Question 1

Question No 01 Chapter No 19 - T.S. Grewal 11 Class

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Question No 01 Chapter No 19
1. Following information of an accounting year is given: Opening Capital 60,000; Drawings 5,000; Capital added during the year 10,000 and Closing Capital 90,000. Calculate the Profit or Loss for the year.
The solution of Question No 01 Chapter No 19:-
 
Trading Account

Particular
Amount

Capital at the end
 
90,000

Add: Drawings
 
5,000

95,000

Less: Additional Capital Introduced
 
10,000

Adjusted Capital at the end
 
85,000

Less: Capital in the beg

Question 2

Question No 02 Chapter No 19 - T.S. Grewal 11 Class

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Question No 02 Chapter No 19
2. Mayank does not keep proper records of his business, he gives you the following information:

Opening Capital
1,00,000

Closing Capital
1,25,000

Drawings during the year
30,000

Capital added during the year
37,500

Calculate the profit or loss for the year.
 
The solution of Question No 02 Chapter No 19:-
 
Statement of Profit or Loss

Particular
Amount

Capital at the end
 
1,25,000

Add: Drawings
 
30,000

1,55,000

Less: Additional Cap

Question 3

Question No 03 Chapter No 19 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 03 Chapter No 19
3. Capital of Ganesh Gupta in the beginning of the year was 70,000. During the year his business earned a profit of 20,000, he withdrew 7,000 for his personal use. He sold ornaments of his wife for 20,000, and invested that amount into the business. Find out his Capital at the end of the year.
 
The solution of Question No 03 Chapter No 19:-

Capital at the end
=
Opening Capital + Additional Capital + Profit − Drawings

=
70,000 + 20,000 + 20,000 − 7,000

Question 4

Question No 04 Chapter No 19 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 04 Chapter No 19
4. Vikas maintains his books of account on Single Entry System. He provides following information from his books. Find out additional capital introduced in the business during the year 2017–18. Opening Capital– 1,30,000 Drawing during the year 50,000 Closing Capital– 2,00,000 Profit made during the year 1,00,000
 
The solution of Question No 04 Chapter No 19:-

Capital at the end
=
Capital at the End + Drawings − Capital in the Beginning +Profit

=
2,00,000 +

Question 5

Question No 05 Chapter No 19 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 05 Chapter No 19
5. Mohan maintains books on Single Entry System. He gives you the following information:

Capital on 1st April, 2017
15,200

Capital on 31st March, 2018
16,900

Drawings made during the year
4,800

Capital introduced on 1st August, 2017
2,000

You are required to calculate the Profit or Loss made by Mohan.
 
The solution of Question No 05 Chapter No 19:-
 
Statement of Profit or Loss

Particular
Amount

Capital at the end
 
16,900

Add: Drawings
 
4

Question 6

Question No 06 Chapter No 19 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 06 Chapter No 19
6. Mahesh who keeps his books on Single Entry System sells goods at Cost plus 50%. On 1st April, 2017 his Capital was 4,00,000 and on 31st March, 2018 it was 3,50,000. He had withdrawn 20,000 per month besides goods of the sale value of 60,000. How much did he earn in 2017-18?
 
 
The solution of Question No 06 Chapter No 19:-
 
Statement of Profit or Loss

Particular
Amount

Capital at the end
 
1,32,000

Less: Opening Capital
 
1, 00, 000

32,000

Add: D

Question 7

Question No 07 Chapter No 19 - T.S. Grewal 11 Class

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Question No 07 Chapter No 19
7. Krishan started his business on 1st April, 2017 with a Capital of 1,00,000. On 31st March, 2018, his assets were :

Cash
3,200

Stock
34,800

Debtors
31,000

Plant
85,000

He owed 12,000 to sundry creditors and 10,000 to his brother on that date. He withdrew 2,000 per month for the private expenses. Ascertain his profit.
 
The solution of Question No 07 Chapter No 19:-

Statement of Affairs as on March 31, 2018
Cr.

Liabilities
Amount
Assets
Amo

Question 8

Question No 08 Chapter No 19 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 08 Chapter No 19
8. Ram Prashad keeps his books on Single Entry System and from them and the particulars supplied, the following figures were gathered together on 31 st March, 2018: Book Debts 10,000; Cash in Hand 510; Stock-in-Trade estimated 6,000; Furniture and Fittings 1,200; Trade Creditors 4,000; Bank Overdraft 1,000; Ram Prashad stated that he started business on 1 st April with cash 6000 paid into bank but stocks valued at 4,000. During the year he estimated his drawings to

Question 9

Question No 09 Chapter No 19 - T.S. Grewal 11 Class

Sarbjit Singh · Accepted Answer

Question No 09 Chapter No 19
9. Shruti maintains her books of account from Incomplete Records. Her books provide the following information:

1st April, 2015
31st March, 2016

Cash
1,200
1,600

Bills Receivable
 
2,400

Debtors
16,800
27,200

Stock
22,400
24,400

Investments
 
8,000

Furniture
7,500
8,000

Creditors
14,900
11,600

She withdrew 500 per month for personal expenses. She sold her Investments of 16,000 at 5% premium and introduced the amount into business.

