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Question No 02 Chapter No 17 - Unimax Class 11
Anant started a business on 1st April 2019, with a capital of ₹ 6,00,000. During the year he withdrew ₹ 50,000 for household expenses and introduced ₹ 50,000 as a fresh capital. His position of assets and liabilities as at 31st March 2020 stood as follows:
| ₹ | |
|---|---|
| Cash in hand | 40,000 |
| Stock | 50,000 |
| Bills receivable | 70,000 |
| Debtors | 9,00,000 |
| Creditors | 3,00,000 |
| Bills payable | 20,000 |
You are required to prepare statement of Profit & Loss for the year ended 31st March 2020.
Statement of Affairs
As at 31st March 2020
| Liabilities | Amount | Assets | Amount |
|---|---|---|---|
| Creditors | 3,00,000 | Bank | 40,000 |
| Bills payable | 20,000 | Stock | 50,000 |
| Capital (Balancing figure) | 7,40,000 | Bills receivable | 70,000 |
| Debtors | 9,00,000 | ||
| 10,60,000 | 10,60,000 |
Statement of Profit & Loss
For the year ending 31st March,2020
| Particulars | ₹ |
|---|---|
| Capital as on 31st March 2020 | 7,40,000 |
| Add: Drawings (House expenses) | 50,000 |
| 7,90,000 | |
| Less: Additional capital introduced | 50,000 |
| 7,40,000 | |
| Less: Opening capital | 6,00,000 |
| Profit made during the year | 1,40,000 |
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Also, Check out the solved question of all Chapters: –
Students may choose only one part from the Part II and Part III
Part-II
Part-III
Chapter No. 2 - Theory Base of Accounting
Chapter No. 3 - Origin of Transactions
Chapter No. 4 - Vouchers and transactions
Chapter No. 6 - Accounting for Goods and Services Tax(GST)
Chapter No. 9 - Other Subsidiary Books
Chapter No. 10 - Journal Proper
Chapter No. 11 - Trial Balance
Chapter No. 12 - Bank Reconciliation Statement
Chapter No. 14 - Provisions and Reserves
Chapter No. 15 - Bills of Exchange
Chapter No. 16 - Rectification of Errors
Chapter No. 17 - Financial Statements - (Without Adjustments)
Chapter No. 18 - Financial Statements - (With Adjustments)
Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication4
Economics Educator
Mrs. Dilgeerjot Kaur holds a B.Com and M.Com degree and has over 9 years of teaching experience in microeconomics, macroeconomics, and business economics.
This guide covers "Question no 02 Chapter No 17 - Unimax Class 11", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax class 11 - 2021.
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