Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question No 54 Chapter No 16 - Unimax Class 11
Trial Balance of Mr. Gopal Das as at 31st March, 2020 was as follows:
| Particulars | Debit | Credit |
|---|---|---|
| Purchases | 8,12,525 | |
| Sales | 12,62,000 | |
| Provision for doubtful debtors | 26,000 | |
| Sundry debtors | 2,51,000 | |
| Sundry creditors | 1,52,630 | |
| Bills payable | 20,250 | |
| Opening stock | 1,33,625 | |
| Wages | 1,15,685 | |
| Salaries | 27,875 | |
| Furniture | 36,250 | |
| Postage | 21,130 | |
| Power and fuel | 6,750 | |
| General expenses | 29,155 | |
| Bad debts | 2,625 | |
| Loan to Ram @ 10% p.a. Dec.1.2019 | 15,000 | |
| Cash in hand and bank | 50,000 | |
| General expenses outstanding | 3,500 | |
| Drawing Account | 22,260 | |
| Capital A/c | 50,000 | |
| Outstanding Wages | 10,000 | |
| Input CGST | 5,000 | |
| Input SGST | 5,000 | |
| Input IGST | 8,000 | |
| Output CSGT | 4,000 | |
| Output SGST | 4,000 | |
| Output IGST | 9,500 | |
| 15,41,880 | 15,41,880 |
Prepare Trading and Profit and profit loss Account for the year ended 31st March, 2020 and balance sheet as at that date after taking into consideration the following information:
(1) Stock on 31st March 2020 was ₹ 62,750.
(2) Depreciation on furniture is to be charged @ 10%.
(3) Sundry debtors include an item of ₹ 2,500 due from a customer who has become insolvent.
(4) The remaining debtors are not consideration to be doubtful of recovery.
(5) Goods costing ₹ 7,500 plus IGST @ 12% were destroyed by fire and insurance company admitted a claim for ₹ 8,000.
(6) Received goods from Rahul & Co. of ₹ 6,000 plus IGST @ 12% on 27th March, 2020 but the invoice purchases was not recoded in the purchases book.
Trading and Profit & Loss A/c of Gopal Das
For the year ended 31st March, 2020
| Particulars | Amount | Particulars | Amount | ||
|---|---|---|---|---|---|
| To Opening stock | 1,33,625 | By sales | 12,62,000 | ||
| To purchases | 8,12,525 | By goods lost by fire | 7,500 | ||
| Add: Omitted Purchases(note1) | 6,000 | 8,18,525 | By Closing stock | 62,750 | |
| To Wages | 1,15,685 | ||||
| To Power and fuel | 6,750 | ||||
| To Gross Profit (transferred to P & L A/c) |
2,57,665 | ||||
| 13,32,250 | 13,32,250 | ||||
| To Loss of stock by fire (₹ 8,400-8,000) | 400 | By Gross Profit b/d | 2,57,665 | ||
| To Salaries | 27,875 | By Provision for doubtful debts (note 2) | |||
| To Postage | 21,130 | Existing provision | 26,000 | ||
| To General expenses | 29,155 | Less: Bad debts | 2,625 | ||
| To Dep. on Furniture | 3,625 | Less: Further bad debts | 2,500 | 20,875 | |
| To Net Profit (Transferred to capital) |
1,96,855 | By Accrued interest on loan | 500 | ||
| 2,79,040 | 2,79,040 | ||||
Balance Sheet of of Gopal Das
AS 0n 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Current liabilities | Current assets | ||||
| Creditors | 1,52,630 | Insurance claim | 8,000 | ||
| Add: Omitted Purchases | 6,720 | 1,59,350 | Cash in hand and at bank | 50,000 | |
| Bills Payable | 20,250 | Closing stock | 62,750 | ||
| Outstanding wages | 10,000 | Debtors | 2,15,000 | ||
| General expenses outstanding | 3,500 | Less: Further bad debts | 2,500 | 2,48,500 | |
| Capital | Loan to Ram | 15,000 | |||
| Opening balance | 50,000 | Add: Accrued interest | 500 | 15,500 | |
| Add: Net profit for the year | 1,96,855 | 2,46,855 | Input SGST | 320 | |
| Less: Drawings | 22,260 | 2,24,595 | Fixed assets | ||
| Furniture | 36,250 | ||||
| Less: Depreciation | 3,625 | 32,625 | |||
| 4,17,695 | 4,17,695 | ||||
1. Following entry will be passed to record omitted purchases:
| Purchases A/c | Dr. | ₹6,000 |
| Input IGST A/c | Dr. | ₹720 |
| To Supplier A/c | ₹6,720 |
2. Since the remaining debtors are not doubtful of recovery, balance in provision for doubtful debts is written back (creditors) to profit & loss account.
3. Input CGST, Input SGST and Input IGST shall be first adjusted against output CGST, output SGST, output IGST respectively. Thereafter, balance in Input CGST (₹ 1,000) shall be adjusted against Output IGST and balance (₹680) in Output IGST shall be adjusted against Input SGST leaving a balance of ₹ 320 in Input SGST Account.
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 Publication4
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 54 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 54 Chapter No 16 - Unimax Class 11" instantly.
6 January 2025
6 January 2025
