[CBSE] Q 11 Solutions Financial Statements of Sole Proprietorship TS Grewal Class 11 (2022-23)

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Are you looking for the solution of Question number 11 of the Financial Statements of Sole Proprietorship of TS Grewal Book class 11, 2022-23?

From the following, prepare Profit & Loss Account of Sohan Lal as it would appear in the 1st Year that ended 31st March, 2022:

Salaries and Wages
Commission Paid
Postage and Courier
Insurance
Interest Paid
Carriage Outwards
30,000
2,000
1,500
3,000
4,000
5,000
Advertising
Discount Allowed
Rent Received
Interest on Investment
Bad Debts
Brokerage Paid
10,000
18,000
17,000
15,000
9,000
950

The Gross Profit was 45% of Sales, which amounted to ₹ 6,50,000.

Also pass the Journal entries.

[Net Profit – ₹ 2,41,050.]

Solution:-

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