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Problem No 06 Chapter No 15 – Unimax Class 11
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Prepare Trading and Profit & Loss Account of M/s Sports Equipment for the year ended March 31, 2020 and balance sheet as on that date:
| Particulars | L.F. | Debit (₹) | Credit (₹) |
| Opening stock | 50,000 | ||
| Purchased and Sales | 3,50,000 | ||
| Sales returns | 5,000 | 7,10,000 | |
| Capital | 32,000 | ||
| Commission | 1,28,000 | 89,000 | |
| Creditors | 1,40,000 | ||
| Bank overdraft | 60,000 | ||
| Cash in hand | 12,000 | ||
| Furniture | 8,000 | 500 | |
| Debtors | 15,000 | 1,000 | |
| Plants | 7,000 | ||
| Carriage on Purchases | 24,000 | ||
| Wages | 6,000 | ||
| Rent | 2,000 | ||
| Bad debts | 1,000 | ||
| Drawings | 7,000 | ||
| Stationery | |||
| Travelling expenses | 5,000 | ||
| Insurance | 2,000 | 77,000 | |
| Discount | 15,000 | ||
| Office expenses | 2,000 | 3,00,000 |
Closing stock as on March 31,2020 ₹ 2,500.
The solution of Problem No 06 Chapter No 15 – UNIMAX Class 11
| Trading A/c, Profit & Loss A/c for the year ended 31st March, 2020 | |||||
| Particular | Amount | Particular | Amount | ||
| To Opening stock | 50000 | By Sales | 4,21,000 | ||
| To Purchases | 350000 | Less return | 5,000 | 4,16,000 | |
| To Carriage inwards | 12,000 | By closing stock | 2500 | ||
| To Wages | 8,000 | By gross loss c/d | 1500 | ||
| 4,20,000 | 4,20,000 | ||||
| To Gross loss b/d | 1,500 | By Commission | 4,000 | ||
| To Rent | 15,000 | BY net loss c/d and | 41,500 | ||
| To Bad debts | 7,000 | transferred to capital a/c | |||
| To Stationery | 6,000 | ||||
| To Travelling expenses | 2,000 | ||||
| To Insurance | 7,000 | ||||
| To Discount | 5,000 | ||||
| To Office expenses | 2,000 | ||||
| 45,500 | 45,500 | ||||
| Balance sheet as on 31st March, 2020 | |||||
| Liabilities | Amount | Assets | Amount | ||
| Capital | 3,00,000 | Cash in hand | 4,21,000 | 32,000 | |
| Less net loss | 41,500 | Furniture | 5,000 | 1,28,000 | |
| Less Drawings | 24,000 | 2,34,500 | Debtors | 1,40,000 | |
| Creditors | 1,00,000 | Plants | 60,000 | ||
| Bank overdraft | 28,000 | Closing stock | 2,500 | ||
| 3,62,500 | 3,62,500 | ||||
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Final Accounts: Meaning, Definition and Explanation
Profit and Loss Account: Meaning, Format & Examples
Balance Sheet: Meaning, Format & Examples
Also, Check out the solved question of all Chapters: –
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Advanced Accountancy – Unimax Class 11 – 2021 – Solution.
Part-I
- Chapter No. 1 – Introduction of Accounting
- Chapter No. 2 – Theory Base of Accounting
- Chapter No. 3 – Vouchers and Transactions
- Chapter No. 4 – Journal
- Chapter No. 5 – Goods and Services Tax (GST): An Introduction
- Chapter No. 6 – Ledger
- Chapter No. 7 – Special Purpose Book – Cash Book
- Chapter No. 8 – Other Subsidiary Books
- Chapter No. 9 – Trial Balance
- Chapter No. 10 – Rectification of Errors
- Chapter No. 11 – Depreciation
- Chapter No. 12 – Provision and Reserves
- Chapter No. 13 – Bank Reconciliation Statement
- Chapter No. 14 – Bills of Exchange
Students may choose only one part from the Part II and Part III
Part-II
- Chapter No. 15 – Financial Statements (Without Adjustments)
- Chapter No. 16 – Financial Statements (With Adjustments)
- Chapter No. 17 – Accounts from Incomplete Records – Single Entry System
Part-III
- Chapter No. 18 – Introduction to Computers and Accounting information System
- Chapter No. 19 – Computerised Accounting
- Chapter No. 20 – Accounting Software: Tally
- Chapter No. 21 – Data Base System
- Chapter No. 22 – Concept of Entity and Relationship
Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution
Chapter No. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
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Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
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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
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Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)
Chapter No. 18 – Financial Statements – (With Adjustments)
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