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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question 15 Chapter No 16 – Class 11 Unimax
X’s books shows the following balance. You are asked prepare his Trading and Profit & Loss Account and a Balance Sheet from the following Balances.
| Debit balance | ₹ | Credit balance | ₹ | |
|---|---|---|---|---|
| Stock on 1.4.2019 | 22,000 | Office expenses | 650 | |
| Purchases | 21,650 | Bills receivable | 2,800 | |
| Carriage inward | 250 | Legal charges | 1,900 | |
| Carriage outwards | 600 | Plant & Machinery | 25.000 | |
| Wages | 6,000 | Tools(cr.) | 5,000 | |
| Motive power, Heating and lighting | 1,600 | Sales | 48,590 | |
| Printing & Stationery | 2,660 | Reserve Account | 5,000 | |
| Sundry debtors | 28,100 | Loan A/c | 38,000 | |
| Furniture & Fixtures | 2,000 | Discount received | 580 | |
| Investments | 4,000 | Sundry creditors | 13,430 | |
| Drawing | 20,000 | Capital account | 43,710 | |
| Travelling expenses | 600 | |||
Prepare trading Stock on 31st March 2020 was ₹ 18,000.
(1) interest on capital 10%
(2) interest on drawing 5%
(3) interest on loan 8%
(4) interest on investment 12%.
Trading and Profit & Loss A/c of MR.’X’ For the year ended 31st March, 2020
| Particulars | Amount | Particulars | Amount | |
|---|---|---|---|---|
| To Opening stock | 22,000 | By sales | 48,590 | |
| To purchases | 21,650 | By Closing stock | 18,000 | |
| To carriage inwards | 250 | |||
| To wages | 6,000 | |||
| To Motive power, Heating and Lighting | 1,600 | |||
| To Gross Profit (transferred to P & L A/c) |
15,090 | |||
| 66,590 | 66,590 | |||
| To Carriage outwards | 600 | By Gross Profit b/d | 15,090 | |
| To Printing & Stationery | 2,660 | By Discount received | 580 | |
| To Travelling expenses | 600 | By interest on investment | 480 | |
| To Office expenses | 650 | By int. on drawing | 1,000 | |
| To Interest on loan | 3,040 | |||
| To Legal Charges | 1,900 | |||
| To interest on capital | 4,371 | |||
| To Net Profit | 3,329 | |||
| (transferred to capital A/c) | ||||
| 17,150 | 17,150 | |||
Balance Sheet of MR. ‘X’ As on 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Loan | 38,000 | Sundry debtors | 28,100 | ||
| Add: Interest | 3,040 | 41,040 | Furniture & fixtures | 2,000 | |
| Reserve | 500 | Investment | 4,000 | ||
| Sundry creditors | 13,430 | Add: Interest | 480 | 4,480 | |
| Capital Bills Payable |
43,710 | 64,000 | Bill receivable | 2,800 | |
| Add: Interest | 4,371 | Plant & Machinery | 25,000 | ||
| Drawing | 20,000 | Tools | 5,000 | ||
| Add: Interest | 1,000 | 3,329 | Closing stock | 18,000 | |
| 85,380 | 85,380 | ||||
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 15 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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