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Question 29 Chapter No 16 – Class 11 Unimax

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Question 29 Chapter No 16 – Class 11 Unimax

29. Prepare trading and profit and loss account of M/s Plastic ltd. from the following trial balance and a balance sheet as at March 31 ,2019:

Debit balance	Amount	Credit balance	Amount
Drawing	6,000	Creditors	16,802
Sundry debtors	38,200	Capital	60,000
Carriage outwards	2,808	Loan on mortgage	17,000
Establishment expenses	16,194	Bad debts provision	1,420
Interest on loan	400	Sales	2,22,486
Cash in hand	6,100	Purchases return	2,692
Stock	11,678	Discount	880
Motor car	18,000	Bills payable	5,428
Cash at bank	9,110	Rent received	500
Land and building	24,000
Bad debts	1,250
Purchases	1,34,916
Sales return	15,642
Advertisement	4,528
Carriage inward	7,858
Rated, Taxes, Insurance	7,782
General expenses	8,978
Bills receivable	13,764
	3,27,208		3,27,208

Adjustments:
(1) Depreciation on loan and building @ 5% and Motor Vehicle @ 15%.
(2) Interest on loan 5% taken on April, 01,2019.
(3) Goods costing ₹ 1,200 were sent to a customer on sales or return basis for ₹ 1,400 on March 30,2020 and has been recorded in the books as actual sales.
(4) Salaries amounting to ₹ 1,400 and rates amounting to ₹ 800 are due.
(5) The bad debts provision is to be brought up to 5% on sundry debtors.
(6) Closing stock was ₹ 13,700.
(7) Goods costing ₹ 1,000 were taken away by the proprietor for his personal us but no entry has been made in the books of account.
(8) Insurance prepaid ₹ 350.
(9) Provide the manager’s commission @ 5% on Net Profit before charging such commission.

The solution of Question 29 Chapter No 16 – Class 11 Unimax

Trading and Profit & Loss A/c of M/S Roni Plastic LTD.
For the year ended 31st March, 2020

Particulars

Amount

Particulars

Amount

To Opening stock

11,678

By sales

2,22,486

To purchases

1,32,916

Less: Returns

15,642

Less: Returns

2,692

Less: Sales return basis

1,400

2,05,444

Less: Drawings

1,000

1,31,224

By Closing stock

13,700

To Carriage inward

7,858

To Gross Profit

16,220

(transferred to P & L A/c)

69,584

Basis

1,200

14,900

2,20,344

To Dep. On land and building

1,200

By Gross Profit b/d

69,584

To Dep. On Motor vehicle

2,700

By Discount

880

To interest on loan

400

By Rent

500

Add: Outstanding interest

450

850

To Rates, Taxes, Insurance

7,782

Add: Outstanding rates

800

Less: Prepaid insurance

350

8,232

To Bad debts

1,250

Add: New Provision

1,840

Less: Old Provision

1,420

1,670

To Carriage outward

2,808

To Establishments expenses

16,194

To Advertisement

4,528

To General expenses

8,978

To Commission to Manager (22404*5/100)

1,120

To Net Profit

(Transferred to capital)

21,284

70,964

Balance Sheet of Modern Traders As on 31st Dec., 2019
Liabilities	Amount	Assets	Amount
Capital	60,000		Sundry debtors	38,200
Add: Net Profit	21,284		Less: Sales on Return basis	1,400
Less: Drawings	7,000	74,284	Less: Provision	1,840	34,960
Creditors		16,802	Cash		6,100
Loan on Mortgage		17,000	Motor car	18,000
Bills payable		5,428	Less: Depreciation	2,700	15,300
Outstanding interest		450	Bank		9,110
Outstanding commission		800	Land & Building	24,000
To Manager		1,120	Less: Deprecation	1,200	22,800
Outstanding salary		1,400	Bills receivable		13,764
			Closing stock	13,700
			Add: stock on Returns basis	1,200	14,900
			prep air insurance		350
		1,17,284			1,17,284

Balance Sheet of Modern Traders
As on 31st Dec., 2019

Liabilities

Amount

Assets

Amount

Capital

60,000

Sundry debtors

38,200

Add: Net Profit

21,284

Less: Sales on Return basis

1,400

Less: Drawings

7,000

74,284

Less: Provision

1,840

34,960

Creditors

16,802

Cash

6,100

Loan on Mortgage

17,000

Motor car

18,000

Bills payable

5,428

Less: Depreciation

2,700

15,300

Outstanding interest

450

Bank

9,110

Outstanding commission

800

Land & Building

24,000

To Manager

1,120

Less: Deprecation

1,200

22,800

Outstanding salary

1,400

Bills receivable

13,764

Closing stock

13,700

Add: stock on Returns basis

1,200

14,900

prep air insurance

350

1,17,284

Question 29 Chapter No 16 – Class 11 Unimax

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The solution of Question 29 Chapter No 16 – Class 11 Unimax

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