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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 27 Chapter No 15 - Unimax Class 11
From the following trial balance, prepare Trading, Profit & Loss account and Balance sheet as on March 31,2020:
| Particular | Debit (₹) |
Credit (₹) |
| Stock as on April 1,2019 | 16,000 | |
| Purchases and sales | 67,600 | 1,12,000 |
| Returns inwards and outwards | 4,600 | 3,200 |
| Carriage inwards | 1,400 | |
| General expenses | 2,400 | |
| Bad debts | 600 | |
| Discount received | 1,400 | |
| Bank overdraft | 10,000 | |
| Interest on bank overdraft | 600 | |
| Commission received | 1,800 | |
| Insurance and taxes | 4,000 | |
| Scooter expenses | 200 | |
| Salaries | 8,800 | |
| Cash in hand | 4,000 | |
| Scooter | 8,000 | |
| Furniture | 5,200 | |
| Building | 65,000 | |
| Debtors and creditors | 6,000 | 16,000 |
| Capital | 50,000 |
Closing stock ₹ 15,000.
Trading A/c, Profit & Loss A/c for the year ended 31st March, 2020
|
Particular
|
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Opening stock | 16,000 | By Sales | 1,12,000 | ||
| To Purchases | 67,600 | Less return | 4,600 | 1,07,400 | |
| Less return | 3,200 | 64,400 | By Closing stock | 15,000 | |
| To Carriage | 1,400 | ||||
| To Gross profit c/d | 40,600 | ||||
| (Transferred to P & L A/c) | |||||
| 1,22,400 | 1,22,400 | ||||
| To general expenses | 2,400 | By Gross Profit b/d | 40,600 | ||
| To Bad debts | 600 | By Discount | 1,400 | ||
| To Interest on bank overdraft | 600 | By Commission | 1,800 | ||
| To Insurance & Taxes | 4,000 | ||||
| To Scooter expenses | 200 | ||||
| To Salaries | 8,800 | (and transferred to capital a/c) | |||
| To Net Profit c/d | 24,200 | ||||
| (and transferred capital) | |||||
| 43,800 | 43,800 | ||||
BALANCE SHEETAS ON 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Capital | 50,000 | Cash in hand | 4,000 | ||
| Add Net Profit | 27,200 | 77,200 | Scooter | 8,000 | |
| Bank overdraft | 10,000 | Furniture | 5,200 | ||
| Creditors | 16,000 | Building | 65,000 | ||
| Closing stock | 6,000 | ||||
| Debtors |
|||||
| total | 1,03,200 | 1,03,200 | |||
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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)
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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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