Problem No 06 Chapter No 15 – Unimax Class 11

Posted by By Rajwinder Kaur 7 Min Read April 5, 2023
Problem No 06 Chapter No 15 - Unimax Class 11
Problem No 06 Chapter No 15 - Unimax Class 11

Problem No 06 Chapter No 15 – Unimax Class 11

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

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Also, Check out the solved question of all Chapters: –

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

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. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

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Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

Chapter No. 16 – Rectification of Errors 

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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

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