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Question no 15 Chapter No 16 - Unimax Class 11

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Question No 15 Chapter No 16 - Unimax Class 11

X’s books shows the following balance. You are asked prepare his Trading and Profit & Loss Account and a Balance Sheet from the following Balances.

Debit balance	₹	Credit balance	₹
Stock on 1.4.2019	22,000	Office expenses	650
Purchases	21,650	Bills receivable	2,800
Carriage inward	250	Legal charges	1,900
Carriage outwards	600	Plant & Machinery	25.000
Wages	6,000	Tools(cr.)	5,000
Motive power, Heating and lighting	1,600	Sales	48,590
Printing & Stationery	2,660	Reserve Account	5,000
Sundry debtors	28,100	Loan A/c	38,000
Furniture & Fixtures	2,000	Discount received	580
Investments	4,000	Sundry creditors	13,430
Drawing	20,000	Capital account	43,710
Travelling expenses	600

Prepare trading Stock on 31st March 2020 was ₹ 18,000.
(1) interest on capital 10%
(2) interest on drawing 5%
(3) interest on loan 8%
(4) interest on investment 12%.

The solution of Question No 15 Chapter No 16 - UNIMAX Class 11

Trading and Profit & Loss A/c of MR.’X’ For the year ended 31st March, 2020

Particulars	Amount	Particulars	Amount
To Opening stock	22,000	By sales	48,590
To purchases	21,650	By Closing stock	18,000
To carriage inwards	250
To wages	6,000
To Motive power, Heating and Lighting	1,600
To Gross Profit (transferred to P & L A/c)	15,090
	66,590		66,590
To Carriage outwards	600	By Gross Profit b/d	15,090
To Printing & Stationery	2,660	By Discount received	580
To Travelling expenses	600	By interest on investment	480
To Office expenses	650	By int. on drawing	1,000
To Interest on loan	3,040
To Legal Charges	1,900
To interest on capital	4,371
To Net Profit	3,329
(transferred to capital A/c)
	17,150		17,150

Balance Sheet of MR. ‘X’ As on 31st March, 2020

Liabilities		Amount	Assets		Amount
Loan	38,000		Sundry debtors		28,100
Add: Interest	3,040	41,040	Furniture & fixtures		2,000
Reserve		500	Investment	4,000
Sundry creditors		13,430	Add: Interest	480	4,480
Capital Bills Payable	43,710	64,000	Bill receivable		2,800
Add: Interest	4,371		Plant & Machinery		25,000
Drawing	20,000		Tools		5,000
Add: Interest	1,000	3,329	Closing stock		18,000
		85,380			85,380