Question 1

Question No 01 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 01 Chapter No 18
Outstanding expenses
01. The following balance were extracted from the trial balance of Miss Small as of 31st March 2019

Dr.RS
Cr. Rs.

Salaries
15,500
-

Electricity charges
3,200
-

Commission 
5,400

The following amount were du but not paid as on 31st March 2019

RS

Salaries
2,500

Electricity charges
1,800

Commission 
800

How will you adjust them while preparing the financial statements? Also, give adjusting entries
 
The solution of Que

Question 2

Question No 02 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 02 Chapter No 18
Outstanding expenses
02.The following balances have been taken from the books of Rajiv Sharma as of 31st march 2018

Dr.Rs
Cr. Rs.

Commission 
18,000
-

Insurance
12,000
-

The following amount were du but not paid as on 31st March 2018

Commission has been prepaid Rs 7,000
Insurance is paid for the year ending 30th June 2018Record the adjusting entries and also show their treatment in the final account

The solution of Question No 02 Chapter No 18:-
Adju

Question 3

Question No 03 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 03 Chapter No 18
Outstanding expenses
03. The following balances are extracted from the books of Chandigarh Medical stores for the year ending 31st March 2019:

Particular
Amount
Particular
Amount

Cash 
6,000
Sales
30,000

Opening stock
9,000
Office expenses
4,000

Legal charges
800
Bill payable 
7,000

Purchases
12,000
Interest paid 
850

Bank charges
100
Commission earned
1,150

Carriage
500
Salaries
1,750

Octroi
400
Rent 
1,500

Insurance
600
Stationery
680

Lighting

Question 4

Question No 04 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 04 Chapter No 18
Outstanding expenses
04. The following balance have been extracted from the books of Miss Nazia for the year ending 31st March 2017.

Dr.RS
Cr. Rs.

Commission Received 
-
15,600

Insurance on investment
-
12,400

Adjustment:

Interest amounting to Rs 1,600 has become due not received
Commission @5% on sale on sale of Rs 88,000 has not yet been received.Show the accounting treatment in the financial statement of 2016-17

The solution of Question No 04 Ch

Question 5

Question No 05 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 05 Chapter No 18
Outstanding expenses
05. The following balances have been extracted from the books of Mohit Kumar as on 13st march 2018

Dr.RS
Cr. Rs.

Rent  Received 
-
25,000

Interest Received 
-
19,000

Adjustment:

Rent received during the year includes Rs 5,000 rent for the year 2018-19
Interest has been received in advance Rs 4,000 for the next year Show the accounting treatment in financial statement of 2017-18

The solution of Question No 05 Chapter No 18:-
 
P

Question 6

Question No 06 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 06 Chapter No 18
Expenses & Income Expenses
06. Sri Jai Prakash has supplied to you the following trial balance as of 31st March 2018

Particular
Amount
Amount

Capital
-
40,000

12% Loan
10,000
-

Debtors & Creditor
15,000
16,000

Purchases & Sale
25,000
48,000

Return
2,000
1,000

Wages
3,000
-

Cash in hand 
2,000
-

Interest on loan 
-
1,200

Furniture
12,000
-

Packing expenses on purchases
2,500
-

Drawing
10,000
-

Machinery
30,000
-

Commission
-
5

Question 7

Question No 07 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 07 Chapter No 18
Expenses & Income Expenses
07. The following trial balance is extracted from the books of Amritsar Steel store for the year ending 31st March 2019

Particular
Amount
Amount

Opening stock
40,000
-

Purchases & Sales
1,75,000
4,00,000

Return
10,000
15,000

Drawing & Capital
42,500
1,25,000

Furniture
75,00
-

Interest
1,000
4,000

Commission 
2,000
12,000

Discount
3,500
2,500

Salaries
8,000
-

Insurance
2,000
-

Wages
1,500
-

Building
1,

Question 8

Question No 08 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 08 Chapter No 18
Expenses & Income Expenses
08. Prepare Trading and Profit & Loss Account and Balance sheet from the following balances, related to the year ending 31st march 2018

