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Problem No 08 Chapter No 15 - Unimax Class 11

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Focus Topic:Problem No 08 Chapter No 15 - Unimax Class 11

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Problem No 08 Chapter No 15 - Unimax Class 11

From the following balances, prepare final accounts of M/s Mangal and Sons for the year ending 31st March,2020: Salary ₹ 5,400; Insurance ₹ 2,500; Cash ₹ 400; Purchases ₹ 84,170; Rent received ₹ 3,150; Drawings ₹ 2,100; Bills payable ₹ 3,900; Debtors ₹ 38,080; Stock 91-4-19) ₹ 29,500; Bank overdraft ₹ 9,700; Carriage ₹ 2,200; Creditors ₹ 4,200; Trade expenses ₹ 4,900; Sales return ₹ 4,700; Machinery ₹ 12,000; Wages ₹ 45,000; Sales ₹ 1,47,200; purchases return ₹ 3,900; Capital ₹ 58,900’ Closing stock ₹ 36,200

The solution of Problem No 08 Chapter No 15 - UNIMAX Class 11

Trading A/c, Profit & Loss A/c for the year ended 31st March, 2020

Particular		Amount	Particular		Amount
To Opening stock		29,500	By Sales	1,47,200
To Purchases	84,170		Less return	4,700	1,42,500
Less return	3,900	80,270	By closing stock		36,200
To Carriage		2,200
To Wages		45,000
To Gross profit c/d		21,730
		1,78,700			1,78,700
To Salary		5,400	By Gross profit b/d		21,730
To Insurance		2,500	By Rent		3,150
To Taxes and expenses		4,900
To Net profit c/d		12,080
		24,880			24,880

Balance sheet of MANGAL SONS. as on 31st March, 2020

Liabilities		Amount	Assets	Amount
Capital	58,900		Cash	400
Add :net profit	12,080		Debtors	38,080
Less Drawings	2,100	68,880	Machinery	12,000
Bills payable		3,900	Closing stock	36,200
Bank overdraft		9,700
Creditors		4,200
		86,680		86,680