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Question no 32 Chapter No 16 - Unimax Class 11

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Question No 32 Chapter No 16 - Unimax Class 11

From the following Trial Balance as on 31st March,2020, you are required to prepare a Trading and profit and loss A/c for the year ended 31st March, 2020 and a Balance Sheet as on that date, after making the necessary adjustments:

Debit balance	Amount	Credit balance	Amount
Drawing	6,000	Postage and Telegrams	800
Machinery (Balance on 1.4.2019)	20,000	Insurance charges	700
Plant and Machinery (additions on 1.10.2019)	5,000	Salaries and wages	21,300
Stock on 1.4.2019	15,000	Cash in hand	6,200
Purchases	82,000	Cash at bank	20,500
Returns inwards	2,000	Capital A/c	80,000
Sundry debtors	20,600	Sundry creditors	10,000
Furniture and Fixtures	5,000	Sales	1,20,000
Freight and Duty	2,000	Returns outwards	1,000
Carriage outwards	500	Reserve for doubtful debts	400
Rent, Rates and Taxes	4,600	Discount	800
Printing and stationery	800	Rent of Premises sublet for year to 30th sept.2020	1,200
Trade expenses	400

Adjustments:
(1) Stock on 31st March,2020 was valued at ₹ 14,000.
(2) Write off ₹ 600 as bad debts.
(3) The reserve for doubtful debts is to be maintained at 5 precent on sundry debtors.
(4) Create a Reserve for discount on debtors and discount on creditors at 2%.
(5) Provision for depreciation on furniture and fixtures at 5% per annum and on plant and machinery at 20% per annum.
(6) Insurance prepaid was ₹ 100.
(7) A fire occurred on 25th March, 2020in the goo down and stock of the value of ₹ 5,000 was destroyed. It was fully insurance and the insurance company admitted the claim in full.

The solution of Question No 32 Chapter No 16 - UNIMAX Class 11

Particulars		Amount	Particulars		Amount
Trading and Profit & Loss A/c Rakesh Roshan For the year ended 31st Dec., 2019
To Opening stock		15,000	By sales	1,20,000
To purchases	82,000		Less: Returns inwards	2,000	1,18000
Less: Returns outwards	1,000	81,000	By Closing stock		14,000
To Freight & Duty		2,000	By Goods lost in fire		5,000
To Gross Profit		39,000
(transferred to P & L A/c)
		1,37,000			1,37,000
To Salaries & Wages		21,300	By Gross Profit b/d		39,000
To Insurance charges	700		By discount		800
Less: Prepaid	100	600	By Rent	1,200	600
To Postage & Telegrams		800	Less: Pre received	600	200
To Trade expenses		400	By Discount on creditors
To Printing & Stationery		800
To Rent, Rate and Taxes		4,600
To Carriage outward		500
To Bad debts	600
Add: New Provision	1,000
Less: Old Provision	400	1,200
To Depreciation debtors		380
To Depreciation on furniture & Fixture		250
To Dep. On Plant & Machinery		4,000
To Dep. On Additional Plant& Machinery		500
To Net Profit
(Transferred to capital)		5,270
		40,600			40,600

Liabilities		Amount	Assets		Amount
Balance Sheet of Mr. Rakesh As on 31st Dec., 2020
Capital	80,000		Prepaid insurance		100
Add: Net Profit	5,270		Cash in hand		6,200
Less: Drawings	6,000	79,270	Cash at bank		20,500
Sundry creditors	10,000		Furniture & Fixtures	5,000
Less: Discount	200	9,800	Less: Deprecation	250	4,750
Pre received Rent		600	Plant & Machinery	20,000
			Less: Dep. (4,000+5,000)		20,500
			Closing stock		14,000
			Insurance claim		5,000
			Sundry debtors	20,600
			Less: bad debts	600
			Less: Provision	1,000
			Less: Discount	380	18,620
		89,670			89,670