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Question no 11 Chapter No 16 – Unimax Class 11

Question No 11 Chapter No 16 - UNIMAX Class 11
Question No 11 Chapter No 16 - UNIMAX Class 11

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Question No 11 Chapter No 16 – Unimax Class 11

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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 stock24,000Sales4,00,000
Purchased1,60,000 Return outward 2,000
Cash in hand16,000Capital 1,50,000
Cash at bank32,000Creditors 64,000
Return inwards4,000Bills payable 20,000
Wages22,000Commission received 2,000
Fuel and power18,000Question no 02 Chapter No 16 – Unimax Class 11ed 2,000
Carriage inwards6,000  
Insurance8,000  
Buildings1,00,000  
Plant80,000  
Patents30,000  
Salaries28,000  
Furniture12,000  
Drawings18,000  
Rent2,000  
Debtors80,000  
 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

ParticularsAmountParticularsAmount
To Opening stock 24,000By sales4,00,000 
To purchases1,60,000 Less: Returns stock4,0003,96,000
Less: Returns outwards2,0001,58,000By closing stock12,000
To wages 22,000  
To Fuel and power18,000  
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 8,000By Gross Profit b/d 1,80,000
To Salaries 28,000By Commission2,000 
To Rent 2,000Add accrued commission2,4004,400
To depreciation on building 5,000By int. received2,000 
To de[recitation on plant 2,400Unearned5001,500
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 AmountAssetsAmount
Capital1,50,000 Cash in hand 16,000
Add: Net Profit1,40,500 Cash at bank32,000
 2,73,700 Building1,00,000 
Less: Drawings18,0002,72,500Less: Depreciation5,00095,000
Creditors64,000Plant80,000 
Bills Payable20,000Less: Depreciation2,40077,600
Unearned interest500Patents30,000
  Furniture12,000
  Debtors80,000
  Accrued commission2,400
   Closing stock 12,000
  3,57,000  3,57,000

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Comment if you have any Doubts .lance Sheet

Final Accounts: Meaning, Definition and Explanation

 

Profit and Loss Account: Meaning, Format & Examples

 

Balance Sheet: Meaning, Format & Examples

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Also, Check out the solved question of all Chapters: –

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

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 

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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

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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 

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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)

Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication

 

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