Question no 19 Chapter No 17 - Unimax Class 11

Question No 19 Chapter No 17 – Unimax Class 11

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The solution of Question No 19 Chapter No 17 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Usha Publication – Elements of Book-Keeping PSEB (Class 11) – Solution

Jiya keeps in complete records. During the year 2019-20 he kept a cash book of which the following is an analysis:
Receipts: Received from Debtors ₹ 60,000; Cash sales ₹ 30,000; Additional capital introduced ₹ 60,000; Interest on investments ₹ 4,000.
Payments: Paid to Creditors ₹ 40,000; Salaries ₹ 10,000; Rent ₹ 7,000; General expenses ₹ 6,000; Wages ₹ 20,000; Drawings ₹ 9,000; Cash purchases ₹ 15,000.
His other Assets and Liabilities:

	31-3-2019	31-3-2020
Debtors	10,000	12,000
Creditors	10,000	5,000
Stock	22,000	30,000
Machinery	90,000	90,000
Furniture	12,000	12,000
Cash in hand	9,000
Investments	30,000	30,000

Adjustments:

(1) Provide 5% on debtors for doubtful debts.
(2) Outstanding salary ₹ 750.
From the above information, prepare the Trading & Profit and Loss A/c for the year ended 31st March, 2020 and Balance Sheet as at that date.

The solution of Question No 19 Chapter No 17 – UNIMAX Class 11

Cash book

Receipts	Amount	Payments	Amount
To Balance b/d (1-4-2019)	9,000	By Payments to Creditors	40,000
To Receipts from debtors	60,000	By Salaries	10,000
To Cash sales	30,000	By Rent	7,000
To Additional capital	60,000	By General expenses	6,000
To Interest on Investments	4,000	By Wages	20,000
		By Drawings	9,000
		By Cash Purchases	15,000
		By Balance c/d (balance figure on 31-3-2020)	56,000
	1,63,000		1,63,000

Total Debtors A/c

Particulars	Amount	Particulars	Amount
To Balance b/d (1-4-2019)	10,000	By cash received from debtors	60,000
To Credit sales (Balance figure)	62,000	By Balance c/d (31-3-2020)	12,000
	72,000		72,000

Total Creditors A/c

Particulars	Amount	Particulars	Amount
To Cash paid to creditors	40,000	By Balance b/d (1-4-2019)	10,000
To Balance c/d (31-3-2020)	5,0000	To Creditors purchases (Balance figure)	35,000
	45,000		45,000

Opening Balance Sheet
As at 1st April 2019

Liabilities	Amount	Assets	Amount
Creditors	10,000	Cash in hand	9,000
Capital (Balance figure)	1,63,000	Debtors	10,000
		Stock	22,000
		Investments	30,000
		Furniture	12,000
		Machinery	90,000
	1,73,000		1,73,000

Trading and Profit and Loss A/c
For the year ending 31st March, 2020

Particulars		Amount	Particulars		Amount
To Opening stock		22,000	By Sales:
To Purchases:			Cash sales	30,000
Cash purchases	15,000		Credit sales	62,000	92,000
Credit purchases	35,000	50,000	By Closing stock		30,000
To Wages		20,000
To Gross Profit c/d		30,000
		1,22,000			1,22,000
To Salaries	10,000		By Gross Profit B/d		30,000
Add: Outstanding	750	10,750	By Interest on Investments		4,000
To Rent		7,000
To General expenses		6,000
To Provision for doubtful debts		600
To Net profit		9,650
		34,000			34,000

Balance Sheet
As at 31st March, 2020

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Liabilities		Amount	Assets		Amount
Creditors		5,000	Cash in hand		56,000
Outstanding salary		750	Debtors	12,000
Capital	1,63,000		Less: provision for doubtful debts	600	11,400
Add: Additional capital	60,000		Stock		30,000
Add: Net Profit	9,650		Investments		30,000
Less: Drawing	9,000	2,23,650	Furniture		12,000
			Machinery		90,000
		2,29,400			2,29,400