Question No 16 Chapter No 19
16. From the following balances extracted from the books of Sh. Badri Vishal on 31st March, 2017, prepare a Trading Account, P & L A/c and a Balance Sheet. Closing Stock valued on that date was 15,000.
| Dr. | Cr. | |
| Capital | 1,28,200 | |
| Household Expenses | 10,000 | |
| Sales | 1,80,000 | |
| Return inwards | 4,000 | |
| Return outwards | 6,000 | |
| Purchases | 1,50,000 | |
| Cash at Shop | 1,600 | |
| Bank Overdraft | 15,000 | |
| Interest on Overdraft | 1,500 | |
| Creditors | 17,800 | |
| Stock at the Commencement | 18,000 | |
| Freight | 8,500 | |
| Rent and Taxes | 7,000 | |
| Debtors | 32,600 | |
| Commission | 3,000 | 2,200 |
| Freehold property | 30,000 | |
| Sundry expenses | 3,900 | |
| Salaries and wages | 20,000 | |
| Life Insurance Premium | 1,800 | |
| Insurance Premium | 1,600 | |
| Motor Vehicle | 39,800 | |
| Typewriter | 8,000 | |
| Interest | 800 | |
| Carriage inwards | 2,000 | |
| Carriage outwards | 800 | |
| Power | 2,200 | |
| Audit Fee | 1,700 | |
| Lighting | 2,000 | |
| 3,50,000 | 3,50,000 |
The solution of Question No 16 Chapter No 19: –
| Trading Account |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To Opening Stock A/c | 18,000 | By Sales | 1,80,000 | ||
| To Purchases A/c | 1,50,000 | Less: return | 4,000 | 1,76,000 | |
| Less: Return | 6,000 | 1,44,000 | |||
| To Freight | 8,500 | By Closing Stock | 15,000 | ||
| To Carriage Inwards | 2,000 | ||||
| To Power | 2,200 | ||||
| To Gross Profit | 44,670 | ||||
| 1,91,000 | 1,91,000 | ||||
| Profit & Loss Account |
|||||
| Particular |
Amount | Particular |
Amount | ||
| To interest on Overdraft | 1,500 | By Gross Profit | 16,300 | ||
| To Rent & Taxes | 7,000 | By Commission Received | 2,200 | ||
| To Commission | 3,000 | By Interest Received | 800 | ||
| To Sundry Expenses | 3,900 | ||||
| To Salaries & Wages | 20,000 | ||||
| To Insurance Premium | 1,600 | ||||
| To Carriage Outwards | 800 | ||||
| To Audit Fees | 1,700 | ||||
| To Lighting | 2,000 | ||||
| By Net Loss A/c | 22,200 | ||||
| 41,500 | 41,500 | ||||
| Balance Sheet |
|||||
| Liabilities |
Amount | Assets |
Amount | ||
| Capital | 1,28,200 | Freehold Property | 30,000 | ||
| Less: Net Loss | 22,200 | Motor Vehicle | 39,800 | ||
| Less: Drawings* | 11,800 | 94,200 | Typewriter | 8,000 | |
| Creditors | 17,800 | Closing Stock | 15,000 | ||
| Bank Overdraft | 15,000 | Debtors | 32,600 | ||
| Cash in hand | 1,600 | ||||
| 1,27,000 | 1,27,000 | ||||
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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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