Question no 18 Chapter No 15 – Unimax Class 11

Posted by By Rajwinder Kaur 7 Min Read April 6, 2023
Question No 18 Chapter No 15 - Unimax Class 11
Question No 18 Chapter No 15 - Unimax Class 11

Question No 18 Chapter No 15 – Unimax Class 11

The Trial Balance shows the following balance as at 31.3.2020.

  ₹   ₹
Purchases 60,000 Capital account 1,13,075
Sales returns 2,000 Sales 1,27,500
Plant and machinery 90,000 Purchases return 1,275
Opening stock 40,000 Discount received 800
Discount allowed 350 Sundry creditors 25,000
Bank charges 100 Rent, Rates and Taxes 2,000
Sundry debtors 45,000 Advertisements 2,000
Salaries 7,000 Cash at bank 7,000
Wages 10,000    
Freight inward 1,000    
Freight outward 1,200    

Closing stock was valued at ₹ 35,000
Required: prepare Trading and Profit & Loss account for the year ended 31.3.2020 and balance sheet as on that date.

The solution of Question No 18 Chapter No 15 – UNIMAX Class 11

Trading A/c, Profit & Loss A/c for the year ended 31st March, 2020
Particular
 Amount Particular
 Amount
To Purchases 60,000   By Sales 1,27,500  
Less Returns 1,275 58,725 Less return  2,000 1,25,500
To Opening stock   40,000 By Closing stock 35,000
To Wages 10,000    
To Fright inward 1,000    
To Gross profit c/d
(and transferred to profit & loss A/c)		 50,775    
  1,60,500   1,60,500
To Discount allowed   350 By Gross Profit b/d   50,775
To Bank charges   100 By Discount received   800
To Salaries   7,000      
To Freight inward   1,000      
To Rent, Rates and Taxes   2,000      
To Advertisements   2,000      
To Net profit c/d   38,925      
(and transferred to capital A/c)          
    51,575     51,575
 Balance sheet as on31st March, 2020
Liabilities Amount Assets Amount
Capital 1,13,075   Plant & Machinery   90,000
Add net profit 38,925 1,52,000 Sundry debtors   45,000
Sundry creditors   25,000 Cash at bank 7,000
      Closing stock 35,000
total 1,77,000   1,77,000

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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 

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)

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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

Chapter No. 16 – Rectification of Errors 

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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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