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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question 33 Chapter 15 – Class 11 Unimax
(with GST). Following is the Trial Balance of at 31st March, 2020. Draw the final accounts from the balance therefore:
| Particular | Debit (₹) |
Credit (₹ |
| Capital | 1,50,000 | |
| Stock on 1st April,2019 | 30,000 | |
| Cash in hand | 10,000 | |
| Cash at bank | 5,000 | |
| Furniture | 13,000 | |
| Machinery | 1,00,000 | |
| Purchases | 2,00,000 | |
| Carriage | 33,000 | |
| Wages | 50,000 | |
| Discount allowed | 4,000 | |
| Salaries | 70,000 | |
| Discount received | 5,000 | |
| Office expenses | 40,000 | |
| Advertising | 50,000 | |
| Sales | 5,00,000 | |
| Sundry debtors | 90,000 | |
| Sundry creditors | 47,000 | |
| Input CGST A/c | 10,000 | |
| Input SGST A/C | 10,000 | |
| Input IGST A/C | 15,000 | |
| Output CGST A/C | 8,000 | |
| Output SGST A/C | 8,000 | |
| Output IGST A/c | 12,000 | |
| total | 7,30,000 | 7,30,000; |
Value of closing stock on 31st March, 2020 was ₹ 50,000.
Trading A/c, Profit & Loss A/c for the year ended 31st March, 2020
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Opening stock | 30,000 | By Sales | 5,00,000 | ||
| To Purchases | 2,00,000 | By Closing stock | 50,000 | ||
| To Wages | 50,000 | ||||
| To Carriage | 33,000 | ||||
| To Gross Profit c/d | 2,37,000 | ||||
| 5,50,000 | 5,50,000 | ||||
| To Salaries | 70,000 | By Gross profit b/d | 2,37,000 | ||
| To Discount allowed | 4,000 | By Discount received | 5,000 | ||
| To Advertising | 50,000 | ||||
| To Office expenses | 40,000 | ||||
| To Net profit transferred to capital A/c | 78,000 | ||||
| 2,42,000 | 2,42,000 | ||||
BALANCE SHEET AS ON 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Sundry creditors | 47,000 | Cash in hand | 10,000 | ||
| Capital: | Cash at bank | 5,000 | |||
| Opening balance | 1,50,000 | Sundry debtors | 90,000 | ||
| Add: Net profit | 78,000 | 2,28,000 | Closing stock | 50,000 | |
| Input CGST | 2,000 | ||||
| Input SGST | 2,000 | ||||
| Input IGST | 3,000 | ||||
| Furniture | 13,000 | ||||
| Machinery | 1,00,000 | ||||
| 2,75,000 | 2,75,000 | ||||
Note : setting-off GST:
| Input(₹) | Output(₹) | Balance(₹) (carriage forward) | |
| IGST | 15,000 | 12,000 | 3,000(Dr.) |
| CGST | 10,000 | 8,000 | 2,000(Dr.) |
| SGST | 10,000 | 8,000 | 2,000(Dr.) |
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 33 Chapter 15 – Class 11 Unimax", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Chapter 15 - Financial Statements (Without 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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