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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question 12 Chapter No 16 – Class 11 Unimax
At the end for the financial year the capital a/c of Shri Ram Chander is ₹ 20,000 and this drawings are ₹ 2,000. Allow 10% interest on capital and 4% . interest on drawings.
Make Journal entries and show P and L A/c & Balance sheet.
Journal
| Date | Particulars | L.F. | Debit | Credit | ||
|---|---|---|---|---|---|---|
| Interest A/c | Dr. | 2,000 | ||||
| To Capital A/c | 2,000 | |||||
| (Being interest allowed on capital) | ||||||
| Drawing A/c | Dr. | 80 | ||||
| To Interest A/c | 80 | |||||
| (Being for interest charged on drawings) | ||||||
Profit & Loss A/c
| Particulars | Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| To interest on Capital | 2,000 | By Interest on Drawing | 80 | ||
BALANCE SHEET
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Capital | 20,000 | ||||
| Add: interest | 2,000 | ||||
| Less: Drawings | 2,000 | ||||
| Less: Interest | 80 | 19,920 | |||
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 "Question 12 Chapter No 16 – Class 11 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 16 - Financial Statements (With Adjustments) - Unimax.
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.
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