Question 34 Chapter No 16 – Class 11 Unimax

Question 34 Chapter No 16 – Class 11 Unimax

The following is the Trial Balance of Shri Ram Prakash as on 31st March 2020:

Particulars	Debit	Credit
Capital		41,000
Plant & Machinery	51,000
Furniture	2,600
Stock 1.4.2019	48,000
Motor Van	12,000
Sundry debtors and creditors	45,000	52,000
Cash	6,900
Wages- factory	1,50,000
Wages -office	14,000
Purchases and sales	2,13,500	4,80,000
Bills receivable and B/P	7,200	5,600
Return	9,300	5,500
Provision for bad debts		2,500
Drawings	6,000
Rent	6,000
Lighting	800
Telephone	1,350
Insurance	300
Advertisement	6,350
General expense	1,000
Bad debts	2,500
Discounts	6,500	3,700
Total	5,90,300	5,90,300

The following adjustment are to be made:
(a) Stock on 31st March 2020 was values at ₹ 52,000.
(b) Rent due not paid ₹ 2,000
(c) Lighting outstanding ₹ 300.
(d) Insurance was paid in advance ₹ 100
(e) Depreciation plant and machinery @ 33*1/3%

Furniture @ 10% and Motor vans @ 33*1/3%
(f) Provision doe bad debts has to be increased to ₹ 3,000.
(g) Discount on debtors and creditors @ 2*1/2.
Prepare Trading and Profit and Loss Account for the year ending 31st March, 2020and the Balance sheet as on that date.

The solution of Question 34 Chapter No 16 – Class 11 Unimax

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 KNHD
As on 31st Dec., 2020

Liabilities		Amount	Assets		Amount
Capital	41,000		Plant & Machinery	51,000
Add: Net Profit	57,890		Less: Dep	17,000
Less: Drawings	6,000	92,890	Furniture	2,600
Creditors	52,00		Less: Dep	260	2,340
Less: Provision for discount	1,300	50,700	Motor van	12,000
Bills Payable		5,600	Less: Dep.	4,000	8,000
Outstanding Rent		2,000	Sundry debtors	45,000
Outstanding Lighting		300	Less: New provision	3,000
			Less: Provision for discount	1,050	40,950
			Cash		6,900
			Bills receivable		7,200
			Closing stock		52,000
			Prepaid insurance		100
		1,51,490			1,51,490