Loading Tutorstips...
✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Question no 20 Chapter No 15 - Unimax Class 11
20. The following trial balance is extracted from the books on March 31, 2020. You are required to prepare the Trading and profit and loss account and the balance sheet as on date:
| Particular | ₹ | Particular | ₹ |
| Debtors | 12,000 | Apprenticeship premium | 5,000 |
| Purchases | 50,000 | Loan | 10,000 |
| Coal, Gas and water | 6,000 | Bank overdraft | 1,000 |
| Factory wages | 11,000 | Sales | 80,000 |
| Salaries | 9,000 | Creditors | 13,000 |
| Rent | 4,000 | Capital | 20,000 |
| Discount | 3,000 | ||
| Advertisement | 500 | ||
| Drawings | 1,000 | ||
| Loan | 6,000 | ||
| Petty cash | 500 | ||
| Sales return | 1,000 | ||
| Machinery | 5,000 | ||
| Land and Building | 10,000 | ||
| Income tax | 100 | ||
| Furniture | 9,900 |
Trading A/c, Profit & Loss A/c for the year ended 31st March, 2020
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Purchases | 50,000 | By Sales | 80,000 | ||
| To Coal, Gas and water | 6,000 | Less sales return | 1,000 | 79,000 | |
| To Factory wages | 11,000 | ||||
| To Gross profit c/d | 12,000 | ||||
| (and transferred to P & L A/c) | |||||
| 79,000 | 79,000 | ||||
| To Salaries | 9,000 | By Gross Profit b/d | 12,000 | ||
| To Rent | 4,000 | By Apprenticeship premium | 5,000 | ||
| To Discount | 3,000 | ||||
| To Advertisement | 500 | ||||
| To Net profit c/d | 500 | ||||
| (and transferred to capital A/c) | |||||
| 17,000 | 17,000 | ||||
balance sheet as on 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
|---|---|---|---|---|---|
| Capital | 20,000 | Debtors | 12,000 | ||
| Add net profit | 500 | Petty cash | 500 | ||
| Less Income tax | 100 | Machinery | 5,000 | ||
| Less Drawing | 1,000 | 19,400 | Land and Building | 10,000 | |
| Loan | 10,000 | Loan | 6,000 | ||
| Bank overdraft | 1,000 | Furniture | 9,900 | ||
| Creditors | 13,000 | 9,000 | |||
| 43,400 | 43,400 | ||||
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 20 Chapter No 15 - 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 20 Chapter No 15 - Unimax Class 11" instantly.
