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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 13 Chapter No 15 - Unimax Class 11
The following is the Trial Balance of Raj & Co. as at 31st March,2020:
| Particular | L.F. | Debit (₹) |
Credit (₹) |
| Cash | 12,000 | ||
| Bank | 90,100 | ||
| Purchases/ Sales | 2,10,000 | 7,10,000 | |
| Investments | 1,22,600 | ||
| Returns | 70,000 | 89,000 | |
| Carriage inward | 35,000 | ||
| Carriage outward | 40,000 | ||
| Salaries | 1,44,000 | ||
| Commission | 21,000 | 500 | |
| Interest | 20,000 | 1,000 | |
| Wages | 25,000 | ||
| Opening stock | 1,50,000 | ||
| Machinery | 1,00,000 | ||
| Stationery | 800 | ||
| Outstanding expenses | 1,000 | ||
| Drawings | 48,000 | ||
| Freight outward | 20,000 | ||
| Depreciation | 5,000 | ||
| Debtors/Creditors | 80,000 | 77,000 | |
| Loan(short term) | 15,000 | ||
| Capital | 3,00,000 | ||
| 11,93,500 | 11,93,600 |
Closing stock as on March 31, 2020 stood at ₹ 15,000. Prepare Trading and Profit & Loss A/c for the year ended March 31,2020.
Trading A/c, Profit & Loss A/c for the year ended 31st March, 2020
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Opening stock | 1,50,000 | By Sales | 70,10,000 | ||
| To Purchases | 2,10,00 | Less return | 70,000 | 6,40,000 | |
| Less return | 89,000 | 1,21,000 | By Closing stock | 15,000 | |
| To Carriage | 35,000 | ||||
| To Wages | 25,000 | ||||
| To Gross profit c/d (and transferred to P&L a/c) |
3,24,000 | ||||
| 6,55,000 | 6,55,000 | ||||
| To Carriage outwards | 40,000 | By Gross profit b/d | 3,24,000 | ||
| To Salaries | 1,44,000 | by Commission | 500 | ||
| To Commission | 21,000 | By Interest | 1,000 | ||
| To Interest | 20,000 | ||||
| To Freight outward | 20,000 | ||||
| To Depreciation | 5,000 | ||||
| To Stationery | 800 | ||||
| To Net profit (and transferred to capital) |
74,700 | ||||
| 3,25,500 | 3,25,500 | ||||
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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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