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Question No 11 Chapter No 17 - Unimax Class 11
Sakshi does not keep prepare records. From the following information find out profit for the ended 31st March, 2020 and also prepare a final statement of affairs as at that date:
| 31-3-2019 | 31-3-2020 | |
|---|---|---|
| Cash in hand | 6,000 | 20,000 |
| Bank overdraft | 50,000 | |
| Stock | 50,000 | 1,50,000 |
| Sundry creditors | 20,000 | 40,000 |
| Sundry debtors | 60,000 | 2,50,000 |
| Bill payable | 7,000 | 15,000 |
| Furniture | 45,000 | 1,00,000 |
| Bills receivable | 6,000 | 60,000 |
| Machinery | 75,000 | 1,20,000 |
| Investments | 30,000 | 80,00 |
Drawing ₹ 100 p.m. for personal use fresh capital introduced during the year ₹ 2,00,000. A bad debts of ₹ 6,000 and a provision of 5% is to be made on debtors. O/s salary ₹ 4,000. Prepaid insurance ₹ 500, depreciation charged on furniture and Machine @ 10% p.a.
Statement of Affairs
As at 31 March, 2019
| Liabilities |
Amount | Assets | Amount |
|---|---|---|---|
| Bank overdraft | 50,000 | Cash in hand | 6,000 |
| Sundry creditors | 20,000 | Stock | 50,000 |
| Bills payable | 7,000 | Sundry debtors | 60,000 |
| Capital (Balance figure) | 1,95,000 | Furniture | 45,000 |
| Bills receivable | 6,000 | ||
| Machinery | 75,000 | ||
| Investments | 30,000 | ||
| 2.72,000 | 2.72,000 |
Statement of Affairs
As at 31st March 2020
| Liabilities |
Amount | Assets | Amount |
|---|---|---|---|
| Sundry Creditors | 40,000 | Cash in hand | 20,000 |
| Bills payable | 15,000 | Stock | 1,50,000 |
| Capital (Balance figure) | 7,25,000 | Sundry debtors | 2,50,000 |
| Furniture | 45,000 | ||
| Bills receivable | 6,000 | ||
| Machinery | 1,20,000 | ||
| Investment | 80,000 | ||
| 7,80,000 | 7,80,000 |
Statement of Profit & Loss
For the year ended 31st March, 2020
| Particulars | ₹ | |
|---|---|---|
| Closing Capital as on 31st March, 2020 | 7,25,000 | |
| Add: Drawings (100 x12) | 1,200 | |
| 7,26,200 | ||
| Less: Fresh capital introduced | 2,00,000 | |
| 5,26,200 | ||
| Less: Opening capital as on March 31,2019 | ||
| Profit before adjustments | 1,95,000 | |
| 3,31,200 | ||
| Less: Bad debts | 6,0000 | |
| Provision for doubtful debts 5% on (2,50,000-6,000) | 12,200 | |
| Outstanding salary | 4,000 | |
| Depreciation on furniture | 10,000 | |
| Depreciation on Machinery | 12,000 | 44,200 |
| 2,87,000 | ||
| Add: prepaid insurance | 500 | |
| Net profit | 2,87.500 | |
Final Statement of Affairs
As at 31st March 2020
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Sundry Creditors | 40,000 | Cash in hand | |||
| Bills payable | 15,000 | Stock | |||
| Outstanding salary | 4,000 | Sundry debtors | 2,50,000 | ||
| Opening salary | 1,95,000 | Less: Bad debts | 6,000 | ||
| Add: Net profit | 2,87,500 | Less: provision for doubtful debts | 12,200 | 2,31,800 | |
| Add: Fresh capital | 2,00,000 | Furniture | 1,00,000 | ||
| Less: Drawings | 1,200 | Less: Depreciation B/R | 10,000 | 90,000 | |
| Machinery | 1,20,000 | ||||
| Less: Depreciation investments | 12,000 | 1,08,000 | |||
| Prepaid insurance | 5,000 | ||||
| 7,40,300 | 7,40,300 | ||||
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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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