Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Problem No 07 Chapter No 15 - Unimax Class 11
From the following Trial Balance of S. Ganapati, prepare the Trading and Profit & Loss Account for the year ended 31st March 2020 and the Balance sheet as at that date:
| Particulars | L.F. | Debit (₹) | Credit (₹) |
| Capital and Drawing | 4,560 | 1,74,000 | |
| Purchased and Sales | 53,400 | 90,000 | |
| Sales returns and Purchases returns | 1,680 | 2,700 | |
| Stock (1-4-2019) | 7,200 | ||
| Wages | 4,800 | 2,500 | |
| Building | 1,32,000 | ||
| Freight & carriage | 12,000 | ||
| Trade expenses | 1,200 | ||
| Advertisement | 1,440 | 7,200 | |
| Interest | 400 | ||
| Taxes and Insurance | 780 | ||
| Debtors and creditors | 39,000 | ||
| Bills receivable and bills payable | 9,000 | 4,200 | |
| Cash at bank | 7,200 | ||
| Cash in hand | 1,140 | ||
| Salaries | 4,800 | ||
| 2,80,600 | 2,80,600 |
Adjustment: Stock on 31 March 2020 was valued at ₹ 9,000
Trading A/c, Profit & Loss A/c for the year ended 31st March, 2020
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Opening stock |
7,200 |
By Sales | 90,000 | ||
| To Purchases | Less return | 1,680 | 88,320 | ||
| Less return | 50,700 | By closing stock | 9,000 | ||
| To Wages | 4,800 | ||||
| To Freight & carriage | 12,000 | ||||
| To Gross profit c/d | 22,620 | ||||
| 97,320 | 97,320 | ||||
| To Trade expenses | 1,200 | By Gross profit b/d | 22,620 | ||
| To Advertisement | 1,140 | By interest | 2,500 | ||
| To interest | 400 | ||||
| To Taxes and Insurance | 780 | ||||
| To Salaries | 4,800 | ||||
| To Net profit c/d | 16,500 | ||||
| 25,120 | 25,120 | ||||
Balance sheet of SH. GANPATI as on 31st March, 2020
| Liabilities | Amount | Assets | Amount | |
|---|---|---|---|---|
| Capital | 1,74,000 | Building | 1,32,000 | |
| Add :net profit | 16,500 | Debtors | 39,000 | |
| Less Drawings | 4,560 | 1,85,940 | Bills receivable | 9,000 |
| Creditors | 7,200 | Cash at Bank | 7,200 | |
| bills payable | 4,200 | Cash in hand | 1,140 | |
| Closing stock | 9,000 | |||
| 1,97,340 | 1,97,340 | |||
Thanks, Please Like and share with your friends
Comment if you have any Doubts.
https://tutorstips.com/final-accounts/
https://tutorstips.com/profit-and-loss-account/
https://tutorstips.com/balance-sheet/
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)
Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication
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.
This guide covers "Problem No 07 Chapter No 15 - Unimax Class 11", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax class 11 - 2021.
It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Problem No 07 Chapter No 15 - Unimax Class 11" instantly.
