Question No 08 Chapter No 17 – Unimax Class 11
Kavita maintains incomplete records of her business. She wants to know the result of her business on 31st March 2020 and for that, following information’s are available:
| 1-4-2019 | 31-3-2020 | |
| Cash in hand | 2,00,000 | 3,00,000 |
| Bank balance | 9,00,000 | 10,00,000 |
| Furniture | 1,50,000 | 2,00,000 |
| Stock | 7,00,000 | 6,00,000 |
| Creditors | 3,00,000 | 5,50,000 |
| Debtors | 2,50,000 | 4,50,000 |
Personal expenses of Kavita paid from business account amounted to ₹ 6,00,000 and goods worth ₹ 40,000 were withdrawn by her for personal use. She sold ornament of her sister for ₹ 6,00,000 and invested that amount into the business. Calculate his profit or Loss.
The solution of Question No 08 Chapter No 17 – UNIMAX Class 11
Statement of Affairs
As at 1 April, 2019
| Liabilities |
Amount | Assets | Amount |
| Creditors | 3,00,000 | Cash in hand | 2,00,000 |
| Capital (Balance figure) | 19,00,000 | Bank balance | 9,00,000 |
| Furniture | 1,50,000 | ||
| Stock | 7,00,000 | ||
| Debtors | 2,50,000 | ||
| 22,00,000 | 22,00,000 |
Statement of Affairs
As at 31st March 2020
| Liabilities |
Amount | Assets | Amount |
| Creditors | 5,50,000 | Cash in hand | 3,00,000 |
| Capital (Balance figure) | 20,00,000 | Bank balance | 10,00,000 |
| Furniture | 2,00,000 | ||
| Stock | 6,00,000 | ||
| Debtors | 4,50,000 | ||
| 25,50,000 | 25,50,000 |
Statement of Profit & Loss
For the year ended 31st March, 2020
| ₹ | ||
| Closing Capital as on 31st March,2020 | 20,00,000 | |
| Add: Drawings: In cash | 6,00,000 | 6,40,000 |
| In goods | 40,000 | 26,40,000 |
| Less: Further capital introduced | 6,00,000 | |
| 20,40,000 | ||
| Less: opening capital as on 1st April, 2019 | 19,00,000 | |
| Loss for the year | 1,40,000 | |
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Final Accounts: Meaning, Definition and Explanation
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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
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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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