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

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

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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: 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