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Problem No 08 Chapter No 15 – Unimax Class 11

Problem No 08 Chapter No 15 - Unimax Class 11
Problem No 08 Chapter No 15 - Unimax Class 11

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Problem No 08 Chapter No 15 – Unimax Class 11

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From the following balances, prepare final accounts of M/s Mangal and Sons for the year ending 31st March,2020: Salary ₹ 5,400; Insurance ₹ 2,500; Cash ₹ 400; Purchases ₹ 84,170; Rent received ₹ 3,150; Drawings ₹ 2,100; Bills payable ₹ 3,900; Debtors ₹ 38,080; Stock 91-4-19) ₹ 29,500; Bank overdraft ₹ 9,700; Carriage ₹ 2,200; Creditors ₹ 4,200; Trade expenses ₹ 4,900; Sales return ₹ 4,700; Machinery ₹ 12,000; Wages ₹ 45,000; Sales ₹ 1,47,200; purchases return ₹ 3,900; Capital ₹ 58,900’ Closing stock ₹ 36,200

The solution of Problem No 08 Chapter No 15 – UNIMAX Class 11

Trading A/c, Profit & Loss A/c for the year ended 31st March, 2020
Particular
AmountParticular
Amount
To Opening stock 29,500By Sales1,47,200 
To Purchases84,170 Less return4,7001,42,500
Less return3,90080,270By closing stock36,200
To Carriage2,200  
To Wages45,000  
To Gross profit c/d21,730  
  1,78,700  1,78,700
To Salary5,400By Gross profit b/d 21,730
To Insurance2,500By Rent 3,150
To Taxes and expenses4,900   
To Net profit c/d12,080   
  24,880  24,880
Balance sheet of MANGAL SONS. as on 31st March, 2020
Liabilities AmountAssetsAmount
Capital58,900 Cash400
Add :net profit12,080 Debtors38,080
Less Drawings2,10068,880Machinery12,000
Bills payable3,900Closing stock36,200
Bank overdraft9,700  
Creditors4,200  
  86,680 86,680

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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: –

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

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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

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Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

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

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

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. 13 – Depreciation

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)

Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication

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