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Question no 33 Chapter No 16 - Unimax Class 11

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Question No 33 Chapter No 16 - Unimax Class 11

From the following Trial Balance of M/s KNHD as on 31st December, 2019. Prepare Trading and Profit & Loss A/c and balance sheet:

Particulars	Debit	Credit
Stock at commencement	15,000
Purchases and sales	1,09,000	1,80,000
Wages	8,000
Fuel, Power & Lighting	12,000
Salaries	11,000
Income Tax	5,500
Loan to Hemant at 10% p.a.	5,000
Interest on Hemant loan		300
Apprentice premium		4,500
Rent	4,000
Rent owing		600
Furniture (Includes furniture of ₹ 1,000 purchased on (1.7.2019)	500
B/R and B/P	6,000	1,600
Plant	72,000
Debtors and creditors	28,000	13,000
Capital		13,000
Cash		1,00,000
Total	3,00,000	3,00,000

Information:
(1) Closing stock was valued at ₹ 30,000.
(2) Goods worth ₹ 5,000 were sold and despatcher on 28th dec., 2019, but no entry was passed to this effect.
(3) Goods casting ₹ 7,000were purchased and included into stock but o entry was passed to record the purchases.
(4) Create a provision of 2% for discount on debtors and creditors.
(5) Apprentice premium received on 1st Jan., 2019 was for 3 years.
(6) Depreciation furniture by 10%p.a.
(7) Salaries for the month of Dec. 2019 are still outstanding.

The solution of Question No 33 Chapter No 16 - UNIMAX Class 11

Particulars		Amount	Particulars		Amount
Trading and Profit & Loss A/c of KNHD For the year ended 31st Dec., 2019
To Opening stock		15,000	By sales	1,80,000
To purchases	1,09,000		Add: goods sold not entered	5,000	1,85,000
Add: goods Purchased not entered	7,000	1,16,000	By Closing stock		30,000
To Wages		8,000
To Fuel, Power & Lighting		12,000
To Gross Profit		64,000
(transferred to P & L A/c)
		2,15,000			2,15,000
To Salaries	11,000		By Gross Profit b/d		64,000
Add: O/S	1,000	12,000	By Apprentice	4,500
To Rent		4,000	Less: Advance	3,000	1,500
To Dep. On Furniture		450	By interest on Loan	300
To Provision for dis. on debtors		660	Add: Accrued	200	500
To Net Profit			Discount on creditors		400
(Transferred to capital)		49,290
		66,400			66,400

Balance Sheet of KNHD
As on 31st Dec., 2020

Liabilities		Amount	Assets		Amount
Capital	1,00,000		Loan to Hemet		5,000
Add: Net Profit	49,290		Furniture	5,000
Less: income Tax	5,500	1,43,790	Less: Dep.	450	4,550
Bill payable		1,600	Bill receivable		6,000
Sundry creditors	13,000		Plant		72,000
Add: Goods not entered	7,000		Sundry debtors	28,000
Less: Discount	400	19,600	Add: sales not entry	5,000
Outstanding salary		1,000	Less: Discount	660	32,340
Advance premium		3,000	Cash		19,500
Rent owing		600	Closing stock		30,000
			Accrued interest		200
		1,69,590			1,69,590