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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question No 06 Chapter No 16 - Unimax Class 11
The following Trial Balance has been extracted from the books of M/s Ram Parsad & Sons on 31st December, 2019.
| Debit balance | ₹ | Credit balance | ₹ | |
|---|---|---|---|---|
| Machinery | 4,000 | Capital | 9,000 | |
| Cash at bank | 1,000 | Sales | 16,000 | |
| Cash in hand | 500 | Sundry creditors | 4,500 | |
| Wages | 1,000 | |||
| Purchases | 8,000 | |||
| Stock on 1st Jan.2018 | 6,000 | |||
| Sundry debtors | 4,400 | |||
| Bills receivable | 2,900 | |||
| Rent | 450 | |||
| Commission | 250 | |||
| General expenses | 800 | |||
| Salaries | 500 | |||
| 29,800 | 29,800 | |||
Wages outstanding amount to ₹ 5; rent prepaid amount to ₹ 100, stock on 31st December, 2019 amount of ₹ 8,000.
Prepare trading and profit & loss account for the year ending 31st December, 2019 and Balance sheet as on last date of the year.
TRADING AND PROFIT & LOSS M/SRAM PRASAD & SONS. FOR THE YEAR ENDED 31 st DEC.2019
| Particulars |
Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| To Opening stock | 6,000 | By sales | 16,000 | ||
| To purchase | 8,000 | By Closing stock | 8,000 | ||
| To Wages | 1,000 | ||||
| Add: Outstanding wages | 50 | 1,050 | |||
| To Gross Profi (transferred to P & L A/c) |
8,950 | ||||
| 24,000 | 24,000 | ||||
| To Rent | 450 | By Gross Profit b/d | 8,950 | ||
| Less: Prepaid rent | 100 | 350 | By Interest received | 300 | |
| To Commission | 250 | ||||
| To General expenses | 800 | ||||
| To salaries | 500 | ||||
| To Net Profit | 7,350 | ||||
| (transferred to capital A/c) | |||||
| 9,250 | 9,250 | ||||
BALANCE SHEET of M/S Ram prasad & sons. As on 31st Dec.,2019
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Capital | 9,000 | Machinery | 4,000 | ||
| Add: Net Profit | 7,350 | 16,350 | Cash at bank | 1,000 | |
| Sundry creditors | 4,500 | Cash in hand | 500 | ||
| Outstanding wages | 50 | Sundry debtors | 4,400 | ||
| Bill receivable | 2,900 | ||||
| Closing stock | 8,000 | ||||
| Prepaid rent | 100 | ||||
| 20,900 | 20,900 | ||||
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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 Publication
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.
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