Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Advertisement
Advertisement
Advertisement
Advertisement
Question 13 Chapter 15 – Class 11 Unimax
The following is the Trial Balance of Raj & Co. as at 31st March,2020:
| Particular | L.F. | Debit (₹) |
Credit (₹) |
| Cash | 12,000 | ||
| Bank | 90,100 | ||
| Purchases/ Sales | 2,10,000 | 7,10,000 | |
| Investments | 1,22,600 | ||
| Returns | 70,000 | 89,000 | |
| Carriage inward | 35,000 | ||
| Carriage outward | 40,000 | ||
| Salaries | 1,44,000 | ||
| Commission | 21,000 | 500 | |
| Interest | 20,000 | 1,000 | |
| Wages | 25,000 | ||
| Opening stock | 1,50,000 | ||
| Machinery | 1,00,000 | ||
| Stationery | 800 | ||
| Outstanding expenses | 1,000 | ||
| Drawings | 48,000 | ||
| Freight outward | 20,000 | ||
| Depreciation | 5,000 | ||
| Debtors/Creditors | 80,000 | 77,000 | |
| Loan(short term) | 15,000 | ||
| Capital | 3,00,000 | ||
| 11,93,500 | 11,93,600 |
Closing stock as on March 31, 2020 stood at ₹ 15,000. Prepare Trading and Profit & Loss A/c for the year ended March 31,2020.
Trading A/c, Profit & Loss A/c for the year ended 31st March, 2020
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Opening stock | 1,50,000 | By Sales | 7,10,000 | ||
| To Purchases | 2,10,000 | Less return | 70,000 | 6,40,000 | |
| Less return | 89,000 | 1,21,000 | By Closing stock | 15,000 | |
| To Carriage | 35,000 | ||||
| To Wages | 25,000 | ||||
| To Gross profit c/d (and transferred to P&L a/c) |
3,24,000 | ||||
| 6,55,000 | 6,55,000 | ||||
| To Carriage outwards | 40,000 | By Gross profit b/d | 3,24,000 | ||
| To Salaries | 1,44,000 | by Commission | 500 | ||
| To Commission | 21,000 | By Interest | 1,000 | ||
| To Interest | 20,000 | ||||
| To Freight outward | 20,000 | ||||
| To Depreciation | 5,000 | ||||
| To Stationery | 800 | ||||
| To Net profit (and transferred to capital) |
74,700 | ||||
| 3,25,500 | 3,25,500 | ||||
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 13 Chapter 15 – Class 11 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 15 - Financial Statements (Without 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.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question 13 Chapter 15 – Class 11 Unimax" instantly.
