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Question no 43 Chapter No 16 - Unimax Class 11

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Question No 43 Chapter No 16 - Unimax Class 11

(with GST). Following Trial Balance is extracted from the books of a Rishi as at 31st March, 2020:

Trial balance

Particulars	Debit	Credit
Furniture	32,000
Motor Vehicles	3,12,500
Building	3,75,000
Capital		6,25,000
Bad debts	6,250
Provision for bad debts		10,000
Sundry debtors	1,90,000
Sundry creditors		1,25,000
Opening stock	1,73,000
Purchases	2,73,750
Sales		7,72,500
Bank loan		1,52,00
Sales return	10,000
Purchases return		6,250
Advertising	22,500
Interest	5,900
Commission received		18,750
Cash	32,500
Insurance	62,500
General expenses	39,100
Salaries	1,65,000
Input CGST	25,000
Input SGST	25,000
Output CGST		20,000
Output SGST		20,000
Total	17,50,000	17,50,000

The following adjustment are to be made:
(1) Stock in hand on 31st March, 2020 was ₹1, 62,500.
(2) Depreciation Building @ 5%, Furniture @ 10% , Motor vehicles @ 20%.
(3) ₹ 4,250 is due for interest on bank Loan.
(4) Salaries ₹ 15,000 and Taxes ₹ 12,000 ae outstanding.
(5) Insurance amounted to ₹ 5,000 is prepaid CGST and SGST is paid @ 6% each.
(6) One third of the commission received is in respect of work to be done next year. IGST is charged @ 12%.
(7) Write off further ₹ 5,000as bad debts and provision for doubtful debts is to be made equal to 5% on sundry debtors.
Prepare Trading and Profit & Loss A/c for the year ended 31st March, 2020 and Balance Sheet as at that date.

The solution of Question No 43 Chapter No 16 - UNIMAX Class 11

Trading and Profit & Loss A/c
For the year ended 31st March, 2020

Particulars		Amount	Particulars		Amount
To Opening stock		1,73,000	By sales	7,72,500
To purchases	2,73,750		Less: Returns	10,00	7,62,500
Less: Returns	6,250	2,67,500	By Closing stock		1,62,500
To Gross Profit (transferred to P & L A/c)		4,84,500
		9,25,000			9,25,000
To Salaries	1,65,000		By Gross Profit b/d		4,84,500
Add: Outstanding Salaries	15,000	1,80,000	By Commission received	18,750
To General expenses		39,100	Less: received comm. In advance	6,250	12,500
To Insurance	62,500
Add: Outstanding Taxes	12,000
	74,500
Less: Prepaid insurance	5,000	69,500
To Interest	5,900
Add: Outstanding interest on bank loan	4,250	10,150
To Advertising		22,500
To Bad debts	6,250
Add: Further bad debts	5,000
Provision for doubtful debts	9,250
	20,500
Less: existing provision	10,000	10,500
To Dep. On Building		18,750
To Dep. On Furniture		3,200
To Dep. On Motor Vehicles	62,500	84,450
To Net Profit (Transferred to capital)		80,800
		4,97,000			4,97,000

Balance Sheet
AS 0n 31st March, 2020

Liabilities		Amount	Assets		Amount
Current Liabilities			Current Assets
Sundry Creditors		1,25,000	Cash		32,500
Bank loan	1,52,500		Sundry creditors	1,90,000
Add O/S Interest	4,250	1,56,750	Less: Further bad debts	5,000	1,85,5000
O/S Taxes	12,000		Less Provision for doubtful bad debts	9,250	1,75,750
O/S Salaries	15,000	27,000	Prepaid insurance		5,000
Commission received in advance		6,250	Closing stock		1,62,500
			Input CGST (₹ 25,000-20,000)		5,0000
Capital			Input SGST (₹ 25,000-20,000)		5,000
Opening stock	6,25,000		Fixed Assets
Add: Net profit	80,800	7,05,800	Furniture	32,000
			Less: Depreciation	3,200	28,800
			Motor vehicles	3,12,500
			Less: Depreciation	62,500	2,50,000
			Building	3,75,000
			Less: Depreciation	18,750	3,56,250
		10,20,800			10,20,800

Note: GST paid (input GST) on prepaid insurance is not to be adjusted. GST charged (output GST) on commission received in advance is nor to be adjusted.

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