Question No 17 Chapter No 19 – D.K Goal 11 Class

Question No 17 Chapter No 19

17.From the following balances of the Ledger of Sh. Akhileshwar Singh, prepare Trading and Profit & Loss Account and Balance Sheet :-

	Dr.	Cr.
Stock on 1-4-2017	30,000
Stock on 31-3-2018	46,200
Purchases and Sales	2,30,000	3,45,800
Returns	12,500	15,200
Commission on Purchases	1,200
Freight and Carriage	26,000
Wages and Salary	10,800
Fire Insurance Premium	820
Business Premises	40,000
Sundry Debtors	26,100
Sundry Creditors		26,100
Goodwill	8,000
Patents	8,400
Coal, Gas and Power	12,100
Printing and Stationery	2,100
Postage	710
Travelling Expenses	4,250
Drawings	7,200
Depreciation	1,000
General Expenses	8,350
Capital		89,760
Investments	8,000
Interest on Investments		800
Cash in Hand	2,570
Banker’s Account		5,200
Commission	4,600	4,400
Loan on Mortgage		30,000
Interest on Loan	3,000
B/P		2,280
B/R	4,540
Income Tax	3,000
Horses and Carts	20,300
Discount on Purchases		1,600
	5,21,740	5,21,740

The solution of Question No 17 Chapter No 19: –

Trading Account
Particular		Amount	Particular		Amount
To Opening Stock A/c		30,000	By Sales	3,45,800
To Purchases A/c	2,30,000		Less: return	12,500	3,33,300
Less: Return	15,200	2,14,800
To Freight and Carriage		26,000
To Commission on Purchases		1,200
To Wages & Salaries		10,800
To Coal, Gas and Power		12,100
To Gross Profit		38,400
		3,33,300			3,33,300

Profit & Loss Account
Particular		Amount	Particular		Amount
To Fire Insurance Premium		820	By Gross Profit		38,400
To Printing & Stationer		2,100	By Interest on Investments		800
To Postage & Telegram		710	By Commission Received		4,400
To Travelling Expenses		4,250	By Discount Received		1,600
To Depreciation		1,000
To General Expenses		8,350
To Commission		4,600
To Interest on Loan		3,000
To Net Profit A/c		20,370
		45,200			45,200

Balance Sheet
Liabilities		Amount	Assets		Amount
Capital	89,760		Goodwill		8,000
Add: Net Profit	20,370		Business Premises		40,000
Less: Income tax	3,000		Patents		8,400
Less: Drawings	7,200	99,930	Horses and Carts		20,300
Loan on Mortgage		30,000	Closing Stock		46,200
Creditors		26,700	Debtors		26,100
Banker’s Account		5,200	Cash in Hand		2,570
Bills Payable		2,280	Bills Receivable		4,540
			Investment		8,000
		1,64,110			1,64,110

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Also, Check out the solved question of all Chapters: –

D K Goel – New ISC Accountancy -(Class 11 – ICSE)- Solution

• Chapter 1 Evolution of Accounting & Basic Accounting Terms
• Chapter 2 Accounting Equations
• Chapter 3 Meaning and Objectives of Accounting
• Chapter 4 Double Entry System
• Chapter 5 Books of Original Entry – Journal 
• Chapter 6 Accounting for Goods and Service Tax (GST) (Coming soon)
• Chapter 7 Books of Original Entry – Cash Book (Coming soon)
• Chapter 8 Books of Original Entry – Special Purpose Subsidiary Books (Coming soon)
• Chapter 9 Ledger (Coming soon)
• Chapter 10 Trial Balance and Errors (Coming soon)
• Chapter 11 Bank Reconciliation Statement (Coming soon)
• Chapter 12 Depreciation (Coming soon)
• Chapter 13 Bills of Exchange (Coming soon)
• Chapter 14 Generally Accepted Accounting Principles(GAAP) 
• Chapter 15 Bases of Accounting
• Chapter 16 Accounting Standards and International Financial Reporting Standard(IFRS) (Coming soon)
• Chapter 17 Capital and Revenue 
• Chapter 18 Provisions and Reserves 
• Chapter 19 Final Accounts (Coming soon)
• Chapter 20 Final Accounts – With Adjustments (Coming soon)
• Chapter 21 Errors and their Rectification (Coming soon)
• Chapter 22 Accounts from Incomplete Records – Single Entry System (Coming soon)
• Chapter 23 Accounts of Not-for-Profit Organisations (Coming soon)
• Chapter 24 Computerised Accounting System (Coming soon)
• Chapter 25 Introduction to Accounting Information System (Coming soon)

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