Question no 20 Chapter No 17 - Unimax Class 11

Question No 20 Chapter No 17 – Unimax Class 11

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The solution of Question No 20 Chapter No 17 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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

Priya maintain incomplete records. During the year 2019-20 the analysis of his ash book was as under:

Receipts	Amount	Payments	Amount
Receipts from debtors	8,00,000	Bank overdraft (1-4-2019)	1,00,000
Additional capital introduced on 1-12-2019	30,000	Payments to creditors	5,00,000
Loan from Amit 1-7-2019@ 6% interest p.a.	3,00,000	General expenses	1,50,000
		Salaries	60,000
		Drawings	70,000
		Bank balance 31-33-2020	2,50,000
	11,30,000		11,30,000

On 1st April, 2019 the following balance were recorded: Building ₹5,00,000; Stock ₹ 2,50,000; Debtors ₹ 6,00,000 and Creditors ₹ 3,00,000.
The Balance on 31st March, 2020 were: Debtors ₹ 8,00,000; Building ₹ 5,00,000; Creditors ₹3,50,000and Stock ₹ 5,00,000.
Allow 10% depreciation on Building. Provide interest loan from nine months. Prepare Trading and Profit and Loss A/c for the year ended 31st March, 2020 and a balance Sheet as at that date.

The solution of Question No 20 Chapter No 17 – UNIMAX Class 11

Total Debtors A/c

Particulars	Amount	Particulars	Amount
To Balance b/d (1-4-2019)	6,00,000	By cash received from debtors	8,00,000
To Credit sales (Balance figure)	10,00,000	By Balance c/d (31-3-2020)	8,00,000
	16,00,000		16,00,000

Total Creditors A/c

Particulars	Amount	Particulars	Amount
To Cash paid to creditors	5,00,000	By Balance b/d (1-4-2019)	3,00,000
To Balance c/d (31-3-2020)	3,50,000	To Creditors purchases (Balance figure)	5,50,000
	8,50,000		8,50,000

Opening Balance Sheet
As at 1st April 2019

Liabilities	Amount	Assets	Amount
Bank overdraft	1,00,000	Debtors	6,00,000
Creditors	3,00,000	Stock	2,50,000
Capital (Balance figure)	9,50,000	Building	5,00,000
	13,50,000		13,50,000

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

Particulars	Amount	Particulars	Amount
To Opening stock 1-4-2019	2,50,000	By Sales:	10,00,000
To Purchases:	5,50,000	By Closing stock	5,00,000
To Gross Profit c/d	7,00,000
	15,00,000		15,00,000
To General expenses	1,50,000	By Gross Profit B/d	7,00,000
To Salaries	60,000
To Dep. on Building	50,000
To Interest on Amit’s loan on 3,00,000@ 6% for Months	13,500
To Net profit	4,26,500
	7,00,000		7,00,000

Balance Sheet
As at 31st March, 2020

Liabilities		Amount	Assets		Amount
Creditors		3,50,000	Cash at bank		2,50,000
Amit’s Loan	3,00,000		Debtors		8,00,000
Add: Interest on Loan	13,500	3,13,500	Stock		5,00,000
Capital	9,50,000		Building	5,00,000
Add: Fresh capital	30,000		Less: Depreciation	50,000	4,50,000
Add: Net Profit	4,26,500
	14,06,500	13,36,500
Less: Drawings	70,000
		20,00,000			20,00,000