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Question No 30 Chapter No 15 - Unimax Class 11
Prepare trading and profit and loss account and balance sheet from the following particulars as on march31,2020.
| Particular | Debit (₹) |
Credit (₹) |
| Purchases and sales | 3,52,000 | 5,60,000 |
| Return inward and return outwards | 9,600 | 12,000 |
| Carriage inwards | 7,000 | |
| Carriage outwards | 3,360 | |
| Fuel and power | 24,800 | |
| Opening stock | 57,600 | |
| Bad debts | 9,950 | |
| Debtors and creditors | 1,31,200 | 48,000 |
| Capital | 3,48,000 | |
| Investment | 32,000 | |
| Interest on investment | 3,200 | |
| Loan | 16,000 | |
| Repairs | 2,400 | |
| General expenses | 17,000 | |
| Wages and salaries | 28,800 | |
| Land and buildings | 2,88,000 | |
| Cash in hand | 32,000 | |
| Miscellaneous receipts | 160 | |
| Sales tax collected | 8,350 |
Closing stock ₹ 30,000.
Trading A/c, Profit & Loss A/c for the year ended 31st March, 2020
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Opening stock | 57,600 | By Sales | 5,50,400 | ||
| To Purchases | 3,40,000 | By Closing stock | 30,000 | ||
| To Carriage | 7,000 | ||||
| To Fuel and power | 24,800 | ||||
| To wages & Salaries | 28,800 | ||||
| To Gross profit c/d | 1,22,200 | ||||
| (and transferred to profit & loss A/c) | |||||
| 5,80,400 | 5,80,400 | ||||
| To Carriage outward | 3,360 | By Gross Profit b/d | 1,22,200 | ||
| To Bad debts | 9,950 | By Interest on investment | 3,200 | ||
| To Repairs | 2,400 | By Misc. Receipts | 160 | ||
| To General expenses | 17,000 | ||||
| To Net profit c/d | 92,850 | ||||
| (and transferred capital) | |||||
| 1,25,560 | 1,25,560 | ||||
BALANCE SHEET AS ON 31st March, 2020
|
Liabilities |
Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Capital | 3,48,000 | Debtors | 1,31,200 | ||
| Add net profit | 92,850 | 4,40,850 | Investments | 32,000 | |
| Creditors | 48,000 | Land & Building | 2,88,000 | ||
| Loan | 16,000 | Cash in hand | 32,000 | ||
| Sales Tax collected | 8,350 | Closing stock | 30,000 | ||
| Total | 5,13,200 | 5,13,200 | |||
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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)
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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