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Question No 16 Chapter No 17 – Unimax Class 11
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From the following information, ascertain the value of closing stock:
| ₹ | |
| Stock in the beginning | 30,000 |
| Cash sales | 60,000 |
| Credit sales | 20,000 |
| Purchases | 1,00,000 |
| Indirect expenses | 20,000 |
| Rate of gross profit on cost | 25% |
The solution of Question No 16 Chapter No 17 – UNIMAX Class 11
| Particulars | Amount | Particulars | Amount | |
| To Opening stock A/c | 30,000 | By Sales A/c | ||
| To Purchases A/c | 1,00,000 | Cash | 60,000 | |
| To Gross Profit (note 1) | 16,000 | Credit | 20,000 | 80,000 |
| By closing stock (Balancing figure) | 66,000 | |||
| 1,46,000 | 1,46,000 | |||
| Goods costing ₹ 100 has been sold at a profit of ₹ 25. As such | |
| If the sales price is ₹ 125, Gross Profit | = 25 |
| If the sale price is ₹ 1, Gross profit | = 25/125 |
| If the sale price is ₹ 80,000, Gross Profit | = 80,000*25/125=16,000 |
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Profit and Loss Account: Meaning, Format & Examples
Balance Sheet: Meaning, Format & Examples
Also, Check out the solved question of all Chapters: –
Advanced Accountancy – Unimax Class 11 – 2021 – Solution.
Part-I
- Chapter No. 1 – Introduction of Accounting
- Chapter No. 2 – Theory Base of Accounting
- Chapter No. 3 – Vouchers and Transactions
- Chapter No. 4 – Journal
- Chapter No. 5 – Goods and Services Tax (GST): An Introduction
- Chapter No. 6 – Ledger
- Chapter No. 7 – Special Purpose Book – Cash Book
- Chapter No. 8 – Other Subsidiary Books
- Chapter No. 9 – Trial Balance
- Chapter No. 10 – Rectification of Errors
- Chapter No. 11 – Depreciation
- Chapter No. 12 – Provision and Reserves
- Chapter No. 13 – Bank Reconciliation Statement
- Chapter No. 14 – Bills of Exchange
Students may choose only one part from the Part II and Part III
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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. 2 – Theory Base of Accounting
Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
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Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
Chapter No. 10 – Journal Proper
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Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
Chapter No. 14 – Provisions and Reserves
Chapter No. 15 – Bills of Exchange
Chapter No. 16 – Rectification of Errors
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Chapter No. 17 – Financial Statements – (Without Adjustments)
Chapter No. 18 – Financial Statements – (With Adjustments)
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