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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question 32 Chapter No 16 – Class 11 Unimax
From the following Trial Balance as on 31st March,2020, you are required to prepare a Trading and profit and loss A/c for the year ended 31st March, 2020 and a Balance Sheet as on that date, after making the necessary adjustments:
| Debit balance | Amount | Credit balance | Amount |
|---|---|---|---|
| Drawing | 6,000 | Postage and Telegrams | 800 |
| Machinery (Balance on 1.4.2019) | 20,000 | Insurance charges | 700 |
| Plant and Machinery (additions on 1.10.2019) | 5,000 | Salaries and wages | 21,300 |
| Stock on 1.4.2019 | 15,000 | Cash in hand | 6,200 |
| Purchases | 82,000 | Cash at bank | 20,500 |
| Returns inwards | 2,000 | Capital A/c | 80,000 |
| Sundry debtors | 20,600 | Sundry creditors | 10,000 |
| Furniture and Fixtures | 5,000 | Sales | 1,20,000 |
| Freight and Duty | 2,000 | Returns outwards | 1,000 |
| Carriage outwards | 500 | Reserve for doubtful debts | 400 |
| Rent, Rates and Taxes | 4,600 | Discount | 800 |
| Printing and stationery | 800 | Rent of Premises sublet for year to 30th sept.2020 | 1,200 |
| Trade expenses | 400 |
Adjustments:
(1) Stock on 31st March,2020 was valued at ₹ 14,000.
(2) Write off ₹ 600 as bad debts.
(3) The reserve for doubtful debts is to be maintained at 5 precent on sundry debtors.
(4) Create a Reserve for discount on debtors and discount on creditors at 2%.
(5) Provision for depreciation on furniture and fixtures at 5% per annum and on plant and machinery at 20% per annum.
(6) Insurance prepaid was ₹ 100.
(7) A fire occurred on 25th March, 2020in the goo down and stock of the value of ₹ 5,000 was destroyed. It was fully insurance and the insurance company admitted the claim in full.
| Trading and Profit & Loss A/c Rakesh Roshan For the year ended 31st Dec., 2019 |
|||||
| Particulars |
Amount | Particulars |
Amount | ||
|---|---|---|---|---|---|
| To Opening stock | 15,000 | By sales | 1,20,000 | ||
| To purchases | 82,000 | Less: Returns inwards | 2,000 | 1,18000 | |
| Less: Returns outwards | 1,000 | 81,000 | By Closing stock | 14,000 | |
| To Freight & Duty | 2,000 | By Goods lost in fire | 5,000 | ||
| To Gross Profit | 39,000 | ||||
| (transferred to P & L A/c) | |||||
| 1,37,000 | 1,37,000 | ||||
| To Salaries & Wages | 21,300 | By Gross Profit b/d | 39,000 | ||
| To Insurance charges | 700 | By discount | 800 | ||
| Less: Prepaid | 100 | 600 | By Rent | 1,200 | 600 |
| To Postage & Telegrams | 800 | Less: Pre received | 600 | 200 | |
| To Trade expenses | 400 | By Discount on creditors | |||
| To Printing & Stationery | 800 | ||||
| To Rent, Rate and Taxes | 4,600 | ||||
| To Carriage outward | 500 | ||||
| To Bad debts | 600 | ||||
| Add: New Provision | 1,000 | ||||
| Less: Old Provision | 400 | 1,200 | |||
| To Depreciation debtors | 380 | ||||
| To Depreciation on furniture & Fixture | 250 | ||||
| To Dep. On Plant & Machinery | 4,000 | ||||
| To Dep. On Additional Plant& Machinery | 500 | ||||
| To Net Profit | |||||
| (Transferred to capital) | 5,270 | ||||
| 40,600 | 40,600 | ||||
| Balance Sheet of Mr. Rakesh As on 31st Dec., 2020 |
|||||
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Capital | 80,000 | Prepaid insurance | 100 | ||
| Add: Net Profit | 5,270 | Cash in hand | 6,200 | ||
| Less: Drawings | 6,000 | 79,270 | Cash at bank | 20,500 | |
| Sundry creditors | 10,000 | Furniture & Fixtures | 5,000 | ||
| Less: Discount | 200 | 9,800 | Less: Deprecation | 250 | 4,750 |
| Pre received Rent | 600 | Plant & Machinery | 20,000 | ||
| Less: Dep. (4,000+500) | 20,500 | ||||
| Closing stock | 14,000 | ||||
| Insurance claim | 5,000 | ||||
| Sundry debtors | 20,600 | ||||
| Less: bad debts | 600 | ||||
| Less: Provision | 1,000 | ||||
| Less: Discount | 380 | 18,620 | |||
| 89,670 | 89,670 | ||||
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 32 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.
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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