Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Advertisement
Advertisement
Advertisement
Advertisement
Question No 50 Chapter No 16 - Unimax Class 11
Following are balance are the Trial balance on 31st March, 2020.
| Particulars | ₹ | Particulars | ₹ |
|---|---|---|---|
| Stock on commencement | 22,810 | Interest on securities | 3,200 |
| Purchases | 77,100 | Land and building | 5,00,000 |
| Sales | 1,87,400 | Securities | 3,00,000 |
| Wages | 63,000 | Cash in hand | 12,800 |
| carriage inward | 450 | Bank overdraft | 1,70,000 |
| Freight on purchases | 350 | Discount allowed | 750 |
| Salaries | 4,000 | Discount received | 210 |
| Insurance charges | 1,400 | Bills payable | 2,000 |
| Duty on import of goods | 2,100 | Loan (Cr) | 15,500 |
| Repairs on machinery | 700 | Bills receivable | 3,500 |
| With drawls (for personal use) | 2,800 | Capital A/c | 6,83,800 |
| Customer’s A/c | 7900 | Supplier A/c | 20,000 |
| Postage | 250 | X’S Loan A/c | 9,300 |
| Trade expense | 500 | Plant & Machinery | 91,000 |
Prepare Trading and Profit & Loss A/c for the year ended 31st March 2020 and Balance Sheet as that after taking into account the following adjustments.
(1) Closing stock was valued at ₹ 29,500.
(2) Depreciation to be provide on land and building @ 5% p.a. and on Plant and Machinery @ 10%.
(3) Write off ₹ 1,000 as bad debts
(4) Insurance was prepaid ₹ 350.
(5) Create provision for doubtful debts @ 5% on debtors.
(6) Wages include ₹ 2,400 for installation of a new machinery.
(7) Wages include ₹ 2,400 for installation of a new machinery.
(8) Plant & Machinery includes a machinery costing ₹ 48,000 which was purchases on 1st January 2020.
Trading and Profit & Loss A/c
For the year ended 31st March,2020
| Particulars | Amount | Particulars | Amount | |
|---|---|---|---|---|
| To Opening stock | 22,810 | By sales | 1,87,400 | |
| To purchases | 77,100 | By Closing stock | 29,500 | |
| Less: Returns | ||||
| To Wages | 63,000 | |||
| Less: Installation wages | 2,4000 | 60,600 | ||
| To carriage inwards | 450 | |||
| To freight on purchases | 350 | |||
| To Duty on import | 2,100 | |||
| To Gross Profit (transferred to P & L A/c) |
53,490 | |||
| 2,16,900 | 2,16,900 | |||
| To Salaries | 4,000 | By Gross Profit b/d | 53,490 | |
| To Insurance charges | 1,400 | By Discount received | 210 | |
| Less: prepaid | 350 | 1,050 | By interest on securities | 3,200 |
| To Repair | 700 | |||
| To Postage | 250 | |||
| To Trade expenses | 500 | |||
| To Discount allowed | 750 | |||
| To Dep. On Land & Building | 25,000 | |||
| To Dep. on Plant & Machinery | 5,560 | |||
| To Bad debts | 1,000 | |||
| Add: New Provision | 345 | 4,345 | ||
| To Net Profit (Transferred to capital) |
17,745 | |||
| 56,900 | 56,900 | |||
Balance Sheet
AS 0n 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Capital | 6,83,800 | Land and Building | 5,00,000 | ||
| Add: Net profit | 17,745 | Less: Depreciation | 25,000 | 4,75,000 | |
| Less: Drawings | 2,800 | 6,98,745 | Securities | 3,00,000 | |
| Bank overdraft | 1,70,000 | Cash | 12,800 | ||
| Bills payable | 2,000 | Bills receivable | 3,500 | ||
| Loan | 15,500 | Closing stock | 29,500 | ||
| Supplier | 20,000 | Plant & Machinery | 91,000 | ||
| X’S Loan | 9,300 | Add: Installation | 2,400 | ||
| Less: Depreciation | 5,560 | ||||
| Prepaid insurance | 350 | ||||
| Customer’s | 7,900 | ||||
| Less: bad debts | 1,000 | ||||
| Less: Provision | 345 | 6,555 | |||
| 9,15,545 | 9,15,545 | ||||
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 50 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 50 Chapter No 16 - Unimax Class 11" instantly.
