Question No 04 Chapter No 17 – Unimax Class 11
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 hand | 70,000 |
| Bank balance | 2,00,000 |
| Stock | 9,00,000 |
| Debtors | 5,00,000 |
| Creditors | 1,00,000 |
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
| Liabilities |
Amount | Assets | Amount | |
| Creditors | 1,00,000 | Cash in hand | 70,000 | |
| Bank loan | 3,00,000 | Bank balance | 2,00,000 | |
| Interest outstanding | 30,000 | 3,30,000 | Stock | 9,00,000 |
| Capital (Balance figure) | 12,40,000 | Debtors | 5,00,000 | |
| 16,70,000 | 16,70,000 | |||
Statement of Profit & Loss
| ₹ | |
| Closing Capital at the end of the year 31st March 2020 | 12,40,000 |
| Add: Drawings (3,000 x12) | 36,000 |
| 12,76,000 | |
| Less: Further capital introduced | 2,00,000 |
| 10,76,000 | |
| Less: opening capital as on 1st April 2019 | 8,00,000 |
| Profit made during the year | 2,76,000 |
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Final Accounts: Meaning, Definition and Explanation
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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
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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
Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
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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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