Question 23 Chapter 15 – Class 11 Unimax

Question 23 Chapter 15 – Class 11 Unimax

The following is the Trial Balance of Rishi Trading Co. on 31st March, 2020.

Particular	Debit (₹)	Credit (₹)
Machinery	1,02,000
Land and building	8,60,000
Investment	70,000
Bad debts	3,000
Sundry debtors	40,000
Purchases	3,09,800
Stock on 1st April 2019	23,000
Interest	3,500
Bills payable		6,750
Sundry creditors		80,000
Travelling expenses	700
Trade expenses	5,000
Discount	1,250	2,625
Purchases returns		9,850
Sales returns	6,775
Bills receivable	2,275
Capital		10,25,000
Sales		3,75,775
Mobile phone bills	6,000
Postage	1,200
Wages and salaries	12,000
Salaries and wages	51,000
Carriage	2,500
	15,00,000	15,00,000

The closing stock was valued at ₹ 9,000. You are required to prepare Trading and Profit & Loss account and the balance sheet as 31st March,2020.

The solution of Question 23 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		23,000	By Sales	3,75,775
To Purchases	3,09,800		Less return	6,775	3,69,000
Less return	9,850	2,99,950	By Closing stock		9,000
To Wages and salaries		12,000
To Carriage		2,500
To Gross profit c/d		40,550
(and transferred to P & L A/c)
		3,78,000			3,78,000
To Bad debts		3,000	By Gross Profit b/d		40,550
To Interest		3,500	By Discount		2,625
To Travelling expenses		700	By Net Loss c/d		28,475
To Trade expenses		5,000	(and transferred to Capital)
To Discount		1,250
To Mobile phone bills		6,000
To Postage		1,200
To Salaries and wages		51,000
		71,650			71,650