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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 23 Chapter No 15 - Unimax Class 11
The following is the Trial Balance of Rishi Trading Co. on 31st March, 2020.
| Particular | Debit (₹) |
Credit (₹) |
| Machinery | 1,02,000 | |
| Land and building | 8,60,000 | |
| Investment | 70,000 | |
| Bad debts | 3,000 | |
| Sundry debtors | 40,000 | |
| Purchases | 3,09,800 | |
| Stock on 1st April 2019 | 23,000 | |
| Interest | 3,500 | |
| Bills payable | 6,750 | |
| Sundry creditors | 80,000 | |
| Travelling expenses | 700 | |
| Trade expenses | 5,000 | |
| Discount | 1,250 | 2,625 |
| Purchases returns | 9,850 | |
| Sales returns | 6,775 | |
| Bills receivable | 2,275 | |
| Capital | 10,25,000 | |
| Sales | 3,75,775 | |
| Mobile phone bills | 6,000 | |
| Postage | 1,200 | |
| Wages and salaries | 12,000 | |
| Salaries and wages | 51,000 | |
| Carriage | 2,500 | |
| 15,00,000 | 15,00,000 |
The closing stock was valued at ₹ 9,000. You are required to prepare Trading and Profit & Loss account and the balance sheet as 31st March,2020.
Trading A/c, Profit & Loss A/c for the year ended 31st March, 2020
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Opening stock | 23,000 | By Sales | 3,75,775 | ||
| To Purchases | 3,09,800 | Less return | 6,775 | 3,69,000 | |
| Less return | 9,850 | 2,99,950 | By Closing stock | 9,000 | |
| To Wages and salaries | 12,000 | ||||
| To Carriage | 2,500 | ||||
| To Gross profit c/d | 40,550 | ||||
| (and transferred to P & L A/c) | |||||
| 3,78,000 | 3,78,000 | ||||
| To Bad debts | 3,000 | By Gross Profit b/d | 40,550 | ||
| To Interest | 3,500 | By Discount | 2,625 | ||
| To Travelling expenses | 700 | By Net Loss c/d | 28,475 | ||
| To Trade expenses | 5,000 | (and transferred to Capital) | |||
| To Discount | 1,250 | ||||
| To Mobile phone bills | 6,000 | ||||
| To Postage | 1,200 | ||||
| To Salaries and wages | 51,000 | ||||
| 71,650 | 71,650 | ||||
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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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