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Question no 47 Chapter No 16 - Unimax Class 11

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Question No 47 Chapter No 16 - Unimax Class 11

The following Trial Balance is extracted from the books of Mr. Jaswant on 31st March, 2020 prepare Trading and Profit & Loss account and balance sheet as at 31st March, 2020.

TRIAL BLANCE

AS AT31ST MARCH,2020

Particulars	Debit	Credit
Stock on 1.4.2019	81,000
Purchases and sales	1,35,000	3,50,000
Furniture and Fittings	16,000
Land and Building	1,80,000
Capital		2,43,000
Returns	5,000	3,000
Commission		9,375
Insurance	31,250
Salaries	82,500
Wages	19,000
Cash	6,000
Advertising	11,250
Sundry debtors & creditors	95,000	62,500
Bad debts	1,500
Provision for bad debts		2,625
General expenses	7,000
	6,70,500	6,70,500

Adjustments:
(1) Closing stock was ₹ 1,02,000.
(2) Salaries ₹ 500 and wages ₹ 1,000 are outstanding.
(3) Prepaid insurance amounting ₹ 1,250.
(4) One-fifth of the commission received in respect of work to be done next year.
(5) Write off ₹ 5,000 as bad debts.
(6) Provision for doubtful debts is to be made at 5% on sundry debtors.
(7) Depreciate land & building @ 5% and furniture and fittings @ 10%.
(8) Outstanding audit fees ₹ 5,060.

The solution of Question No 47 Chapter No 16 - UNIMAX Class 11

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

Particulars		Amount	Particulars		Amount
To Opening stock		81,000	By sales	3,50,000
To purchases	1,35,000		Less: Returns	5,000	3,45,000
Less: Returns	3,000	1,32,000	By Closing stock		1,02,000
To Wages	19,000
Add: Outstanding wages	1,000	20,000
To Gross Profit (transferred to P & L A/c)		2,14,000
		4,47,000			4,47,000
To Salaries	82,500		By Gross Profit b/d		2,14,000
Add: Outstanding salaries	500	83,000	By Commission	9,375
To Insurance	31,250		Less: Advance commission	1,875	7,500
Less: prepaid insurance	1,250	30,000
To Advertising		11,250
To General expenses		7,000
To Outstanding Audit fees		5,060
To Dep. Land and Building		9,000
To Dep. Furniture and Fixture		1,600
To Bad debts	1,500
Add: Further bad debts	5,000
Add: New reserve	4,500
Less: Old reserve	2,625	2,625
To Net Profit
(Transferred to capital)		66,215
		2,21,500			2,21,500

Balance Sheet of MR. Jaswant
As on 31st March, 2020

Liabilities		Amount	Assets		Amount
Capital	2,43,000		Furniture and Fittings	16,000
Add: Net profit	66,25	3,09,215	Less: Depreciation	1,600	14,400
Sundry creditors		62,500	Land and Building	1,80,000
Outstanding Salaries		500	Less: Depreciation	9,000	1,71,000
Outstanding Swages		1,000	Cash		6,000
Advance commission		5,060	Sundry debtors	95,000
			Less: Further bad debts	5,000
			Less: New provision	4,500	85,500
			Closing stock		1,02,000
			Prepaid insurance		1,02,000
		3,80,150			3,80,150