Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Advertisement
Advertisement
Advertisement
Advertisement
Question No 34 Chapter No 16 - Unimax Class 11
The following is the Trial Balance of Shri Ram Prakash as on 31st March 2020:
| Particulars | Debit | Credit |
|---|---|---|
| Capital | 41,000 | |
| Plant & Machinery | 51,000 | |
| Furniture | 2,600 | |
| Stock 1.4.2019 | 48,000 | |
| Motor Van | 12,000 | |
| Sundry debtors and creditors | 45,000 | 52,000 |
| Cash | 6,900 | |
| Wages- factory | 1,50,000 | |
| Wages -office | 14,000 | |
| Purchases and sales | 2,13,500 | 4,80,000 |
| Bills receivable and B/P | 7,200 | 5,600 |
| Return | 9,300 | 5,500 |
| Provision for bad debts | 2,500 | |
| Drawings | 6,000 | |
| Rent | 6,000 | |
| Lighting | 800 | |
| Telephone | 1,350 | |
| Insurance | 300 | |
| Advertisement | 6,350 | |
| General expense | 1,000 | |
| Bad debts | 2,500 | |
| Discounts | 6,500 | 3,700 |
| Total | 5,90,300 | 5,90,300 |
The following adjustment are to be made:
(a) Stock on 31st March 2020 was values at ₹ 52,000.
(b) Rent due not paid ₹ 2,000
(c) Lighting outstanding ₹ 300.
(d) Insurance was paid in advance ₹ 100
(e) Depreciation plant and machinery @ 33*1/3%
Furniture @ 10% and Motor vans @ 33*1/3%
(f) Provision doe bad debts has to be increased to ₹ 3,000.
(g) Discount on debtors and creditors @ 2*1/2.
Prepare Trading and Profit and Loss Account for the year ending 31st March, 2020and the Balance sheet as on that date.
| Balance Sheet of Modern Traders As on 31st Dec., 2019 |
|||||
| Liabilities |
Amount | Assets |
Amount | ||
|---|---|---|---|---|---|
| Capital | 60,000 | Sundry debtors | 38,200 | ||
| Add: Net Profit | 21,284 | Less: Sales on Return basis | 1,400 | ||
| Less: Drawings | 7,000 | 74,284 | Less: Provision | 1,840 | 34,960 |
| Creditors | 16,802 | Cash | 6,100 | ||
| Loan on Mortgage | 17,000 | Motor car | 18,000 | ||
| Bills payable | 5,428 | Less: Depreciation | 2,700 | 15,300 | |
| Outstanding interest | 450 | Bank | 9,110 | ||
| Outstanding commission | 800 | Land & Building | 24,000 | ||
| To Manager | 1,120 | Less: Deprecation | 1,200 | 22,800 | |
| Outstanding salary | 1,400 | Bills receivable | 13,764 | ||
| Closing stock | 13,700 | ||||
| Add: stock on Returns basis | 1,200 | 14,900 | |||
| prep air insurance | 350 | ||||
| 1,17,284 | 1,17,284 | ||||
Balance Sheet of KNHD
As on 31st Dec., 2020
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Capital | 41,000 | Plant & Machinery | 51,000 | ||
| Add: Net Profit | 57,890 | Less: Dep | 17,000 | ||
| Less: Drawings | 6,000 | 92,890 | Furniture | 2,600 | |
| Creditors | 52,00 | Less: Dep | 260 | 2,340 | |
| Less: Provision for discount | 1,300 | 50,700 | Motor van | 12,000 | |
| Bills Payable | 5,600 | Less: Dep. | 4,000 | 8,000 | |
| Outstanding Rent | 2,000 | Sundry debtors | 45,000 | ||
| Outstanding Lighting | 300 | Less: New provision | 3,000 | ||
| Less: Provision for discount | 1,050 | 40,950 | |||
| Cash | 6,900 | ||||
| Bills receivable | 7,200 | ||||
| Closing stock | 52,000 | ||||
| Prepaid insurance | 100 | ||||
| 1,51,490 | 1,51,490 | ||||
Thanks, Please Like and share with your friends
Comment if you have any Doubts.
https://tutorstips.com/final-accounts/
https://tutorstips.com/profit-and-loss-account/
https://tutorstips.com/balance-sheet/
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.
This guide covers "Question no 34 Chapter No 16 - Unimax Class 11", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax class 11 - 2021.
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.
You can take our custom-built interactive practice quiz directly on this page to test your understanding of "Question no 34 Chapter No 16 - Unimax Class 11" instantly.
