Question no 10 Chapter No 17 – Unimax Class 11

Question No 10 Chapter No 17 – Unimax Class 11

Vinod tells you that his capital on 31st March, 2020 is ₹ 4,00,000 and his capital on 1st April, 2019 was ₹ 1,50,000. He further informs you that during the he gave a loan of ₹ 50,000 and withdrew ₹ 3,000 p.m. for personal purposes. He also used a house for his personal purpose, the rent of which at the rate of ₹3,000 p.a. and electricity charges at an average rate of ₹ 300 p.a. were paid from the business account. During the year he sold his 7% government bonds of ₹ 60,000 at 5% premium and brought that money into the business. Besides this, there is no other information. You are required to prepare a statement of profit.

The solution of Question No 10 Chapter No 17 – UNIMAX Class 11

Statement of Profit & Loss
For the year ended 31st March, 2020

Note (1) selling the bonds of ₹ 60,000 at 5% premium means the selling of bonds at a profit pf 5%. As such the selling price will be = 60,000 x 105/100 =63,000.

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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. 1 – Introduction

Chapter No. 2 – Theory Base of Accounting 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

Chapter No. 9 – Other Subsidiary Books

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

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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