Question 10

Question No 10 Chapter No 19 - T.S. Grewal 11 Class

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Question No 10 Chapter No 19
10.Hari maintains her books of account on Single Entry System. His books provide the following information:

1st April, 2017
31st March, 2018

Furniture
2,000
2,000

Stock
28,000
30,500

Sundry Debtors
21,000
34,000

Cash
1,500
2,000

Sundry Creditors
17,500
19,000

Bills Receivable
...
3,000

Loan
...
5,000

Investments
...
10,000

His drawings during the year were 5,000 Depreciate furniture by 10% and provide a reserve for Bad and Doubtful Debts at 1

Question 11

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

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Question No 11 Chapter No 19
11. A commenced business on 1st April, 2017 with a capital of 10,000. He immediately bought Furniture and Fixtures for 2,000. On 1st October, 2017, he borrowed 5,000 from his wife @ 9% p.a. interest not yet paid and introduced a further capital of his own amounting to 1,500. A drew @ 300 per month at the end of each month for household expenses. On 31st March, 2018 his position was as follows: Cash in Hand 2,800; Sundry Debtors 4,800; Stock 6,800; Bills Receivable 1

Question 12

Question No 12 Chapter No 19 - T.S. Grewal 11 Class

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Question No 12 Chapter No 19
12. Kuldeep, a general merchant, keeps his accounts on Single Entry System. He wants to know the results, of his business on 31st March, 2018 and for that following information is available:

Particulars
1st April, 2017
31st March, 2018

Cash in Hand
1,50,000
1,75,000

Bank Balance
7,50,000
8,00,000

Furniture
1,00,000
1,00,000

Stock
5,00,000
6,50,000

Creditors
3,50,000
4,00,000

Debtors
2,50,000
3,00,000

During the year, he had withdrawn 5,00,000 for h

Question 13

Question No 13 Chapter No 19 - T.S. Grewal 11 Class

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Question No 13 Chapter No 19
13.Following information is supplied to you by a shopkeeper:

Particulars
1st April, 2017
31st March, 2018

Cash
6,000
7,000

Sundry Debtors
68,000
64,000

Stock
59,000
87,000

Furniture
15,000
13,500

Sundry Creditors
20,000
18,000

Bills Payable
15,000
11,000

During the year, he withdrew 2,500 per month for domestic purposes. He also borrowed from a friend at 9% a sum of 20,000 on 1st October, 2017. He has not yet paid the interest. A provision of 5% on

Question 14

Question No 14 Chapter No 19 - T.S. Grewal 11 Class

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Question No 14 Chapter No 19
14. Vikas is keeping his accounts according to Single Entry System. His capital on 31st December, 2015 was 2,50,000 and his capital on 31st December, 2016 was 4,25,000. He further informs you that during the year he gave a loan of 30,000 to his brother on private account and withdrew 1,000 per month for personal purposes. He used a flat for his personal purpose, the rent of which @ 1,800 per month and electricity charges at an average of 10% of rent per month were p

Question 15

Question No 15 Chapter No 19 - T.S. Grewal 11 Class

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Question No 15 Chapter No 19
15. Manu started business with a capital of 4,00,000 on 1st October, 2005. He borrowed from his friend a sum of 1,00,000. He brought further 75,000 as capital on 31st March, 2006, his position was: Cash: 30,000; Stock: 4,70,000; Debtors: 3,50,000 and Creditors: 3,00,000. He withdrew 8,000 per month during this period. Calculate profit on loss for the period.
 
The solution of Question No 15 Chapter No 19:-
 
Statement of Affairs as on March 31, 2017

Liabilities
A

Question 16

Question No 16 Chapter No 19 - T.S. Grewal 11 Class

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Question No 16 Chapter No 19
16. From the following information relating to the business of Mr. X who keeps books on Single Entry System, ascertain the profit or loss for the year 2017–18:

Particulars
1st April, 2017
31st March, 2018

Machinery
8,000
8,000

Furniture
2,000
2,000

Stock
7,000
5,000

Sundry Debtors
4,000
4,500

Bank Balance
200 Cr
1,800 Dr

Sundry Creditors
5,000
3,500

Mr. X withdrew 4,100 during the year to meet his household expenses. He introduced 300 as fresh capi

Question 17

Question No 17 Chapter No 19 - T.S. Grewal 11 Class

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Question No 17 Chapter No 19
17.X, a retailer, has not maintained proper books of accent but it has been possible to obtain the following details:

Particulars
Last Year 
This Year

Trade Creditors
6,270
5,890

Loan from Naresh
5,000
5,000

Stock
12,350
11,980

Cash in Hand
570
650

Shop Fittings
7,250
7,800

Trade Debtors
5,280
4,560

Bank Balance
3,990
4,130

Calculate the net profit for this year and draft the Statement of Affairs at the end of the year after noting that: a. Shop

