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Question no 12 Chapter No 15 - Unimax Class 11

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Question No 12 Chapter No 15 - Unimax Class 11

From the following information, prepare the profit & loss account for the year ending on March 31,2020.

	₹		₹
Gross profit	37,200	Salaries & Wages	12,000
Discount received	600	Discount allowed	1,200
Interest on loan paid	1,500	Interest received	1,800
Commission received	1,200	Commission to sales men	900
Rent, Rate & Taxes paid	2,400	Rent received	600
Fire insurance premium	2,160	Carriage outward	600
Freight outward	300	Repairs & Maintenance	360
Printing & Stationery	360	Travelling expenses	960
Entertainment expenses	720	Water & electricity (indirect)	720
Postage & Telegram	300	Advertising & Publicity	2,400
Sales promotion expenses	240	Telephone expenses	600
Bad debts	600	Packing charges	300
Audit fees	1,200	Bank charges	240
Depreciation on furniture		Legal charges	600
Sales office	600	Miscellaneous expenses	600
Administrative office	1,200	Loss on sales of fixed assets	300
Miscellaneous incomes	1,200	Loss by theft	3,000
Profit on sales of fixed assets	5,100	Dividend received on shares	180
Loss by fire	600	Income from investments	120
Loss by embezzlement	600

The solution of Question No 12 Chapter No 15 - UNIMAX Class 11

Particular	Amount	Particular	Amount
To Interest on loan paid	1,500	By Gross Profit b/d	37,200
To Rent, Rate & Taxes	2,400	By Discount received	600
To Fire insurance premium	2,160	By Commission	1,200
To Printing & Stationery	360	By Miscellaneous incomes	1,200
To Entertainment expenses	720	By Profit on sales of fixed assets	5,100
To Postage & Telegram	300	By Interest	1,800
To Sales promotion expenses	240	By Rent received	600
To Bad debts	600	By Dividend received on shares	180
To Audit fees	1,200	By Income from investments	120
To Depreciation on furniture sales office	600
To Depreciation on furniture administrative office	1,200
To Loss by fire	600
To Loss by embezzlement	600
To Salaries & Wages	12,000
To Discount allowed	1,200
To Commission	900
To Carriage outward	600
To Repairs & Maintenance	360
To Travelling expenses	960
To Water & electricity	720
To Advertising & Publicity	2,400
To Freight outward	300
To Telephone expenses	600
To Packing charges	300
To Bank charges	240
To Legal charges	600
To Miscellaneous expenses	600
To Loss on sales of fixed assets	300
To Loss by theft	3,000
To Net Profit c/d (and transferred to capital a/c)	10,440
	48,000		48,000

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Question no 12 Chapter No 15 - Unimax Class 11

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The solution of Question No 12 Chapter No 15 - UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

Usha Publication - Elements of Book-Keeping PSEB (Class 11) - Solution

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