Question no 11 Chapter No 17 - Unimax Class 11

Question No 11 Chapter No 17 – Unimax Class 11

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

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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

Sakshi does not keep prepare records. From the following information find out profit for the ended 31st March, 2020 and also prepare a final statement of affairs as at that date:

	31-3-2019	31-3-2020
Cash in hand	6,000	20,000
Bank overdraft	50,000
Stock	50,000	1,50,000
Sundry creditors	20,000	40,000
Sundry debtors	60,000	2,50,000
Bill payable	7,000	15,000
Furniture	45,000	1,00,000
Bills receivable	6,000	60,000
Machinery	75,000	1,20,000
Investments	30,000	80,00

Drawing ₹ 100 p.m. for personal use fresh capital introduced during the year ₹ 2,00,000. A bad debts of ₹ 6,000 and a provision of 5% is to be made on debtors. O/s salary ₹ 4,000. Prepaid insurance ₹ 500, depreciation charged on furniture and Machine @ 10% p.a.

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

Statement of Affairs
As at 31 March, 2019

Liabilities	Amount	Assets	Amount
Bank overdraft	50,000	Cash in hand	6,000
Sundry creditors	20,000	Stock	50,000
Bills payable	7,000	Sundry debtors	60,000
Capital (Balance figure)	1,95,000	Furniture	45,000
		Bills receivable	6,000
		Machinery	75,000
		Investments	30,000
	2.72,000		2.72,000

Statement of Affairs
As at 31st March 2020

Liabilities	Amount	Assets	Amount
Sundry Creditors	40,000	Cash in hand	20,000
Bills payable	15,000	Stock	1,50,000
Capital (Balance figure)	7,25,000	Sundry debtors	2,50,000
		Furniture	45,000
		Bills receivable	6,000
		Machinery	1,20,000
		Investment	80,000
	7,80,000		7,80,000

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

Particulars		₹
Closing Capital as on 31st March, 2020		7,25,000
Add: Drawings (100 x12)		1,200
		7,26,200
Less: Fresh capital introduced		2,00,000
		5,26,200
Less: Opening capital as on March 31,2019
Profit before adjustments		1,95,000
		3,31,200
Less: Bad debts	6,0000
Provision for doubtful debts 5% on (2,50,000-6,000)	12,200
Outstanding salary	4,000
Depreciation on furniture	10,000
Depreciation on Machinery	12,000	44,200
		2,87,000
Add: prepaid insurance		500
Net profit		2,87.500

Final Statement of Affairs
As at 31st March 2020

Liabilities		Amount	Assets		Amount
Sundry Creditors		40,000	Cash in hand
Bills payable		15,000	Stock
Outstanding salary		4,000	Sundry debtors	2,50,000
Opening salary	1,95,000		Less: Bad debts	6,000
Add: Net profit	2,87,500		Less: provision for doubtful debts	12,200	2,31,800
Add: Fresh capital	2,00,000		Furniture	1,00,000
Less: Drawings	1,200		Less: Depreciation B/R	10,000	90,000
			Machinery	1,20,000
			Less: Depreciation investments	12,000	1,08,000
			Prepaid insurance		5,000
		7,40,300			7,40,300