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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question 24 Chapter 15 – Class 11 Unimax
From the following balance prepare
(1) Trading and Profit & Loss account for the year ending 31st march,2020.
(2) Balance sheet as 31st March 2020.
Given (closing) stock is ₹ 10,000.
| Particular | ₹ | Particular | ₹ |
| Opening stock | 33,000 | Motor car | 3,05,000 |
| Purchases | 7,21,000 | Freehold land | 2,20,000 |
| Sales | 8,92,500 | Capital | 7,17,800 |
| Productive expenses | 41,000 | Freight inward | 1,200 |
| Trading expenses | 17,000 | Freight outward | 50,000 |
| Returns inward | 6,600 | Sales tax collected | 4,000 |
| Returns outward | 3,200 | Interest on fixed deposit | 2,400 |
| Loose tools | 8,400 | Loan on mortgage (Cr.) | 4,20,000 |
| Goodwill | 12,000 | Sundry debtors | 3,00,200 |
| Commission (Cr) | 2,000 | Sundry creditors | 4,88,000 |
| Salaries | 1,96,000 | Bad debts | 7,000 |
| Fixed deposit | 6,00,000 | Legal charges | 800 |
| Cash in hand | 1,700 | Rent (1/9factory,8/9 office) | 9,000 |
Trading A/c, Profit & Loss A/c for the year ended 31st March, 2020
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Opening stock | 33,000 | By Sales | 8,92,500 | ||
| To Purchases | 7,21,000 | Less return | 6,600 | 8,85,900 | |
| Less return | 3,200 | 7,17,800 | By Closing stock | 10,000 | |
| To Productive expenses | 41,000 | ||||
| To Freight inward | 1,200 | ||||
| To Factory Rent (1/9*9,00) | 1,000 | ||||
| To Gross profit c/d | 1,01,900 | ||||
| (and transferred to P & L A/c) | |||||
| 8,95,900 | 8,95,900 | ||||
| To Trading expenses | 17,000 | By Gross Profit b/d | 1,01,900 | ||
| To Salaries | 1,96,000 | By Commission | 2,000 | ||
| To Rent (8/9*9,000) | 8,000 | By Interest on fixed deposit | 2,400 | ||
| To Freight outward | 50,000 | By Net Loss c/d | 1,72,500 | ||
| To Bad debts | 7,000 | (and transferred to capital a/c) | |||
| To Legal charges | 800 | ||||
| 2,78,800 | 2,78,800 | ||||
Balance sheet as on31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Capital | 7,17,800 | Loose tools | 8,400 | ||
| Less Net loss | 1,72,500 | 5,45,300 | Goodwill | 12,000 | |
| Sales tax collected | 4,000 | Fixed deposit | 6,00,000 | ||
| Loan on mortgage | 4,20,000 | Cash in hand | 1,700 | ||
| Creditors | 4,88,000 | Motor car | 3,05,000 | ||
| Freehold land | 2,20,000 | ||||
| Debtors | 3,00,200 | ||||
| Closing stock | 10,000 | ||||
| 14,57,300 | 14,57,300 | ||||
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 24 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.
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