Question No 03 Chapter No 17 – Unimax Class 11
Samara started the business on April 1.2019 with a capital of ₹ 1,30,000. On March 31 2020 her incomplete records could the following date:
(1) Amount due to suppliers of raw materials ₹ 10,000.
(2) Stock of new material ₹ 3,000 and finished products ₹ 4,000.
(3) Fixed assets ₹ 50,000
(4) Amount due from customers ₹ 60,000.
(5) She had withdrawn ₹ 1,000 per month for meeting her personal expenses.
(6) She introduced ₹ 20,000 as capital during the year.
(7) She has cash at bank ₹ 40,000 and cash in hand ₹ 10,000.
(8) Outstanding electricity bill ₹ 2,000.
Calculate the profit & Loss of her business during the year using statement of affairs method.
The solution of Question No 03 Chapter No 17 – UNIMAX Class 11
Statement of Affairs
As at 31st March 2020
| Liabilities | Amount | Assets | Amount |
| Creditors (Suppliers) | 10,000 | Stock: | |
| Outstanding electricity bill | 2,000 | Raw materials | 3,000 |
| Capital (Balancing figure) | 1,55,000 | Finished products | 4,000 |
| Fixes assets | 50,000 | ||
| Debtors (customer) | 60,000 | ||
| Cash at bank | 40,000 | ||
| Cash in hand | 10,000 | ||
| 1,67,000 | 1,67,000 |
Statement of Profit & Loss
| ₹ | |
| Capital at the end of the year 31st March 2020 | 1,55,000 |
| Add: Drawings (1,000 x12) | 12,000 |
| 1,67,000 | |
| Less: fresh capital introduced | 20,000 |
| 1,47,000 | |
| Less: capital at the beginning (May 1,2019) | 1,30,000 |
| Profit made during the year | 17,000 |
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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
- 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
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
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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