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Question no 04 Chapter No 17 – Unimax Class 11

Question no 04 Chapter no 17 unimax class11
Question no 04 Chapter no 17 unimax class11

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Question No 04 Chapter No 17 – Unimax Class 11

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Neetu started business with a capital of ₹ 8,00,000 on 1st April 2019. She borrowed from bank sum of ₹ 3,00,000 per annum (interest not yet paid) for business and brought a further amount of ₹ 2,00,000 as capital.

On 31st March 2020 her position was:

 
Cash in hand70,000
Bank balance2,00,000
Stock9,00,000
Debtors5,00,000
Creditors1,00,000

She withdrew ₹ 3,000 per months during period. Calculate profit & loss for the period.

The solution of Question No 04 Chapter No 17 – UNIMAX Class 11

Statement of Affairs
As at 31st March 2020

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Liabilities
AmountAssetsAmount
Creditors  1,00,000Cash in hand 70,000
Bank loan3,00,000 Bank balance2,00,000
Interest outstanding30,0003,30,000Stock9,00,000
Capital (Balance figure) 12,40,000Debtors5,00,000
  16,70,000 16,70,000

Statement of Profit & Loss

 
Closing Capital at the end of the year 31st March 202012,40,000
Add: Drawings (3,000 x12)36,000
 12,76,000
Less: Further capital introduced2,00,000
 10,76,000
Less: opening capital as on 1st April 20198,00,000
Profit made during the year2,76,000

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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

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

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  • 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

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Chapter No. 13 – Depreciation

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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Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication4

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