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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question No 18 Chapter No 15 - Unimax Class 11
The Trial Balance shows the following balance as at 31.3.2020.
| ₹ | ₹ | ||
| Purchases | 60,000 | Capital account | 1,13,075 |
| Sales returns | 2,000 | Sales | 1,27,500 |
| Plant and machinery | 90,000 | Purchases return | 1,275 |
| Opening stock | 40,000 | Discount received | 800 |
| Discount allowed | 350 | Sundry creditors | 25,000 |
| Bank charges | 100 | Rent, Rates and Taxes | 2,000 |
| Sundry debtors | 45,000 | Advertisements | 2,000 |
| Salaries | 7,000 | Cash at bank | 7,000 |
| Wages | 10,000 | ||
| Freight inward | 1,000 | ||
| Freight outward | 1,200 |
Closing stock was valued at ₹ 35,000
Required: prepare Trading and Profit & Loss account for the year ended 31.3.2020 and balance sheet as on that date.
Trading A/c, Profit & Loss A/c for the year ended 31st March, 2020
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Purchases | 60,000 | By Sales | 1,27,500 | ||
| Less Returns | 1,275 | 58,725 | Less return | 2,000 | 1,25,500 |
| To Opening stock | 40,000 | By Closing stock | 35,000 | ||
| To Wages | 10,000 | ||||
| To Fright inward | 1,000 | ||||
| To Gross profit c/d (and transferred to profit & loss A/c) |
50,775 | ||||
| 1,60,500 | 1,60,500 | ||||
| To Discount allowed | 350 | By Gross Profit b/d | 50,775 | ||
| To Bank charges | 100 | By Discount received | 800 | ||
| To Salaries | 7,000 | ||||
| To Freight inward | 1,000 | ||||
| To Rent, Rates and Taxes | 2,000 | ||||
| To Advertisements | 2,000 | ||||
| To Net profit c/d | 38,925 | ||||
| (and transferred to capital A/c) | |||||
| 51,575 | 51,575 | ||||
Balance sheet as on31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Capital | 1,13,075 | Plant & Machinery | 90,000 | ||
| Add net profit | 38,925 | 1,52,000 | Sundry debtors | 45,000 | |
| Sundry creditors | 25,000 | Cash at bank | 7,000 | ||
| Closing stock | 35,000 | ||||
| total | 1,77,000 | 1,77,000 | |||
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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)
Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication
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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