Question 27 Chapter 15 – Class 11 Unimax

Question 27 Chapter 15 – Class 11 Unimax

From the following trial balance, prepare Trading, Profit & Loss account and Balance sheet as on March 31,2020:

Particular	Debit (₹)	Credit (₹)
Stock as on April 1,2019	16,000
Purchases and sales	67,600	1,12,000
Returns inwards and outwards	4,600	3,200
Carriage inwards	1,400
General expenses	2,400
Bad debts	600
Discount received		1,400
Bank overdraft		10,000
Interest on bank overdraft	600
Commission received		1,800
Insurance and taxes	4,000
Scooter expenses	200
Salaries	8,800
Cash in hand	4,000
Scooter	8,000
Furniture	5,200
Building	65,000
Debtors and creditors	6,000	16,000
Capital		50,000

Closing stock ₹ 15,000.

The solution of Question 27 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		16,000	By Sales	1,12,000
To Purchases	67,600		Less return	4,600	1,07,400
Less return	3,200	64,400	By Closing stock		15,000
To Carriage		1,400
To Gross profit c/d		40,600
(Transferred to P & L A/c)
		1,22,400			1,22,400
To general expenses		2,400	By Gross Profit b/d		40,600
To Bad debts		600	By Discount		1,400
To Interest on bank overdraft		600	By Commission		1,800
To Insurance & Taxes		4,000
To Scooter expenses		200
To Salaries		8,800	(and transferred to capital a/c)
To Net Profit c/d		27,200
(and transferred capital)
		43,800			43,800

BALANCE SHEETAS ON 31st March, 2020

Liabilities		Amount	Assets		Amount
Capital	50,000		Cash in hand		4,000
Add Net Profit	27,200	77,200	Scooter		8,000
Bank overdraft		10,000	Furniture		5,200
Creditors		16,000	Building		65,000
			Debtors		6,000
			Debtors
total		1,03,200			1,03,200