Question No 09 B Chapter No 20 – D.K Goal 11 Class

Question No 09 B Chapter No 20

09 B. From the following particulars taken out from the books of Subhash General Store, prepare Trading and Profit & Loss Account for the year ended 31st March, 2017 and Balance Sheet as at the date:-

Particulars		Particulars
Plant & Machinery on 1-4-2016	80,000	Rent	12,000
Plant & Machinery Purchased on 1-7-2016	20,000	Insurance Premium paid from 1-1-2017 to 31-12-2017	1,200
Sundry Debtors	1,20,000	Cash at Bank	5,400
Creditors	32,000	Wages	20,400
Furniture	5,000	Advertising	4,800
Motor Car	70,000	Carriage Inwards	10,200
Purchases	1,60,000	Carriage Outwards	2,000
Sales	2,80,000	Fuel and Power	15,700
Sales Returns	15,000	Manoj’s Capita	3,50,000
Salaries	36,000	Manoj’s Drawings	12,000
Opening Stock	60,000	Brokerage	700
Motor Car Expenses	6,000	Donation	5,100
Stationery	500

The following information is relevant:- 1. Closing Stock 55,000. Stock valued at 10,000 was destroyed by fire on 18th March, 2017 but the Insurance Company admitted a claim of 6,800 only which was received in April, 2017.
2. Stationery for 150 was consumed by the Proprietor.
3. Goods costing 1,200 were given away as charity.
4. A new Signboard costing 1,500 is included in Advertising.
5. Rent is to be allocated 2/3rd to Factory and 1/3rd to Office.
6. Depreciate machinery by 10% and Motor Car by 20%.

The solution of Question No 09 B Chapter No 20: –

Trading Account
Particular		Amount	Particular		Amount
To Opening Stock A/c		60,000	By Sales	2,80,000
To Purchases A/c	1,60,000		Less: return	15,000	2,65,000
Less: Goods Destroyed by Fire	10,000
Less: Drawings	1,200	1,48,800
To Carriage Inwards		10,200	By Closing Stock		55,000
To Rent (2/3 rd )		8,000
To Wages		20,400
To Fuel & Power		15,700
To Gross Profit A/c		58,.900
		3,20,000			3,20,000

Profit & Loss Account
Particular		Amount	Particular		Amount
To Charity		1,200	Gross Profit		56,900
To Motor Car Expenses		6,000
To Stationery	500
Less: Drawings	150	350
To Advertisement	4,800
Less: Sign Board	1,500	3,300
To Depreciation: (WN1)
Machinery	9,500
Motor Car	14,000	23,500
To Salaries		36,000
To Brokerage		700
To Carriage Outwards		2,000
To Donation		5,100
To Loss by Fire	10,000
Less: Ins. Claim admitted	6,800	3,200
To Insurance	1,200
Less: Prepaid (WN2	900	300
To Rent (1/3 rd )		4,000
			By Net Loss A/c		28,750
		85,650			85,650

Balance Sheet
Liabilities		Amount	Assets		Amount
Capital	3,50,000		Furniture		5,000
Less: Net Loss	28,750		Closing Stock		55,000
Less: Drawings 12, 000 +150	12,150	3,09,100	Insurance company		6,800
Creditors		32,000	Motor Car	70,000
			Less: Depreciation	14,000	56,000
			Machinery	80,000
			Add: Addition	20,000
			Less: Depreciation	9,500	90,500
			Prepaid Insurance		900
			Debtors		1,20,000
			Sign Board		1,500
			Cash at Bank		5,400
		3,41,100			3,41,100

Working Note: –

Calculation of Depreciation

Depreciation on Plant & Machinery	=	10	X	80,000
		100
	=	Rs 8,000

Depreciation on Plant & Machinery	=	10	X	9	X	20,000
		100		12
	=	Rs 1,500
Total Depreciation for Plant & Machinery is	=	8,000 + 1,500	=	9,500

Calculation of Prepaid Insurance

Prepaid Insurance	=	9	X	1,200
		12
	=	Rs 900

 

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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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