[CBSE] Q 8 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 8 of the Financial Statements of Sole Proprietorship of TS Grewal Book class 11, 2022-23?

Following balances are in the Trial Balance of a firm as on 31st March, 2022:

Opening Stock:Raw Materials
Finished Goods
80,000
1,40,000
Purchases
Sales

3,60,000
7,00,000
Returns:Purchases
Sales
10,000
6,000
Wages1,30,000
Factory Expenses
Freight
Inwards
Outwards
90,000
20,000

At the end of the accounting period, stock was:

Raw Materials70,000
Work-in-Progress20,000
Finished Goods1,10,000

Prepare Trading Account of the firm.

[Gross Profit – ₹ 84,000.]

[Hint: Freight outwards being an indirect expense is shown in Profit & Loss Account.]

Solution:-

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