Question no 11 Chapter No 16 - Unimax Class 11

Question No 11 Chapter No 16 – Unimax Class 11

Table of Contents

The solution of Question No 11 Chapter No 16 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Prepare trading and profit loss account of M/s Mohit Traders as on 31st March 2020 and draw necessary journal entries and balance sheet as on that date:


Ledger account	₹	Ledger account	₹
Opening stock	24,000	Sales	4,00,000
Purchased	1,60,000	Return outward	2,000
Cash in hand	16,000	Capital	1,50,000
Cash at bank	32,000	Creditors	64,000
Return inwards	4,000	Bills payable	20,000
Wages	22,000	Commission received	2,000
Fuel and power	18,000	Question no 02 Chapter No 16 – Unimax Class 11ed	2,000
Carriage inwards	6,000
Insurance	8,000
Buildings	1,00,000
Plant	80,000
Patents	30,000
Salaries	28,000
Furniture	12,000
Drawings	18,000
Rent	2,000
Debtors	80,000
	6,40,000		6,40,000

Adjustments:


	₹ 500 2,400 12,000
Interest received in advance
Commission accrued
Depreciation on building 5% and plant 3%
Closing stock

The solution of Question No 11 Chapter No 16 – UNIMAX Class 11

Trading and Profit & Loss A/c of M/s Mohit Traders For the year ended 31st March, 2020
Particulars		Amount	Particulars		Amount
To Opening stock		24,000	By sales	4,00,000
To purchases	1,60,000		Less: Returns stock	4,000	3,96,000
Less: Returns outwards	2,000	1,58,000	By closing stock		12,000
To wages		22,000
To Fuel and power		18,000
To Carriage inward		6,000
To Gross Profit		1,80,000
(transferred to P & L A/c)
		4,08,000			4,08,000
To Insurance		8,000	By Gross Profit b/d		1,80,000
To Salaries		28,000	By Commission	2,000
To Rent		2,000	Add accrued commission	2,400	4,400
To depreciation on building		5,000	By int. received	2,000
To de[recitation on plant		2,400	Unearned	500	1,500
To Net Profit		1,40,500
(transferred to capital A/c)
		1,85,900			1,85,900

Balance Sheet of M/s Mohit Traders As on 31st March, 2020
Liabilities		Amount	Assets		Amount
Capital	1,50,000		Cash in hand		16,000
Add: Net Profit	1,40,500		Cash at bank		32,000
	2,73,700		Building	1,00,000
Less: Drawings	18,000	2,72,500	Less: Depreciation	5,000	95,000
Creditors		64,000	Plant	80,000
Bills Payable		20,000	Less: Depreciation	2,400	77,600
Unearned interest		500	Patents		30,000
			Furniture		12,000
			Debtors		80,000
			Accrued commission		2,400
			Closing stock		12,000
		3,57,000			3,57,000