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Question No 10 Chapter No 17 - Unimax Class 11
Vinod tells you that his capital on 31st March, 2020 is ₹ 4,00,000 and his capital on 1st April, 2019 was ₹ 1,50,000. He further informs you that during the he gave a loan of ₹ 50,000 and withdrew ₹ 3,000 p.m. for personal purposes. He also used a house for his personal purpose, the rent of which at the rate of ₹3,000 p.a. and electricity charges at an average rate of ₹ 300 p.a. were paid from the business account. During the year he sold his 7% government bonds of ₹ 60,000 at 5% premium and brought that money into the business. Besides this, there is no other information. You are required to prepare a statement of profit.
Statement of Profit & Loss
For the year ended 31st March, 2020
| Particulars | ₹ | ₹ |
|---|---|---|
| Closing Capital as on 31st March, 2020 | 4,00,000 | |
| Add: Drawings during the year: | ||
| (1) Loan | 50,000 | |
| (2) Personal expenses: | ||
| (a) Drawings @3,000 p.m. | 36,000 | |
| (b) Rent @ 3,000 p.m. | 36,000 | |
| (c) Electricity charges @ 300 p.m. | 3,600 | 12,25,600 |
| 5,25,600 | ||
| Sales Less: Further capital introduced during the year: of Bonds |
63,000 | |
| 4,62,600 | ||
| Less: opening capital as on 1ST April, 2019 | 1,50,000 | |
| Profit for the year | 3,12,600 |
Note (1) selling the bonds of ₹ 60,000 at 5% premium means the selling of bonds at a profit pf 5%. As such the selling price will be = 60,000 x 105/100 =63,000.
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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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