Problem No 07 Chapter No 15 – Unimax Class 11

Posted by By Rajwinder Kaur 7 Min Read April 5, 2023
Problem No 07 Chapter No 15 - Unimax Class 11
Problem No 07 Chapter No 15 - Unimax Class 11

Problem No 07 Chapter No 15 – Unimax Class 11

From the following Trial Balance of S. Ganapati, prepare the Trading and Profit & Loss Account for the year ended 31st March 2020 and the Balance sheet as at that date:

Particulars L.F. Debit (₹) Credit (₹)
Capital and Drawing   4,560 1,74,000
Purchased and Sales   53,400 90,000
Sales returns and Purchases returns   1,680 2,700
Stock (1-4-2019)   7,200  
Wages   4,800 2,500
Building   1,32,000  
Freight & carriage   12,000  
Trade expenses   1,200  
Advertisement   1,440 7,200
Interest   400  
Taxes and Insurance   780  
Debtors and creditors   39,000  
Bills receivable and bills payable   9,000 4,200
Cash at bank   7,200  
Cash in hand   1,140  
Salaries   4,800  
    2,80,600 2,80,600

Adjustment: Stock on 31 March 2020 was valued at ₹ 9,000

The solution of Problem No 07 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

7,200

 By Sales 90,000  
To Purchases     Less return 1,680 88,320
Less return   50,700 By closing stock 9,000
To Wages 4,800    
To Freight & carriage 12,000    
To Gross profit c/d 22,620    
    97,320     97,320
To Trade expenses 1,200 By Gross profit b/d   22,620
To Advertisement 1,140 By interest   2,500
To interest 400      
To Taxes and Insurance 780      
To Salaries 4,800      
To Net profit c/d 16,500      
    25,120     25,120
Balance sheet of SH. GANPATI as on 31st March, 2020
Liabilities Amount Assets Amount
Capital 1,74,000   Building 1,32,000
Add :net profit 16,500   Debtors 39,000
Less Drawings 4,560 1,85,940 Bills receivable 9,000
Creditors 7,200 Cash at Bank 7,200
bills payable 4,200 Cash in hand 1,140
    Closing stock 9,000
    1,97,340   1,97,340

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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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