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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Problem No 06 Chapter No 15 - Unimax Class 11
Prepare Trading and Profit & Loss Account of M/s Sports Equipment for the year ended March 31, 2020 and balance sheet as on that date:
| Particulars | L.F. | Debit (₹) | Credit (₹) |
| Opening stock | 50,000 | ||
| Purchased and Sales | 3,50,000 | ||
| Sales returns | 5,000 | 7,10,000 | |
| Capital | 32,000 | ||
| Commission | 1,28,000 | 89,000 | |
| Creditors | 1,40,000 | ||
| Bank overdraft | 60,000 | ||
| Cash in hand | 12,000 | ||
| Furniture | 8,000 | 500 | |
| Debtors | 15,000 | 1,000 | |
| Plants | 7,000 | ||
| Carriage on Purchases | 24,000 | ||
| Wages | 6,000 | ||
| Rent | 2,000 | ||
| Bad debts | 1,000 | ||
| Drawings | 7,000 | ||
| Stationery | |||
| Travelling expenses | 5,000 | ||
| Insurance | 2,000 | 77,000 | |
| Discount | 15,000 | ||
| Office expenses | 2,000 | 3,00,000 |
Closing stock as on March 31,2020 ₹ 2,500.
Trading A/c, Profit & Loss A/c for the year ended 31st March, 2020
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Opening stock | 50000 | By Sales | 4,21,000 | ||
| To Purchases | 350000 | Less return | 5,000 | 4,16,000 | |
| To Carriage inwards | 12,000 | By closing stock | 2500 | ||
| To Wages | 8,000 | By gross loss c/d | 1500 | ||
| 4,20,000 | 4,20,000 | ||||
| To Gross loss b/d | 1,500 | By Commission | 4,000 | ||
| To Rent | 15,000 | BY net loss c/d and | 41,500 | ||
| To Bad debts | 7,000 | transferred to capital a/c | |||
| To Stationery | 6,000 | ||||
| To Travelling expenses | 2,000 | ||||
| To Insurance | 7,000 | ||||
| To Discount | 5,000 | ||||
| To Office expenses | 2,000 | ||||
| 45,500 | 45,500 | ||||
Balance sheet as on 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Capital | 3,00,000 | Cash in hand | 4,21,000 | 32,000 | |
| Less net loss | 41,500 | Furniture | 5,000 | 1,28,000 | |
| Less Drawings | 24,000 |
2,34,500 |
Debtors | 1,40,000 | |
| Creditors | 1,00,000 | Plants | 60,000 | ||
| Bank overdraft | 28,000 | Closing stock | 2,500 | ||
| 3,62,500 | 3,62,500 | ||||
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Also, Check out the solved question of all Chapters: –
Students may choose only one part from the Part II and Part III
Part-II
Part-III
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
Chapter No. 14 - Provisions and Reserves
Chapter No. 15 - Bills of Exchange
Chapter No. 16 - Rectification of Errors
Chapter No. 17 - Financial Statements - (Without Adjustments)
Chapter No. 18 - Financial Statements - (With Adjustments)
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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