Question 21 Chapter 15 – Class 11 Unimax

Question 21 Chapter 15 – Class 11 Unimax

The following is the trial balance on March 31,2020. You are required prepare Trading and Profit & Loss account and a Balance sheet as on that date:

Account title	Debit (₹)	Credit (₹)
Opening stock	10,000
Purchases and Sales	40,000	80,000
Return	200	600
Productive wages	6,000
Dock and clearing charges	4,000
Donation and charity	600
Delivery and expenses	6,000
Lighting	500
Sales tax collected		1000
Bad debts	600
Misc. income		6,000
Rent from Tenants		2,000
Royalty	4,000
Capital		40,000
Drawings	2,000
Cash	3,700
Investment	6,000
Patents	4,000
Land and Machinery	43,000
	1,36,600	1,36,600

Closing stock ₹ 2,000.

The solution of Question 21 Chapter 15 – Class 11 Unimax

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

Particular		Amount	Particular		Amount
To Opening stock		10,000	By Sales	80,000
To Purchases	40,000		Less Returns	200	79,800
Less return	600	39,400	By Closing stock		2,000
To Dock and clearing charges		4,000
To Productive wages		6,000
To Royalty		4,000
To Gross profit c/d		18,400
(and transferred to P & L A/c)
		81,800			81,800
To Donation and charity		600	By Gross Profit b/d		18,400
To Delivery and expenses		6,000	By Misc. income		6,000
To Lighting		500	By Rent from Tenants		2,000
To Bad debts		600
To Net profit c/d		18,700
(and transferred to capital A/c)
		26,400			26,400

BALANCE SHEET AS ON 31st March, 2020

Liabilities		Amount	Assets		Amount
Capital	40,000		Debtors		6,000
Add net profit	18,700		Cash		3,700
Less Drawing	2,000	56,700	Investments		6,000
Creditors		7,000	Patents		4,000
Sales Tax collected		1,000	Land & Machinery		43,000
			Closing stock		2,000
		64,700			64,700