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Question no 36 Chapter No 16 - Unimax Class 11

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Question No 36 Chapter No 16 - Unimax Class 11

The following are the Leger balance sheet of Amar Nath as on 31st March 2020:

Balance	₹	Balance	₹
Sundry debtors	6,000	Sales	25,000
General expenses	1,200	Sundry creditors	2,000
Factory Rent	250	Interest received	120
Manufacturing wages	2,000	Purchases returns	200
Purchases	20,000	Discount received	180
Furniture and Fixture	500	Reserve for bad debts	200
Carriage and freight on Raw Materials	500	Capital	29,000
Sales returns	300	Plant and Machinery	6,000
Horses, carts and vehicles	2,000	Bank balance	3,300
Advance on Mortgage (Dr. )	2,000	Cash	10
Travelling expenses	600	Stock 1.4.2019	5,000
Office salaries	2,200	Discount allowed	220
Drawings	2,500	Rates, Taxes and insurance	120

Prepare Trading A/c, Profit & Loss A/c for the year ending 31st March, 2020 and Balance sheet as on that date. Stock in hand on 31st March ,2020amounted ₹ 7,500. Write off 5% from plant and machinery and 10% for Hotres, Carts and Vehicles and Furniture and Fixtures. Increase the reserve for bad debts to 5% for the value of debtors.

The solution of Question No 36 Chapter No 16 - UNIMAX Class 11

Particulars		Amount	Particulars		Amount
Trading and Profit & Loss A/c of Amar Nath For the year ended 31st March, 2020
To Opening stock		5,000	By sales	25,000
To purchases	20,000		Less: Returns	300	24,700
Less: Returns	200	19,800	By Closing stock		7,500
To Factory Rent		250
To Manu. wages		2,000
To Carriage & Freight on Raw Material		500
To Gross Profit		4,650
(transferred to P & L A/c)
		32,200			32,200
To General expenses		1,200	By Gross Profit b/d		4,650
To Travelling expenses		600	By Interest received		120
To office salaries		2,200	By discount received		180
To Discount allowed		220	By Net Loss (transferred to capital A/c)		40
To Rates, Tax & Insurance		120
To Dep. On plant		300
To Dep. On Horse cart& Vehicle		200
To Dep. Furniture & Fixtures		50
To Reserve for bad debts (₹300-200)		100
		4,990			4,990

Balance Sheet of Amar Nath
As on 31st March,2020

Liabilities		Amount	Assets		Amount
Capital	29,000		Sundry Debtors	6,000
Less: Drawings	2,500		Less: Reserve for bad debts	300	5,700
	26,500		(₹200-₹100)
Less: Net Loss	40	26,460	Furniture & Fixture	500
Sundry creditors		2,000	Less: Dep.	50	450
			Horse, Car & vehicle,	2,000
			Less: Dep	200	1,800
			Plant & Machinery	6,000
			Less: Dep.	300	5,700
			Office premises		2,000
			Bank balance		3,300
			Cash		10
			Closing stock		7,500
			Loan on Mort age		2,000
		28,460			28,460