Question No 02 Chapter No 17 – Unimax Class 11
Anant started a business on 1st April 2019, with a capital of ₹ 6,00,000. During the year he withdrew ₹ 50,000 for household expenses and introduced ₹ 50,000 as a fresh capital. His position of assets and liabilities as at 31st March 2020 stood as follows:
| ₹ | |
| Cash in hand | 40,000 |
| Stock | 50,000 |
| Bills receivable | 70,000 |
| Debtors | 9,00,000 |
| Creditors | 3,00,000 |
| Bills payable | 20,000 |
You are required to prepare statement of Profit & Loss for the year ended 31st March 2020.
The solution of Question No 02 Chapter No 16 – UNIMAX Class 11
Statement of Affairs
As at 31st March 2020
| Liabilities | Amount | Assets | Amount |
| Creditors | 3,00,000 | Bank | 40,000 |
| Bills payable | 20,000 | Stock | 50,000 |
| Capital (Balancing figure) | 7,40,000 | Bills receivable | 70,000 |
| Debtors | 9,00,000 | ||
| 10,60,000 | 10,60,000 |
Statement of Profit & Loss
For the year ending 31st March,2020
| Particulars | ₹ |
| Capital as on 31st March 2020 | 7,40,000 |
| Add: Drawings (House expenses) | 50,000 |
| 7,90,000 | |
| Less: Additional capital introduced | 50,000 |
| 7,40,000 | |
| Less: Opening capital | 6,00,000 |
| Profit made during the year | 1,40,000 |
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Final Accounts: Meaning, Definition and Explanation
Profit and Loss Account: Meaning, Format & Examples
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Balance Sheet: Meaning, Format & Examples
Also, Check out the solved question of all Chapters: –
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
Chapter No. 4 – Vouchers and transactions
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Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 14 – Provisions and Reserves
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Chapter No. 15 – Bills of Exchange
Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)
Chapter No. 18 – Financial Statements – (With Adjustments)
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