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Question No 17 Chapter No 17 – Unimax Class 11
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Ascertain the value of opening stock from the following particulars:
| Amount | Amount | ||
| Purchases | 60,000 | Sales | 1,00,000 |
| Wages | 12,000 | Closing stock | 60,000 |
| Carriage inwards | 6,000 | Rate of gross profit on cost 25% | |
| Carriage outwards | 8,000 |
The solution of Question No 17 Chapter No 17 – UNIMAX Class 11
| Particulars | Amount | Particulars | Amount |
| To Opening stock (balancing figure) | 42,000 | By Sales A/c | 1,00,000 |
| To Purchases | 80,000 | By closing stock | 60,000 |
| To Wages | 12000 | ||
| To Carriage inwards | 6,000 | ||
| To Gross Profit 1,00,000*25/125 | 20,000 | ||
| 1,60,000 | 1,60,000 |
Note:
| 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 | 1,00,000×25/125=20,000 |
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Final Accounts: Meaning, Definition and Explanation
Profit and Loss Account: Meaning, Format & Examples
Balance Sheet: Meaning, Format & Examples
Also, Check out the solved question of all Chapters: –
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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
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
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Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
Chapter No. 9 – Other Subsidiary Books
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Chapter No. 10 – Journal Proper
Chapter No. 11 – Trial Balance
Chapter No. 12 – Bank Reconciliation Statement
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)
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