Particular
Amount
Particular
Amount

Capital
1,00,000
Wages
50,000

Creditor
12,000
Bank
10,000

Return outwards
5,000
Repair
500

Sales
1,64,000
Stock(1-4-2017)
20,000

Bills payable
5,000
Rent
4,000

Plant & machinery
40,000
Manufacturing expenses
8,000

Sundry Debtors
24,000
Trade

Question 9

Question No 09 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 09 Chapter No 18
Expenses & Income Expenses
09. Prepare a Trading Account and Profit & Loss Account and a balance Sheet from the following information :

(Dr. Balance)
Amount
(Cr. Balance)
Amount

Stock on 1-4-2017
42,000
Sales
9,170

Purchases
68.25
Loans
60,000

Carriage
600
Discount
850

Wages
12,000
Commission 
680

Power
1,800
Sundry Creditor
6,000

Furniture & fixtures
4,000
Capital
30,000

Investments
6,000
Provision for Depreciation
250

Freehold premis

Question 10

Question No 10 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 10 Chapter No 18
Expenses & Income Expenses
10. A book keeper has submitted to you the following trial balance wherein the totals of debit and credit balance are not equal.

Ledger Account
Debit Balance
Credit Balance

Capital
-
76,700

Cash in hand 
-
300

Purchases
89,900
-

Sales
-
1,10,600

Cash in bank
8,850
-

Fixtures and fittings
2,250
-

Freehold premises
15,000
-

Lighting and heating
650
-

Bills receivable
-
8,250

Return inwards
-
300

Salaries
10,750
-

Question 11

Question No 11 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 11 Chapter No 18
Computation of value of items consumed
11. The following balance has been extracted from the trial balance of Miss Radhika as on 31st March 2018:

Ledger Account
Debit Balance
Credit Balance

Opening stock of medicine
1,80,000
-

Purchases of medicine
5,00,000
-

Adjustments:Closing stock of medicine was Rs 2,40,000 show how these items will be shown in financial statements of 2017-18
The solution of Question No 11 Chapter No 18:-
Trading Account

Particular

Question 12

Question No 12 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 12 Chapter No 18
Opening stock Valuation
12. D. Morarji's books show the following balances. You are required to prepare his trading and profit & loss account and balances sheet from the following information:

Debit balances
Rs
Debit balances
Rs

Stock on 1-4-2015
12,000
Interest paid on loan
200

Purchases
21,650
Bills receivable
1,800

Carriage inwards
250
Legal charges
1,900

Carriage outwards
600
Plant & machinery
25,000

Wages
6,000
Tools
5,000

Motive power an

Question 13

Question No 13 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 13 Chapter No 18
Opening stock Valuation
13.From the following trial balance extracted from the book of Shivam, prepare a trading account and profit & loss account for the year ending 31st march 2019 and balance sheet as of that date

Ledger Account
(Dr. Rs)
(Cr. Rs)

capital;
-
2,00,000

Drawing
17,000
-

Plant & machinery
1,20,000
-

Horses and carts
26,000
-

Debtors
36,000
-

Creditor
-
26,000

Purchases and sales
20,000
42,000

Wages
8,000
-

Cash in hand 
26

Question 14

Question No 14 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 14 Chapter No 18
Opening stock Valuation
14.Th following trail balances has been extracted from the books of Shamsher Singh on 31st March 2018

Debit balances
Rs
Credit balances
Rs

Machinery
40,000
Capital
90,000

Cash in hand
10,000
Sales
1,60,000

Cash at bank
5,000
Sundry Creditor
45,000

Wages
10,000
Interest received 
3,000

Purchases
80,000

Stock 1-4-2017
60,000

Sundry Debtors
44,000

Bills receivable
29,000

Rent
4,500

Commission 
2,500

Question 15

Question No 15 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 15 Chapter No 18
Interest on Drawings
15. The following is the trial balance of M/s Kasturi Agencies as on 31st March 2019 prepare trading and profit & loss account for the yea ending 31st March 2019 and a balance sheet as on that date

