
Question 22 Chapter No 17 – Class 11 Unimax
Gaurav maintains incomplete records. He supplies you the following information:
| 31-3-2019 | 31-3-2020 | |
|---|---|---|
| Cash balance | 20,000 | 40,000 |
| Sundry Debtors | 40,000 | |
| Sundry creditors | 20,000 | 20,000 |
| Stock | 45,000 | 60,000 |
| Unpaid expenses | 4,000 | 6,000 |
| Prepaid expenses | 2,000 | 5,000 |
| Office equipment | 30,000 | 40,000 |
Receipts and payments during the year were:
| ₹ | |
|---|---|
| Receipts from Debtors | 2,00,000 |
| Payments to Creditors | 1,00,000 |
| Carriage | 6,000 |
| Sundry expenses | 35,000 |
| Drawings | 30,000 |
| Office equipment purchases for cash | 10,000 |
Other information:
There was a considerable amount of cash sales.
(2) Credit sales during the year amounted to ₹ 2,50,000.
(3) Depreciation office equipment by 5%.
(4) Provide for doubtful debts @ 5% on debtors
Prepare a Trading & Profit and Loss A/c for the year ended 31st March 2020 and Balance sheet as at that date
Cash book
| Receipts | Amount | Payments | Amount |
|---|---|---|---|
| Balance Sheet As at 31st March, 2020 |
20,000 | By Payments to Creditors | 1,00,000 |
| To Receipts from debtors | 2,00,000 | By Carriage | 6,000 |
| To Cash sales (Balance figure) | 1,000 | By Sundry expenses | 35,000 |
| By Drawings | 30,000 | ||
| By office equipment | 10,000 | ||
| By Balance c/d (balance figure on 31-3-2020) | 40,000 | ||
| 2,21,000 | 2,21,000 |
Total Debtors A/c
| Particulars | Amount | Particulars | Amount |
|---|---|---|---|
| To Balance b/d (1-4-2019) | 40,000 | By cash received from debtors | 2,00,000 |
| To Credit sales | 2,50,000 | By Balance c/d (31-3-2020) | 90,000 |
| 2,90,000 | 2,90,000 |
Total Creditors A/c
| Particulars | Amount | Particulars | Amount |
|---|---|---|---|
| To Cash paid to creditors | 1,00,000 | By Balance b/d (1-4-2019) | 20,000 |
| To Balance c/d (31-3-2020) | 20,000 | To Creditors purchases (Balance figure) | 1,00,000 |
| 1,20,000 | 1,20,000 |
Opening Balance Sheet
As at 1st April 2019
| Liabilities | Amount | Assets | Amount |
|---|---|---|---|
| Sundry Creditors | 20,000 | Cash | 20,000 |
| Unpaid expenses | 4,000 | Sundry Debtors | 40,000 |
| Capital (Balance figure) | 1,13,000 | Stock | 45,000 |
| Prepaid expenses | 2,000 | ||
| Office equipment | 30,000 | ||
| 1,37,000 | 1,37,000 |
Trading and Profit and Loss A/c
For the year ending 31st March, 2020
| Particulars | Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| To Opening stock | 45,000 | By Sales: | |||
| To Purchases: | 1,00,000 | Cash sales | 1,000 | ||
| To Carriage | 6,000 | Credit sales | 2,50,000 | 2,51,000 | |
| To Gross Profit c/d | 1,60,000 | By Closing stock | 60,000 | ||
| 3,11,000 | 3,11,000 | ||||
| To sundry expenses | 35,000 | By Gross Profit B/d | 1,60,000 | ||
| Less: Unpaid expenses of last year | 4,000 | ||||
| Add: Unpaid expenses of this year | 6,000 | ||||
| Add: Prepaid expenses of last year | 2,000 | ||||
| Less: Prepaid expenses of this year | 5,000 | 34,000 | |||
| To Depreciation | 2,000 | ||||
| To Provision for doubtful debts | 4,500 | ||||
| To Net profit | 1,19,500 | ||||
| 1,60,000 | 1,60,000 | ||||
Balance Sheet
As at 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Sundry Creditors | 20,000 | Cash | 40,000 | ||
| Unpaid expenses | 6,000 | Sundry Debtors | 90,000 | ||
| Capital | 1,13,000 | Less: provision for doubtful debts | 4,500 | 85,500 | |
| Add: Net Profit | 1,19,500 | Stock | 60,000 | ||
| Less: Drawing | 30,000 | 2,02,500 | Prepaid expenses | 5,000 | |
| Office equipment | 40,000 | ||||
| Less: Depreciation | 2,000 | 38,000 | |||
| 2,28,500 | 2,28,500 | ||||
Economics Educator
Mrs. Dilgeerjot Kaur holds a B.Com and M.Com degree and has over 9 years of teaching experience in microeconomics, macroeconomics, and business economics.
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