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Question no 23 Chapter No 17 - Unimax Class 11

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Question No 23 Chapter No 17 - Unimax Class 11

Rohit started business on 1st April, 2019, with a capital of ₹ 5,00,000. On the same day he purchased furniture for ₹ 60,000. From the following particulars obtained from his books, which do not confirm strictly to double entry principles, you are required to prepare Trading & Profit and Loss A/c for the year ended 31st March,2020 and a Balance Sheet as at that date:

	₹
Cash sales	2,00,000
Credit sales	1,50,000
Purchases (include cash purchases1,50,000)	3,00,000
X’s Drawings	30,000
Salaries	50,000
Bad debts written off	2,000
Trade expenses	8,000

Rohit has used goods worth ₹ 20,000 for private purpose and paid ₹ 10,000 to his son, which is not recorded anywhere. On 31st March, 2020, his Debtors were worth ₹ 80,000 and Creditors ₹ 70,000.
Stock in trade on that date was worth ₹ 1,20,000, depreciation furniture by 10% outstanding salary is ₹ 4,000.

The solution of Question No 23 Chapter No 17 - UNIMAX Class 11

Total Debtors A/c

Particulars	Amount	Particulars	Amount
To Credit sales	1,50,000	By cash received from debtors	68,000
		To Bad debts	2,000
		By Balance c/d (31-3-2020)	80,000
	1,50,000		1,50,000

Total Creditors A/c

Particulars	Amount	Particulars	Amount
To Cash paid to creditors	80,000	To Creditors purchases (Balance figure)	1,50,000
To Balance c/d (31-3-2020)	70,000

	1,50,000		1,50,000

Cash book

Receipts	Amount	Payments	Amount
To Capital	5,00,000	By Furniture A/c	60,000
To Sales A/c	2,00,000	To Purchases A/c	1,50,000
To Received from debtors	68,000	By Drawings A/c (30,000+10,000)	40,000
(transferred from debtors A/c)		By Salaries A/c	50,000
		By Trade expenses	8,000
		By Payment creditors (transferred to creditors A/c)	80,000
		By Balance c/d (balance figure on 31-3-2020)	3,80,000
	7,68,000		7,68,000

Trading and Profit and Loss A/c
For the year ending 31st March, 2020

Particulars		Amount	Particulars		Amount
To Purchases			By Sales:
Cash Purchases	1,50,000		Cash sales	2,00,000
Credit purchases	1,50,000		Credit sales	1,50,000	3,50,000
Less: Drawings	20,000	2,80,000
To Gross Profit c/d		1,90,000	By Closing stock		1,20,000
		4,70,000			4,70,000
To Salaries	50,000		By Gross Profit B/d		1,90,000
Add: outstanding salaries	4,000	54,000
To Bad debts		2,000
To trade expenses		8,000
To Dep. On furniture		6,000
To Net profit		1,20,000
		1,90,000			1,90,000

Balance Sheet
As at 31st March, 2020

Liabilities		Amount	Assets		Amount
Creditors		70,000	Cash in hand		3,80,000
Outstanding salary		4,000	Debtors		80,000
Capital	5,00,000		Closing stock		1,20,000
Add: Net Profit	1,20,000		Furniture	60,000
	6,20,000		Less: Depreciation	6,000	54,000
Less: Drawing (30,000+20,000+10,000)	60,000	5,60,000
		6,34,000			6,34,000