amount
Balance b/d 3,125Creditors A/c 38,125
Capital A/c 12,500Drawings A/c 7,500
Debtors A/c 88,125Interest A/c 375
Sales A/c 20,625Light & 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
ParticularAmountParticularAmount
Balance b/d 18,750Cash A/c 88,125
   Balance c/d 30,625
      
      
Sales A/c
 1,00,000   
  3,00,000  3,00,000

 

Creditors Account
ParticularAmountParticularAmount
Cash A/c 38,125Balance b/d 12,625
Balance c/d 12,000   
      
      
   Purchases A/c 37,500
  50,125  50,125

 

 

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Final Accounts: Meaning, Definition and Explanation

Profit and Loss Account: Meaning, Format & Examples

 

Balance Sheet: Meaning, Format & Examples

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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

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

T.S. Grewal's Double Entry Book Keeping

T.S. Grewal’s Double Entry Book Keeping

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