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
| Particulars | ₹ | ₹ |
| Closing Capital as on 31st March, 2020 | 4,00,000 | |
| Add: Drawings during the year: | ||
| (1) Loan | 50,000 | |
| (2) Personal expenses: | ||
| (a) Drawings @3,000 p.m. | 36,000 | |
| (b) Rent @ 3,000 p.m. | 36,000 | |
| (c) Electricity charges @ 300 p.m. | 3,600 | 12,25,600 |
| 5,25,600 | ||
| Sales Less: Further capital introduced during the year: of Bonds |
63,000 | |
| 4,62,600 | ||
| Less: opening capital as on 1ST April, 2019 | 1,50,000 | |
| Profit for the year | 3,12,600 |
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. 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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