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Question No 03 Chapter No 17 - Unimax Class 11
Samara started the business on April 1.2019 with a capital of ₹ 1,30,000. On March 31 2020 her incomplete records could the following date:
(1) Amount due to suppliers of raw materials ₹ 10,000.
(2) Stock of new material ₹ 3,000 and finished products ₹ 4,000.
(3) Fixed assets ₹ 50,000
(4) Amount due from customers ₹ 60,000.
(5) She had withdrawn ₹ 1,000 per month for meeting her personal expenses.
(6) She introduced ₹ 20,000 as capital during the year.
(7) She has cash at bank ₹ 40,000 and cash in hand ₹ 10,000.
(8) Outstanding electricity bill ₹ 2,000.
Calculate the profit & Loss of her business during the year using statement of affairs method.
Statement of Affairs
As at 31st March 2020
| Liabilities | Amount | Assets | Amount |
|---|---|---|---|
| Creditors (Suppliers) | 10,000 | Stock: | |
| Outstanding electricity bill | 2,000 | Raw materials | 3,000 |
| Capital (Balancing figure) | 1,55,000 | Finished products | 4,000 |
| Fixes assets | 50,000 | ||
| Debtors (customer) | 60,000 | ||
| Cash at bank | 40,000 | ||
| Cash in hand | 10,000 | ||
| 1,67,000 | 1,67,000 |
Statement of Profit & Loss
| ₹ | |
|---|---|
| Capital at the end of the year 31st March 2020 | 1,55,000 |
| Add: Drawings (1,000 x12) | 12,000 |
| 1,67,000 | |
| Less: fresh capital introduced | 20,000 |
| 1,47,000 | |
| Less: capital at the beginning (May 1,2019) | 1,30,000 |
| Profit made during the year | 17,000 |
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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.
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