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Question No 15 Chapter No 15 - Unimax Class 11
Following is the Trial Balance of Venkat on 31st March,2020. Prepare Trading and Profit & Loss account for the year ended 31st March,2020.
| Particular | Debit (₹) |
Credit (₹) |
| Capital A/c | 10,00,000 | |
| Stock A/c (1.04.2019) | 2,00,000 | |
| Cash in bank | 1,00,000 | |
| Cash in hand | 44,000 | |
| Furniture and Fitting A/c | 1,36,000 | |
| Machinery A/c | 6,00,000 | |
| Purchases A/c | 15,00,000 | |
| Power and Fuel A/c | 3,00,000 | |
| Wages A/c | 10,00,000 | |
| Factory lighting A/c | 20,000 | |
| Advertising A/c | 5,00,000 | |
| Discount allowed | 50,000 | |
| Discount received A/c | 30,000 | |
| Salaries A/c | 7,00,000 | |
| Sundry office expense A/c | 4,00,000 | |
| Sales A/c | 50,00,000 | |
| Sundry debtors | 11,00,000 | |
| Sundry creditors | 3,70,000 | |
| Input IGST A/c | 4,50,000 | |
| Input CGST A/c | 1,50,000 | |
| Input SGST A/c | 1,50,000 | |
| Output IGST A/c | 5,00,000 | |
| Output CGST A/c | 2,50,000 | |
| Output SGST A/c | 2,50,000 | |
| TOTAL | 74,00,000 | 74,00,000 |
Value of closing stock as on 31st March,2020 was ₹ 2,70,000.
Trading A/c VENKAT for the year ended 31st March, 2020
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Stock | 20,00,000 | By Sales | 50,00,000 | ||
| To Purchases | 15,00,000 | By Closing stock | 2,70,000 | ||
| To Wages | 10,00,000 | ||||
| To Power and fuel | 3,00,000 | ||||
| To Factory Lighting | 20,000 | ||||
| To Gross profit c/d | 22,50,000 | ||||
| (and transferred to profit & loss A/c) | |||||
| 52,70,000 | 52,70,000 | ||||
| To Salaries | 7,00,000 | By Gross Profit b/d | 22,50,000 | ||
| To Discount allowed | 50,000 | By Discount received | 30,000 | ||
| To advertising | 5,00,000 | ||||
| To Sundry office expenses | 4,00,000 | ||||
| To Net profit c/d | 6,30,000 | ||||
| (and transferred to capital A/c) | |||||
| 22,80,000 | 22,80,000 | ||||
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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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