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Question No 11 Chapter No 16 - Unimax Class 11
Prepare trading and profit loss account of M/s Mohit Traders as on 31st March 2020 and draw necessary journal entries and balance sheet as on that date:
| Ledger account | ₹ | Ledger account | ₹ | |
|---|---|---|---|---|
| Opening stock | 24,000 | Sales | 4,00,000 | |
| Purchased | 1,60,000 | Return outward | 2,000 | |
| Cash in hand | 16,000 | Capital | 1,50,000 | |
| Cash at bank | 32,000 | Creditors | 64,000 | |
| Return inwards | 4,000 | Bills payable | 20,000 | |
| Wages | 22,000 | Commission received | 2,000 | |
| Fuel and power | 18,000 | Question no 02 Chapter No 16 - Unimax Class 11ed | 2,000 | |
| Carriage inwards | 6,000 | |||
| Insurance | 8,000 | |||
| Buildings | 1,00,000 | |||
| Plant | 80,000 | |||
| Patents | 30,000 | |||
| Salaries | 28,000 | |||
| Furniture | 12,000 | |||
| Drawings | 18,000 | |||
| Rent | 2,000 | |||
| Debtors | 80,000 | |||
| 6,40,000 | 6,40,000 | |||
Adjustments:
| ₹ 500 2,400 12,000 |
|
| Interest received in advance | |
| Commission accrued | |
| Depreciation on building 5% and plant 3% | |
| Closing stock | |
Trading and Profit & Loss A/c of M/s Mohit Traders For the year ended 31st March, 2020
| Particulars | Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| To Opening stock | 24,000 | By sales | 4,00,000 | ||
| To purchases | 1,60,000 | Less: Returns stock | 4,000 | 3,96,000 | |
| Less: Returns outwards | 2,000 | 1,58,000 | By closing stock | 12,000 | |
| To wages | 22,000 | ||||
| To Fuel and power | 18,000 | ||||
| To Carriage inward | 6,000 | ||||
| To Gross Profit | 1,80,000 | ||||
| (transferred to P & L A/c) | |||||
| 4,08,000 | 4,08,000 | ||||
| To Insurance | 8,000 | By Gross Profit b/d | 1,80,000 | ||
| To Salaries | 28,000 | By Commission | 2,000 | ||
| To Rent | 2,000 | Add accrued commission | 2,400 | 4,400 | |
| To depreciation on building | 5,000 | By int. received | 2,000 | ||
| To de[recitation on plant | 2,400 | Unearned | 500 | 1,500 | |
| To Net Profit | 1,40,500 | ||||
| (transferred to capital A/c) | |||||
| 1,85,900 | 1,85,900 | ||||
Balance Sheet of M/s Mohit Traders As on 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Capital | 1,50,000 | Cash in hand | 16,000 | ||
| Add: Net Profit | 1,40,500 | Cash at bank | 32,000 | ||
| 2,73,700 | Building | 1,00,000 | |||
| Less: Drawings | 18,000 | 2,72,500 | Less: Depreciation | 5,000 | 95,000 |
| Creditors | 64,000 | Plant | 80,000 | ||
| Bills Payable | 20,000 | Less: Depreciation | 2,400 | 77,600 | |
| Unearned interest | 500 | Patents | 30,000 | ||
| Furniture | 12,000 | ||||
| Debtors | 80,000 | ||||
| Accrued commission | 2,400 | ||||
| Closing stock | 12,000 | ||||
| 3,57,000 | 3,57,000 | ||||
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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)
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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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