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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 24 Chapter No 17 - Unimax Class 11
A trader, who has not kept a complete set of books, asks you to prepare his final accounts for the year ended 31st March, 2020. You are, however, able to obtain the following information:
Summary of cash book
Balance of cash on 1st April,2019 ₹ 80,000; Taking (received from debtors) ₹ 5,00,000; Drawings ₹ 50,000; Payment to Creditors ₹ 4,00,000; Salaries ₹ 40,000; Rent ₹ 30,000; Electricity charges ₹ 8,000; Advertising ₹ 7,000; Printing and Stationery ₹ 1,000.
His other Assets and Liabilities
| 31-3-2019 | 31-3-2020 | |
|---|---|---|
| Debtors | 50,000 | 70,000 |
| Creditors | 30,000 | 50,000 |
| Outstanding Rent | 4,000 | 4,000 |
| Outstanding Electricity charges | 200 | 500 |
| Outstanding Advertising | 1,000 |
The stock on 31st March, 2020 was valued at ₹ 70,000 but the trade has no record or the stock on 31st March, 2019. He informs you, however, that he invariably sells his goods at cost plus 20%. Prepare his Trading & Profit and Loss A/c for the year ended 31st Mach, 2020 and his Balance sheet as at that date.
Cash book
| Receipts | Amount | Payments | Amount |
|---|---|---|---|
| To Balance b/d (1-4-2019) | 80,000 | By Drawings | 50,000 |
| To Receipts from debtors | 5,00,000 | By Payments to Creditors | 4,00,000 |
| By Salaries A/c | 40,000 | ||
| By Rent A/c | 30,000 | ||
| By Electricity charges A/c | 8,000 | ||
| By Advertising A/c | 7,000 | ||
| By Printing & Stationery A/c | 1,000 | ||
| By Balance c/d (31-3-2020) | 44,000 | ||
| 5,80,000 | 5,80,000 |
Total Debtors A/c
| Particulars | Amount | Particulars | Amount |
|---|---|---|---|
| To Balance b/d (1-4-2019) | 50,000 | By cash received | 5,00,000 |
| To Received from debtors | 5,20,000 | By Balance c/d (31-3-2020) | 70,000 |
| 5,70,000 | 5,70,000 |
Total Creditors A/c
| Particulars | Amount | Particulars | Amount |
|---|---|---|---|
| To Cash paid | 4,00,000 | By Balance b/d (1-4-2019) | 30,000 |
| To Balance c/d (31-3-2020) | 50,000 | To Creditors purchases (Balance figure) | 4,20,000 |
| 4,50,000 | 4,50,000 |
Opening Balance Sheet
As at 1st April 2019
| Liabilities | Amount | Assets | Amount |
|---|---|---|---|
| Creditors | 30,000 | Cash in hand | 80,000 |
| Outstanding Rent | 4,000 | Debtors | 50,000 |
| Outstanding electricity charges | 200 | Stock | 66,000 |
| Capital (Balance figure) | 1,61,800 | ||
| 1,96,000 | 1,96,000 |
Trading and Profit and Loss A/c
For the year ending 31st March, 2020
| Particulars | Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| To Opening stock | 66,000 | By Sales: | 5,20,000 | ||
| To Purchases: | 4,20,000 | By Closing stock | 70,000 | ||
| To Gross Profit on sales 5,20,000*20/100 | 1,04,000 | ||||
| 5,90,000 | 5,90,000 | ||||
| To Salaries | 40,000 | By Gross Profit B/d | 1,04,000 | ||
| To Rent | 30,000 | ||||
| Less: Outstanding rent of last year | 4,000 | ||||
| 26,000 | |||||
| Add: Outstanding rent of this year | 4,000 | 30,000 | |||
| To Electricity charges | 8,000 | ||||
| Less: Electricity charges of last year | 200 | ||||
| Add: Outstanding electricity charges of this year | 500 | 8,300 | |||
| To Advertising | 7,000 | ||||
| Add: Outstanding advertising | 1,000 | 8,000 | |||
| To Printing & Stationery | 1,000 | ||||
| To Net profit | 16,700 | ||||
| 1,04,000 | 1,04,000 | ||||
Balance Sheet
As at 31st March, 2020
| Liabilities | Amount | Assets | Amount | |
|---|---|---|---|---|
| Creditors | 50,000 | Cash in hand | 44,000 | |
| Outstanding expenses | Debtors | 70,000 | ||
| Rent | 4,000 | Stock | 70,000 | |
| Electricity charges | 5,00 | |||
| Advertising | 1,000 | 5,500 | ||
| Capital | 1,61,800 | |||
| Add: Net Profit | 16,700 | |||
| Less: Drawing | 50,000 | 1,28,500 | ||
| 1,84,000 | 1,84,000 | |||
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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 Publication4
Economics Educator
Mrs. Dilgeerjot Kaur holds a B.Com and M.Com degree and has over 9 years of teaching experience in microeconomics, macroeconomics, and business economics.
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