Question No 15 Chapter No 19
15.Following is the Trial Balance of Sh. Damodar Parshad as at 31st March, 2020:-
| Dr. Balances | Cr. Balances | ||
| Stock 1-4-2019 | 10,000 | Discount Received | 750 |
| Purchases | 58,000 | Return Outwards | 2,600 |
| Wages | 4,700 | Sales | 98,650 |
| Returns Inwards | 3,520 | B/P | 3,000 |
| Carriage on Purchases | 2,360 | Sundry Creditors | 5,600 |
| Carriage on Sales | 710 | Creditors for Rent | 500 |
| Office Salaries | 4,800 | Capital | 40,000 |
| Rent and Taxes | 2,400 | Loan from X | 10,000 |
| Cash | 1,100 | Commission | 1,200 |
| Bank Balance | 7,820 | ||
| Bad-debts | 600 | ||
| Discount allowed | 640 | ||
| Land and Building | 20,000 | ||
| Scooter | 6,600 | ||
| Scooter Repairs | 850 | ||
| B/R | 3,500 | ||
| Commission | 1,800 | ||
| Sundry Debtors | 25,400 | ||
| Interest on X’s Loan | 1,500 | ||
| Drawings | 6,000 | ||
| 1,62,300 | 1,62,300 |
Prepare a Trading and Profit and Loss Account for the year ended on 31-3-2016 and the Balance Sheet as at that date. The Stock on 31st March, 2016 was 22,000
The solution of Question No 15 Chapter No 19: –
| Trading Account |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Opening Stock A/c | 10,000 | By Sales | 98,650 | ||
| To Purchases A/c | 58,000 | Less: return | 3,520 | 95,130 | |
| Less: Return | 2,600 | 55,400 | |||
| To Wages | 4,700 | By Closing Stock | 22,000 | ||
| To Carriage on Purchase | 2,360 | ||||
| To Gross Profit | 44,670 | ||||
| 1,17,130 | 1,17,130 | ||||
| Profit & Loss Account |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Carriage on sales | 710 | By Gross Profit | 44,670 | ||
| To Office Salaries | 4,800 | By Discount Received | 750 | ||
| To Rent & Taxes | 2,400 | By Commission | 1,200 | ||
| To Bad Debts | 600 | ||||
| To Discount Allowed | 640 | ||||
| To Scooter Repairs | 850 | ||||
| To Commission | 1,800 | ||||
| To Interest on X’s Loan | 1,500 | ||||
| To Net Profit | 33,320 | ||||
| 46,620 | 46,620 | ||||
| Balance Sheet |
|||||
| Liabilities |
Amount | Assets |
Amount | ||
| Capital | 40,000 | Land & Building | 20,000 | ||
| Add: Net Profit | 33,320 | Scooter | 6,600 | ||
| Less: Drawings | 6,000 | 67,320 | Closing Stock | 22,000 | |
| Loan from X | 10,000 | Debtors | 25,400 | ||
| Creditors | 5,600 | Bills Receivable | 3,500 | ||
| Bills Payable | 3,000 | Cash at bank | 7,820 | ||
| Creditors for Rent | 500 | Cash in hand | 1,100 | ||
| 86,240 | 86,240 | ||||
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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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