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Question no 14 Chapter No 15 – Unimax Class 11

Posted by By Rajwinder Kaur 7 Min Read April 6, 2023
Question No 14 Chapter No 15- Unimax Class 11
Question No 14 Chapter No 15- Unimax Class 11

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Question No 14 Chapter No 15 – Unimax Class 11

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Calculate gross profit & net profit and on the basis of following balance of Sh. Madan Mohan for the year ending 31st March,2020

Particular₹Particular₹
Stock(1.04.19)6,500Insurance premium800
Purchases11,21,200Travelling expenses1,200
Sales22,12,120Custom duty3,000
Purchases returns2,200General expenses1,100
Sales return13,100Bank interest (D r)600
Carriage inward700Commission (Cr)3,500
Rent24,000Advertisement2,400
Office lighting12,000Office expenses17,000
Interest on investments2,600Dividend received1,400

Closing stock was valued at ₹22,00.

The solution of Question No 14 Chapter No 15 – UNIMAX Class 11

We know that: Gross profit = Net Sales – Coat of goods sold
Net profit =
Cost of goods sold = opening stock + Net purchases + Direct expense – closing stock

Trading A/c, Profit & Loss A/c  of MADAN  MOHAN for the year ended 31st March, 2020
Particular
AmountParticular
Amount
To Opening stock 6,500By Sales2212,120 
To Purchases11,21,200 Less return 13,10021,99,020
Less returns 2,20011,19,000By Closing stock22,000
To Customer duty3,000  
To Carriage inwards7,000  
To Gross profit c/d
(and transferred to P&L a/c)		 10,91,820   
  22,21,020  22,21,020 
To Rent 24,000By Gross profit b/d 10,91,820
To Office lighting 12,000By Commission 3,500
To Travelling expenses 1,200By Dividend received 1,400
To General expenses 1,100By Interest on investments 2,600
To Bank interest 600   
To Advertisement 2,400   
To Office expenses 17,000   
To Insurance premium 800   
To Net profit
(and transferred to capital)		 10,40,220   
  10,99,320  10,99,320

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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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