Question no 19 Chapter No 16 – Unimax Class 11

Posted by By Rajwinder Kaur 9 Min Read April 15, 2023
Question No 19 Chapter No 16 - UNIMAX Class 11
Question No 19 Chapter No 16 - UNIMAX Class 11

Question No 19 Chapter No 16 – Unimax Class 11

From the following, pass necessary journal entries and show the presentation of provision for discount on debtors in final accounts: 

                                                      Extracts of Trial Balance as at 31.3.2020 

Particulars Debit Credit
Debtors 3,00,000  
Bad debts 13,000  
Provision for doubtful debts   30,000

Adjustments:
(1) write off further bad debts ₹ 10,000.
(2) Provision for doubtful debts is to be kept at 5% of debtors.
(3) Provision for discount on debtors is to be maintained

The solution of Question No 19 Chapter No 16 – UNIMAX Class 11

 Journal

Date Particulars
 Debit Credit
31.3.2020   Bad debts A/c  Dr.            10,000  
    To Debtors A/c         10,000
    (Being further bad debts written off)          
31.3.2020   Profit & Loss A/c   Dr.      14,500  
    To Provision for doubtful debts A/c          
    (Being the provision made the doubtful debts @ 5% on debtors after further bad debts)          
31.3.2020   Profit & Loss A/c   Dr.      11,020  
     To Provision for discount on debtors A/c         11,020
    (Being the provision made for discount on debtors @ 4% on goods debtors i.e. after further b/d and after provision for doubtful debts)          
               Profit & Loss A/c
                      for the year ended 31st March,2020
  
Particulars
 Amount Particulars Amount
To Bad debts Add: Further b/d 13,000  10,000         
  23,000        
Add: New provision 14,500        
  37,500        
Less: old provision 30,000   7,500    
To Provision for discount on debts A/c     11,020    
                                            Balance Sheet
                                                   As at 31st March, 2020  		    
Liabilities Amount Assets
 Amount
      Debtors 3,00,000  
      Further b/d 10,000  
        2,90,000  
      Less: New provision   14,500   
         2,75,500  
      Less: Dis. on debtors 11,020 2,64,480

  Working Note:                                            

(1) Calculate of provision for doubtful debts  
Total 3,00,000
Less: debtors 10,000
  2,90,000
Provision for doubtful debts 14,500
(2,90,000 x 5/100)  

(2)Calculate of provision on debtors		  
Total Debtors 3,00,000
Less: Further b/d 10,000
  2,90,000
Less: Provision 14,500
  2,75,500
Provision for discount on debtors 11,020
(2,75,500*4/100)  

        

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Final Accounts: Meaning, Definition and Explanation

 

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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

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

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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

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

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Chapter No. 14 – Provisions and Reserves 

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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