Question 18

Question No 18 Chapter No 19 - T.S. Grewal 11 Class

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Question No 18 Chapter No 19
18. On 1st April, 2017, X started a business with 40,000 as his capital. On 31st March, 2018, his position was as follows:

Particulars
Last Year

Creditors
30,000

Bills Payable
10,000

Bank
10,000

Debtors
50,000

Stock
40,000

Plant
68,000

Furniture
12,000

During the year 2017–18, X drew 24,000. On 1st October, 2017, he introduced further capital amounting to 30,000. You are required to ascertain profit on loss made by him during the year 2017–18. A

Question 19

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

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Question No 19 Chapter No 19
19. C maintains his books according to Single Entry System. Following figures were available from the books for the six months ended 31 st December 2017:

Particulars
1st July, 2017
31st Dec. 2017

Plant and Machinery
1,50,000
1,40,000

Debtors
65,000
60,000

Cash and Bank Balances
25,000
31,000

Stock
40,000
45,000

Creditors
9,000
10,000

Adjustments: a. He had withdrawn 200 in the beginning of every month for household purposes.b .Depreciation on Plant a

Question 20

Question No 20 Chapter No 19 - T.S. Grewal 11 Class

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Question No 20 Chapter No 19
20. A firm sells goods at a Gross profit of 25% of sales. On 1st April, 2017 the Stock was 40,000; Purchases were 1,10,000 and the Stock on 31st March, 2018 was 30,000. What was the value of Sales?
The solution of Question No 20 Chapter No 19:-

Cost of Goods Sold
=
Net Sales – Gross Profit

Cost of Goods Sold
=
Opening Stock + Purchases – Closing Stock

Cost of Goods Sold
=
40,000 + 1,10,000 – 30,000 = 1,20,000

Gross Profit 
=
25% of Sales or 33.33% of COGS

Particular		Amount
Capital at the end		90,000
Add: Drawings		5,000
		95,000
Less: Additional Capital Introduced		10,000
Adjusted Capital at the end		85,000
Less: Capital in the beginning		60,000
Net Profit for the year		25,000

T.S. Grewal 11 Class Financial Accounting Solutions Chapter No 19 - Financial Statement of Sole Proprietorship with Adjustment

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Table of Contents

Question No 01 Chapter No 19 - T.S. Grewal 11 Class

The solution of Question No 01 Chapter No 19:-

Question No 02 Chapter No 19 - T.S. Grewal 11 Class

Question No 03 Chapter No 19 - T.S. Grewal 11 Class

Question No 04 Chapter No 19 - T.S. Grewal 11 Class

Question No 05 Chapter No 19 - T.S. Grewal 11 Class

Question No 06 Chapter No 19 - T.S. Grewal 11 Class

Question No 07 Chapter No 19 - T.S. Grewal 11 Class

Question No 08 Chapter No 19 - T.S. Grewal 11 Class

Question No 09 Chapter No 19 - T.S. Grewal 11 Class

Question No 10 Chapter No 19 - T.S. Grewal 11 Class

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

Question No 12 Chapter No 19 - T.S. Grewal 11 Class

Question No 13 Chapter No 19 - T.S. Grewal 11 Class

Question No 14 Chapter No 19 - T.S. Grewal 11 Class

Question No 15 Chapter No 19 - T.S. Grewal 11 Class

Question No 16 Chapter No 19 - T.S. Grewal 11 Class

Question No 17 Chapter No 19 - T.S. Grewal 11 Class

Question No 18 Chapter No 19 - T.S. Grewal 11 Class

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

Question No 20 Chapter No 19 - T.S. Grewal 11 Class

Question No 21 Chapter No 19 - T.S. Grewal 11 Class

Question No 22 Chapter No 19 - T.S. Grewal 11 Class

Question No 23 Chapter No 19 - T.S. Grewal 11 Class

Question No 24 Chapter No 19 - T.S. Grewal 11 Class

Question No 25 Chapter No 19 - T.S. Grewal 11 Class

Question No 26 Chapter No 19 - T.S. Grewal 11 Class

Question No 27 Chapter No 19 - T.S. Grewal 11 Class

Question No 28 Chapter No 19 - T.S. Grewal 11 Class

Question No 29 Chapter No 19 - T.S. Grewal 11 Class

Question No 30 Chapter No 19 - T.S. Grewal 11 Class

Question No 31 Chapter No 19 - T.S. Grewal 11 Class

Question No 32 Chapter No 19 - T.S. Grewal 11 Class

Question No 33 Chapter No 19 - T.S. Grewal 11 Class

Question No 34 Chapter No 19 - T.S. Grewal 11 Class

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

Question No 36 Chapter No 19 - T.S. Grewal 11 Class

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

Question No 38 Chapter No 19 - T.S. Grewal 11 Class

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