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Question No 04 Chapter No 17 - Unimax Class 11
Neetu started business with a capital of ₹ 8,00,000 on 1st April 2019. She borrowed from bank sum of ₹ 3,00,000 per annum (interest not yet paid) for business and brought a further amount of ₹ 2,00,000 as capital.
On 31st March 2020 her position was:
| ₹ | |
|---|---|
| Cash in hand | 70,000 |
| Bank balance | 2,00,000 |
| Stock | 9,00,000 |
| Debtors | 5,00,000 |
| Creditors | 1,00,000 |
She withdrew ₹ 3,000 per months during period. Calculate profit & loss for the period.
Statement of Affairs
As at 31st March 2020
| Liabilities |
Amount | Assets | Amount | |
|---|---|---|---|---|
| Creditors | 1,00,000 | Cash in hand | 70,000 | |
| Bank loan | 3,00,000 | Bank balance | 2,00,000 | |
| Interest outstanding | 30,000 | 3,30,000 | Stock | 9,00,000 |
| Capital (Balance figure) | 12,40,000 | Debtors | 5,00,000 | |
| 16,70,000 | 16,70,000 | |||
Statement of Profit & Loss
| ₹ | |
|---|---|
| Closing Capital at the end of the year 31st March 2020 | 12,40,000 |
| Add: Drawings (3,000 x12) | 36,000 |
| 12,76,000 | |
| Less: Further capital introduced | 2,00,000 |
| 10,76,000 | |
| Less: opening capital as on 1st April 2019 | 8,00,000 |
| Profit made during the year | 2,76,000 |
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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 04 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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