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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question 30 Chapter No 16 – Class 11 Unimax
30. (with GST). Following is the Trial Balance of Sanjiv as 31st March, 2020:
| Particulars | Debit | Credit |
|---|---|---|
| Cash in hand | 1,100 | |
| Cash at bank | 5,240 | |
| Purchases | 81,350 | |
| Returns outward | 1,000 | |
| Sales | 1,97,560 | |
| Return inward | 1,360 | |
| Wages | 20,000 | |
| Fuel and power | 10,420 | |
| Carriage on sales | 6,400 | |
| Carriage on Purchases | 4,080 | |
| Stock 1.4.2019 | 11,520 | |
| Building | 60,000 | |
| Freehold land | 20,000 | |
| Machinery | 40,000 | |
| Salaries | 30,000 | |
| Patents | 15,000 | |
| General expenses | 6,000 | |
| Insurance | 1,200 | |
| Drawings | 1,42,000 | |
| Sundry debtors | 10,490 | |
| Sundry creditors | 29,000 | |
| Input CGST | 12,600 | |
| Input SGST | 2,500 | |
| Output IGST | 2,500 | |
| 3,58,160 | 3,58,160 |
You are required to prepare Trading and Profit & Loss A/c for the year ending 31st March,2020 and balance sheet as on that date, after considering the following adjustments:
(1) Stock at Hand on 31st March,2020 is ₹ 15,000.
(2) Machinery is to depreciation @ 15% and patents @ 20%.
(3) Salaries for the month of March, 2020 amounted to ₹ 3,000 were unpaid.
(4) Insurance included a premium of ₹170 for next year.
(5) Wages include a sum of ₹ 4,000, spent on constructing a cycle shed for employees and customers.
(6) A Provision for Doubtful debtors is to be created to the extent of 5% on Sundry debtors.
| Trading and Profit & Loss A/c of Sanjiv For the year ended 31st March, 2020 |
|||||
| Particulars |
Amount | Particulars |
Amount | ||
|---|---|---|---|---|---|
| To Opening stock | 11,520 | By sales | 1,97,560 | ||
| To purchases | 81,350 | Less: Returns inwards | 1,360 | 1,96,200 | |
| Less: Returns outwards | 1,000 | 80,350 | By Closing stock | 15,000 | |
| To Wages | 20,000 | ||||
| Less: Wages spent on cycle shed | 4,000 | 16,000 | |||
| To Fuel and power | 10,420 | ||||
| To Carriage on purchases | 4,080 | ||||
| To Gross Profit | 88,830 | ||||
| (transferred to P & L A/c) | |||||
| 2,11,200 | 2,11,200 | ||||
| To Carriage on sales | 6,400 | By Gross Profit b/d | 88,830 | ||
| To salaries | 30,000 | ||||
| Add: outstanding salaries | 3,000 | 33,000 | |||
| To General expenses | |||||
| To Insurance | 1,200 | ||||
| Less: Prepaid | 170 | 1,030 | |||
| To depreciation on | |||||
| Machinery @ 15% | 6,000 | ||||
| Patents @ 20% | 3,000 | 9,000 | |||
| To Provision for Doubtful debts | 1,450 | ||||
| To Net Profit | |||||
| (Transferred to capital) | 31,950 | ||||
| 88,830 | 88,830 | ||||
Balance Sheet of Sanjiv As on 31st Dec., 2020 |
|||||
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Capital | 1,42,000 | Building | 60,000 | ||
| Add: Net Profit | 31,950 | Add: wages spend on cycle shed | 4,000 | 64,000 | |
| 1,73,950 | Freehold land | 20,000 | |||
| Less: Drawings | 10,490 | 1,63,460 | Machinery | 40,000 | |
| Creditors | 12,600 | Less: Depreciation | 6,000 | 34,000 | |
| Outstanding salaries | 3,000 | Patents | 15,000 | ||
| Less: Depreciation | 3,000 | 12,000 | |||
| Debtors | 29,000 | ||||
| Less Provision for doubtful debts | 1,450 | 27,550 | |||
| Prepaid insurance | 170 | ||||
| Closing stock | 15,000 | ||||
| Cash in hand | 1,100 | ||||
| Cash at bank | 5,240 | ||||
| 1,79,060 | 1,79,060 | ||||
note:
1. Wages paid for constructing a cycle shed being capital expenditure should be debited to the building account.
2. Input CGST (₹ 2,500) and Input SGST (₹ 2,500 are set off against Output IGST (₹ 5,000).
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 30 Chapter No 16 – Class 11 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 16 - Financial Statements (With Adjustments) - Unimax.
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