Question No 09 Chapter No 17 – Unimax Class 11
Kunal commenced business on 1st April, 2019 with a capital of ₹ 3,00,000. On the same date he bought furniture which cost ₹ 60,000 and made purchases of goods worth ₹ 70,000. He kept his books on single entry basis. On 31st March, 2020 stock was valued at ₹ 1,00,000. There were book debts amounting to ₹ 45,000 of which ₹ 5,000 represented debts which were irrecoverable. Creditors amounted to ₹ 50,000 and cash balance of ₹ 1,50,000. Panwar withdrew two time from business for his private expenses, each time he withdrew ₹ 20,000 and in addition he used ₹ 25,000 wroth of goods from his shop. He took ₹ 30,000as loan from his wife on 1st October, 2019 @ 10%p.a. but had paid no interest. He gave ₹ 15,000 to his son from business, which he omitted to enter. You are required to prepare a statement showing profit or Loss in the business for the ending 31st March, 2020 from the above information.
The solution of Question No 09 Chapter No 17 – UNIMAX Class 11
Statement of Affairs
As at 31st March 2020
| Liabilities |
Amount | Assets |
Amount | ||
| Creditors | 50,000 | Cash | 1,50,000 | ||
| Loan from wife | 30,000 | Stock | 1,00,000 | ||
| Add. Interest outstanding | 1,500 | 31,500 | Debtors | 45,000 | |
| Capital (Balance figure) | 2,68,500 | Less: Bad debts | 5,000 | 40,000 | |
| Furniture | 60,000 | ||||
| 3,50,000 | 3,50,000 | ||||
Statement of Profit & Loss
For the year ended 31st March, 2020
| ₹ | ||
| Closing Capital as on 31st March, 2020 | 2,68,500 | |
| Add: Drawings during the year: | ||
| Drawings in cash: 20,000 x 2 | 40,000 | |
| Drawings in Goods | 25,000 | |
| Drawings in cash (to son) | 15,000 | 80,000 |
| 3,48,500 | ||
| Less: opening capital | 3,00,000 | |
| Profit for the year | 48,500 |
Thanks, Please Like and share with your friends
Comment if you have any Doubts.
Final Accounts: Meaning, Definition and Explanation
Profit and Loss Account: Meaning, Format & Examples
Advertisement-X
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
Advertisement-X
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
Advertisement-X
Chapter No. 16 – Rectification of Errors
Chapter No. 17 – Financial Statements – (Without Adjustments)
Chapter No. 18 – Financial Statements – (With Adjustments)
Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication4