Question No 06 Chapter No 17 – Unimax Class 11
Khamis started a business on 1 April, 2019 with a capital of ₹ 12,00,000. At the end of the year his total assets were ₹ 30,00,000 and external liabilities were for ₹ 9,00,000. He further informs you during the year he withdrew ₹ 50,000 for household use. During the year he sold his personal investments of ₹ 2,00,000 at 20% profit and brought that money into the business as additional capital.
You are required to prepare a statement of Profit or Loss under account from incomplete records method.
The solution of Question No 06 Chapter No 17 – UNIMAX Class 11
| Liabilities | Amount | Assets | Amount |
| External liabilities | 9,00,000 | Sundry assets | 30,00,000 |
| Capital (Balance figure) | 21,00,000 | Bank balance | 2,00,000 |
| 30,00,000 | 30,00,000 |
Statement of Profit & Loss
For the year ending 31st March,2020
| Particulars | ₹ |
| Closing Capital | 21,00,000 |
| Add: Drawings | 50,000 |
| 21,50,000 | |
| Less: Additional capital introduced during the year | 2,40,000 |
| Sales of personal investments 2,00,000 x120/100 | 19,10,000 |
| Less: opening capital | 12,00,000 |
| Profit made during the year | 7,10,000 |
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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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