Ledger Account
(Dr. Rs)
(Cr. Rs)

Capital
-
1,00,000

Building
15,000
-

Drawings
18,000
-

Furniture & fittings
7,500
-

Motor Van
25,000
-

Loan from Mr. A @12% interest 
-
15,000

Interest paid on loan 
900
-

Sales
-
1,00,000

Question 16

Question No 16 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 16 Chapter No 18
Withdrawal of goods for personal use
16.The following balances have been taken from the trial balance of Miss Pooja as of 31st March 2016

Ledger Account
(Dr. Rs)
(Cr. Rs)

Purchases
65,000
-

Capital
-
50,000

Drawing
8,000
-

The solution of Question No 16 Chapter No 18:-
Adjustment entries

Date
Particulars
L.F.
Debit
Credit

Drawing A/c
Dr.
 
4,000

To Purchases A/c
 
 
 
4,000

(Being withdrawn for personal use.)

Tradi

Question 17

Question No 17 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 17 Chapter No 18
Withdrawal of goods for personal use
17. The following balances have been taken from the trial balances of Jayant Singh as of 31st March 2019

Ledger Account
(Dr. Rs)
(Cr. Rs)

Purchases
40,000
-

Advertisement
10,000
-

Donation
6,000
-

Input CGST
5,500
-

Input SGST
5,500
-

AdjustmentsGoods worth Rs 3,000 were distributed as free samples and worth Rs 2,000 were donated to poor people (CGST and SGST 14%)Give adjustment entries and show their account

Question 18

Question No 18 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 18 Chapter No 18
Withdrawal of goods for personal use
18. The following balances have been extracted from the trial balance of Rahul Dev As on 31st March 2018

Ledger Account
(Dr. Rs)
(Cr. Rs)

Purchases
66,000
-

Tools and Implements
34,000
-

Wages
18,000
-

AdjustmentsMaterials worth Rs 6,000 and wages Rs 4,000 were used in marking Tools and implements for the business. Show the adjustment entry and its treatment in the financial statement
 
The solution of Quest

Question 19

Question No 19 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 19 Chapter No 18
Interest on Drawings
19. From the following trail balance of Kabul Singh prepare Trading and profit & Loss account for the year ended 31st march 2019 and balance sheet as on that date:

Debit balances
Rs
Credit balances
Rs

Building
70,000
Capital
92,000

Motor Trucks
12,000
Creditors
18,852

Furniture
1,640
Bills payables
6,930

Debtors
15,600
Sales
1,21,850

Opening stock
15,040
Interest 
340

Cash in hand
988
Apprentice premium
1,320

Purchases
87,52

Question 20

Question No 20 Chapter No 18 - USHA Publication  11 Class

Sarbjit Singh · Accepted Answer

Question No 20 Chapter No 18
Bad bets and Provision
20. The following balances have been taken from the trial balance of Jagir Kaur as on 31st March 2018

Ledger Account
(Dr. Rs)
(Cr. Rs)

Sundry Debtors
26,000
-

Bad debts
3,500
-

AdjustmentsWrite off further bad debts Rs 2,000 give the adjusting entry and show how it will be treated in financial statements.
 
The solution of Question No 20 Chapter No 18:-
Adjustment entries

Date
Particulars
L.F.
Debit
Credit

Mar.31
Bad debts A/c
D

Particulars		Debit	Credit
Salaries A/c	Dr.	2,500
To Outstanding Salaries A/c			2,500
(Being salary fur but not paid .)

Electricity charges A/c	Dr.	1,800
To Outstanding Electricity charges A/c			1,800
(Being Electricity charges due but not paid .)

Commission A/c	Dr.	800
To Accrued Commission A/c			800
(Being commission due but not received .)

