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Question No 12 Chapter No 17 - Unimax Class 11
Nitin keeps incomplete records. The statement of Affairs of her business as at 1st April,2019 was as follows:
| Liabilities | Amount | Assets | Amount |
|---|---|---|---|
| Creditors | 20,000 | Cash in hand | 6,000 |
| Capital | 1,00,000 | Cash at bank | 7,000 |
| Stock | 25,000 | ||
| Furniture | 12,000 | ||
| Plant & Machinery | 55,000 | ||
| 1,20,000 | 1,20,000 |
His position on 31st March, 2020 was:- cash in hand ₹ 6,000; cash at bank 12,000; B/R 12,000; debtors ₹ 35,000; stock ₹ 50,000; furniture ₹ 60,000; plant & Machinery ₹ 50,000 and creditors ₹ 60,000.
He withdrew during the year ₹ 30,000, out of which he spent ₹ 20,000 for purchasing a scooter for the business.
Calculate his net profit for the year after the following adjustments and prepare a final statement of Affairs as at 31st March, 2020:
(1) Depreciation furniture and scooter @ 10%.
(2) 5% of the debtors are doubtful and ₹ 2,000 are absolutely bad.
(3) Make a provision of % on bills receivable also.
Statement of Affairs
As at 31 March, 2020(Before adjustments)
| Liabilities |
Amount | Assets | Amount |
|---|---|---|---|
| Creditors | 60,000 | Cash in hand | 6,000 |
| Capital (Balance figure) | 1,84,000 | Cash at bank | 12,000 |
| Bills receivable | 12,000 | ||
| Debtors | 35,000 | ||
| Stock | 50,000 | ||
| Furniture | 60,000 | ||
| Scooter | 20,000 | ||
| Plant & Machinery | 50,000 | ||
| 2,45,000 | 2,45,000 |
Statement of Profit & Loss
For the year ended 31st March, 2020
| Particulars | ₹ | |
|---|---|---|
| Closing Capital as on 31st March, 2020 | 1,85,000 | |
| Add: Drawings during the year (30,000-20,000) | 10,000 | |
| 1,95,000 | ||
| Less: Opening capital as on 1st April,2019 | 1,00,000 | |
| Profit before adjustments | 95,000 | |
| Less: Depreciation on Furniture | 6,000 | |
| Deprecation on Scooter | 2,000 | |
| Bad debts | 2,000 | |
| Provision for doubtful debts 5% on 33,000 | ||
| (debtors 35,000-bad debts 2,000) | 1,650 | |
| Provision on B/R (5% on 12,000) | 600 | 12,250 |
| Net profit | 82,750 | |
Final Statement of Affairs
As at 31 March, 2020(After adjustments)
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Creditors | 60,000 | Cash in hand | 6,000 | ||
| Opening Capital | 1,00,000 | Cash at bank | 12,000 | ||
| Add: Net Profit | 82,750 | Bills receivable | 12,000 | ||
| Less: Drawings | 10,000 | 1,72,750 | Less: Provision at 5% | 600 | 11,400 |
| Debtors | 35,000 | ||||
| Less: Bad debts | 2,000 | ||||
| Less: Provision for doubtful debts | 1,650 | 31,350 | |||
| Stock | 50,000 | ||||
| Furniture | 60,000 | ||||
| Less: Depreciation | 6,000 | 54,000 | |||
| Scooter | 20,000 | ||||
| Less: Depreciation | 2,000 | 18,000 | |||
| Plant & Machinery | 50,000 | ||||
| 2,32,750 | 2,32,750 | ||||
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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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