Question No 15 Chapter No 19 – D.K Goal 11 Class

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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