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Problem No 07 Chapter No 15 – Unimax Class 11
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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
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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