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

Question No 14 Chapter No 15 – Unimax Class 11

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) 6,500 Insurance premium 800
Purchases 11,21,200 Travelling expenses 1,200
Sales 22,12,120 Custom duty 3,000
Purchases returns 2,200 General expenses 1,100
Sales return 13,100 Bank interest (D r) 600
Carriage inward 700 Commission (Cr) 3,500
Rent 24,000 Advertisement 2,400
Office lighting 12,000 Office expenses 17,000
Interest on investments 2,600 Dividend received 1,400

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
 Amount Particular
 Amount
To Opening stock   6,500 By Sales 2212,120  
To Purchases 11,21,200   Less return  13,100 21,99,020
Less returns  2,200 11,19,000 By Closing stock 22,000
To Customer duty 3,000    
To Carriage inwards 7,000    
To Gross profit c/d
(and transferred to P&L a/c)		   10,91,820      
    22,21,020     22,21,020 
To Rent   24,000 By Gross profit b/d   10,91,820
To Office lighting   12,000 By Commission   3,500
To Travelling expenses   1,200 By Dividend received   1,400
To General expenses   1,100 By 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

 

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Balance Sheet: Meaning, Format & Examples

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 

Chapter No. 3 – Origin of Transactions

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

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Chapter No. 6 – Accounting for Goods and Services Tax(GST)

Chapter No. 7 – Ledger

Chapter No. 8 – Cash Book

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 

Chapter No. 15 – Bills of Exchange

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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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