What is the main topic of "Question no 28 Chapter No 16 - Unimax Class 11"?

This guide covers "Question no 28 Chapter No 16 - Unimax Class 11", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax class 11 - 2021.

Who can benefit from this guide on "Question no 28 Chapter No 16 - Unimax Class 11"?

It is primarily curated for Class 11 and Class 12 high school commerce, accounting, and economics students, as well as aspirants preparing for board exams or CA Foundation.

Where can I practice questions related to "Question no 28 Chapter No 16 - Unimax Class 11"?

You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question no 28 Chapter No 16 - Unimax Class 11" instantly.

Question no 28 Chapter No 16 - Unimax Class 11

⚡

Quick Overview & Key Takeaways

Focus Topic:Question no 28 Chapter No 16 - Unimax Class 11

Estimated Reading Time:5 mins

Comprehensive academic guide covering core concepts of Question no 28 Chapter No 16 - Unimax Class 11.
Syllabus-aligned study material with detailed definitions, formats, and practical examples.
Interactive check: Includes a custom practice quiz at the bottom of the article to self-evaluate knowledge.

Question No 28 Chapter No 16 - Unimax Class 11

The following balance were extracted from the books of Modern traders on 31st Dec.2019.

Ledger A/c	Debit	Credit
Capital		24,500
Drawings	2,000
General expenses	2,500
Building	11,000
Machinery	9,340
Stock 1.1.2019	16,200
Power	2,240
Taxes and insurance	1,315
Wages	7,200
Sundry debtors	6,280
Sundry creditors		2,500
Charity	105
Bad debts	550
Bank overdraft		11,180
Sales		65,360
Purchases	47,000
Scooter	2,000
Bad debts provision		900
Commission		1,320
Trade expenses	1,780
Bills payable		3,850
Cash	100
	1,09,610	1,09,610

Prepare final accounts for the year ended 31st Dec. 2019 after taking into account the following:
(a) Stock on 31st Dec. 2019 was valued at ₹ 23,500.
(b) Write off further bad debts ₹ 160 and maintain the provision for bad debts at 5% on sundry debtors. Also provide 2% for discount on sundry creditors.
(c) Depreciation machinery by 10% and scooter by ₹ 240.
(d) Provide ₹ 750 for outstanding interest on bank overdraft.
(e) Prepaid insurance is to the extent of ₹ 50.
(f) Provide manager’s commission at 10% on net profit after charging such commission

The solution of Question No 28 Chapter No 16 - UNIMAX Class 11

Particulars			Particulars	Amount
Trading and Profit & Loss A/c of Modern Traders For the year ended 31st Dec., 2019
To Opening stock		16,200	By sales	65,360
To purchases		47,000	By closing stock	23,500
To Power		2,240
To Wages		7,200
To Gross Profit		16,220
(transferred to P & L A/c)
		88,860		88,860
To General expenses		2,500	By Gross Profit b/d	16,220
To Tax & Insurance	1,315		By Commission	1,320
Less: Prepaid	50	1,265	By Discount on creditors	50
To Charity		105
To Bad debts	550
Add: Further bad debts	160
Add: New Provision	306
Less: old [provision	900	116
To Trade expenses		1,780
To Dep. On Machinery		934
To Dep. on Scooter		240
To O/S Interest on overdraft		750
To Manager’s commission		900
To Net Profit (Transferred to capital)		9,000
		17,590		17,590

Liabilities		Amount	Assets		Amount
Balance Sheet of Modern Traders As on 31st Dec., 2019
Capital	24,500		Building		11,000
Add: Net Profit	9,000		Machinery	9,340
Less: Drawings	2,000	31,500	Less: Depreciation	934	8,406
Bank overdraft		11,180	Cash		100
Sundry creditors	2,500		Sundry debtors	6,280
Less: Discount	50	2,450	Less: bad debts	160
Outstanding interest		750	Less: Provision	306	5,814
Outstanding Manager’s		900	Prepaid insurance		50
Commission		900	Closing stock		23,500
Bills Payable		3,850	Scooter	2,000
			Less: Depreciation	240	1,760
		50,630			50,630