Particular		Amount	Amount
By Salaries A/c	15,500
Add: outstanding salaries	2,500	18,000
By Electricity charges A/c	3,200
Add: Outstanding Electricity charges	1,800	5,000
By Commission A/c	5,400
Add: Accrued Commission	800	6,200
		-	-

Labilities	Amount	Amount
Outstanding salaries	2,500
Outstanding Electricity Charges	1,800
Outstanding Electricity Charges	800
	-	-

	Dr.RS	Cr. Rs.
Salaries	15,500	-
Electricity charges	3,200	-
Commission	5,400

USHA Publication +1 Elements of Book-Keeping Solutions Chapter No 18 - Financial Statements(with Adjustments)

Quick Chapter Summary & Cheat Sheet

💡 Double Entry Accounting Principles

Topics & Questions Solved:

Question No 01 Chapter No 18 - USHA Publication 11 Class

The solution of Question No 01 Chapter No 18:-

Usha Publication - Elements of Book-Keeping PSEB (Class 11) - Solution

Question No 02 Chapter No 18 - USHA Publication 11 Class

Question No 03 Chapter No 18 - USHA Publication 11 Class

Question No 04 Chapter No 18 - USHA Publication 11 Class

Question No 05 Chapter No 18 - USHA Publication 11 Class

Question No 06 Chapter No 18 - USHA Publication 11 Class

Question No 07 Chapter No 18 - USHA Publication 11 Class

Question No 08 Chapter No 18 - USHA Publication 11 Class

Question No 09 Chapter No 18 - USHA Publication 11 Class

Question No 10 Chapter No 18 - USHA Publication 11 Class

Question No 11 Chapter No 18 - USHA Publication 11 Class

Question No 12 Chapter No 18 - USHA Publication 11 Class

Question No 13 Chapter No 18 - USHA Publication 11 Class

Question No 14 Chapter No 18 - USHA Publication 11 Class

Question No 15 Chapter No 18 - USHA Publication 11 Class

Question No 16 Chapter No 18 - USHA Publication 11 Class

Question No 17 Chapter No 18 - USHA Publication 11 Class

Question No 18 Chapter No 18 - USHA Publication 11 Class

Question No 19 Chapter No 18 - USHA Publication 11 Class

Question No 20 Chapter No 18 - USHA Publication 11 Class

Question No 21 Chapter No 18 - USHA Publication 11 Class

Question No 22 Chapter No 18 - USHA Publication 11 Class

Question No 23 Chapter No 18 - USHA Publication 11 Class

Question No 24 Chapter No 18 - USHA Publication 11 Class

Question No 25 Chapter No 18 - USHA Publication 11 Class

Question No 26 Chapter No 18 - USHA Publication 11 Class

Question No 27 Chapter No 18 - USHA Publication 11 Class

Question No 28 Chapter No 18 - USHA Publication 11 Class

Question No 29 Chapter No 18 - USHA Publication 11 Class

Question No 30 Chapter No 18 - USHA Publication 11 Class

Question No 31 Chapter No 18 - USHA Publication 11 Class

Question No 32 Chapter No 18 - USHA Publication 11 Class

Question No 33 Chapter No 18 - USHA Publication 11 Class

Question No 34 Chapter No 18 - USHA Publication 11 Class

Question No 35 Chapter No 18 - USHA Publication 11 Class

Question No 36 Chapter No 18 - USHA Publication 11 Class

Question No 37 Chapter No 18 - USHA Publication 11 Class

Question No 38 Chapter No 18 - USHA Publication 11 Class

Question No 39 Chapter No 18 - USHA Publication 11 Class

Question No 40 Chapter No 18 - USHA Publication 11 Class

Question No 41 Chapter No 18 - USHA Publication 11 Class

Question No 42 Chapter No 18 - USHA Publication 11 Class

Question No 43 Chapter No 18 - USHA Publication 11 Class

Question No 44 Chapter No 18 - USHA Publication 11 Class

Question No 45 Chapter No 18 - USHA Publication 11 Class

Sarbjit SinghB.Com and M.Com