Question No 07 Chapter No 17 – Unimax Class 11
Aman maintains his books of accounts form incomplete records. His books provide the following information:
| 1-4-2019 | 31-3-2020 | |
| Cash | 20,000 | 30,000 |
| Bills receivable | 40,000 | |
| Debtors | 1,00,000 | 2,50,000 |
| Stock | 1,50,000 | 3,00,000 |
| Investment | 80,000 | |
| Furniture | 60,000 | 1,00,000 |
| Creditors | 1,60,000 | 2,00,000 |
He withdrew ₹ 1,000 per week for personal expenses. He sold her investments of ₹ 1,80,000 at 10% premium and introduced that amount into business.
You are required to prepare a statement of Profit & Loss for the year ending March 31st , 2020.
The solution of Question No 07 Chapter No 17 – UNIMAX Class 11
Statement of Affairs
As at April 01, 2019
| Liabilities |
Amount | Assets | Amount |
| Creditors | 1,60,000 | Cash | 20,000 |
| Capital (Balance figure) | 1,70,000 | Debtors | 1,00,000 |
| Stock | 1,50,000 | ||
| Furniture | 60,000 | ||
| 3,33,000 | 3,33,000 |
Statement of Affairs
As at March 31, 2020
| Liabilities |
Amount | Assets | Amount |
| Creditors | 2,00,000 | Cash | 30,000 |
| Capital (Balance figure) | 6,00,000 | Bills receivable | 40,000 |
| Debtors | 2,50,000 | ||
| Stock | 3,00,000 | ||
| Investment | 80,000 | ||
| Furniture | 1,00,000 | ||
| 8,00,000 | 8,00,000 |
Statement of Profit & Loss
For the year ended 31st March, 2020
| ₹ | |
| Capital at the end | 6,00,000 |
| Add: Drawings (1,000 x52) | 52,000 |
| 6,52,000 | |
| Less: Additional capital introduced during the year | 1,98,000 |
| Sales of personal investments 1,80,000 x110/100 | 4,54,000 |
| Less: Capital at the beginning | 1,70,000 |
| Profit made during the year | 2,84,000 |
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Final Accounts: Meaning, Definition and Explanation
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Profit and Loss Account: Meaning, Format & Examples
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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
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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
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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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