Question 25 Chapter 15 – Class 11 Unimax

Question 25 Chapter 15 – Class 11 Unimax

Given below is the Trial Balance as on 31st March,2020. Prepare (1) trading and profit and loss account for the year ended 31st march,2020 and (2) Balance sheet as at that date.

Particular	Debit (₹)	Credit (₹)
Stock	22,000
Purchases less returns	18,200
Sales less returns		2,50,000
Carriage inward	6,000
Carriage outward	14,000
Discount received		7,600
Discount allowed	1,800
Factory heating and lighting	12,100
Works expenses	1,000
Interest received		500
Life insurance premium	12,000
Postage and Telegraph	150
Trade expenses	2,800
Repair of plant	14,000
Sales Tax	3,000
Manufacturing expenses	4,500
Discount		200
Cash in hand	7,000
Motor vehicles	2,02,000
Income Tax	4,000
Customer’s A/c / Supplier A/c	1,50,000	2,12,000
Bill receivable	5,000
Loan		35,000
Capital account		2,75,250
Plant	2,11,000
Bank	90,000
	7,80,550	7,80,550

Closing stock valued at ₹ 42,000.

The solution of Question 25 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		22,000
To Purchases less returns		18,200	By Sales less returns		2,50,000
To Carriage inwards		6,000	By Closing stock		42,000
To Factory heating and lighting		12,100
To Works expenses		1,000
To Manufacturing expenses		4,500
To Gross profit c/d(and transferred to profit & loss A/c)		2,28,200
		2,92,000			2,92,000
To Carriage outward		14,000	By Gross Profit b/d		2,28,200
To Discount allowed		1,800	By Discount received		7,600
To Postage and Telegraph		150	By Interest received		500
To Trade expenses		2,800	By Discount		200
To Repair of plant		14,000
To Sales Tax		3,000
To Net profit c/d		2,00,750
		2,36,500			2,36,500

BALANCE SHEET AS ON 31st March, 2020

Liabilities		Amount	Assets		Amount
Capital	2,75,250		Cash in hand		7,000
Add net profit	2,00,750		Motor vehicles		2,02,000
Less Drawing(life insurance premium)	12,000		Customer A/c		1,50,000
Less Income tax	4,000	4,60,000	Bill receivable		5,000
Supplier A/c		2,12,000	Plant		2,11,000
Loan		35,000	Bank		90,000
			Closing stock		42,000
TOTAL		7,07,000	TOTAL		7,07,000