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Question no 20 Chapter No 17 – Unimax Class 11

Question no 20 Chapter no 17 unimax class11
Question no 20 Chapter no 17 unimax class11

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Question No 20  Chapter No 17 – Unimax Class 11

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

ReceiptsAmountPaymentsAmount
Receipts from debtors8,00,000Bank overdraft (1-4-2019)1,00,000
Additional capital introduced on 1-12-201930,000Payments to creditors5,00,000
Loan from Amit 1-7-2019@ 6% interest p.a.3,00,000General expenses1,50,000
  Salaries60,000
  Drawings70,000
  Bank balance 31-33-20202,50,000
 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 AmountParticulars Amount
To Balance b/d (1-4-2019)6,00,000By cash received from debtors8,00,000
To Credit sales (Balance figure)10,00,000By Balance c/d (31-3-2020)8,00,000
 16,00,000 16,00,000

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Total Creditors A/c

Particulars AmountParticulars Amount
To Cash paid to creditors5,00,000By Balance b/d (1-4-2019)3,00,000
To Balance c/d (31-3-2020)3,50,000To Creditors purchases (Balance figure)5,50,000
 8,50,000 8,50,000

Opening Balance Sheet
As at 1st April 2019

Liabilities AmountAssetsAmount
Bank overdraft1,00,000Debtors6,00,000
Creditors3,00,000Stock2,50,000
Capital (Balance figure)9,50,000Building5,00,000
 13,50,000 13,50,000

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

ParticularsAmountParticularsAmount
To Opening stock 1-4-20192,50,000By Sales:10,00,000
To Purchases:5,50,000By Closing stock5,00,000
To Gross Profit c/d7,00,000  
 15,00,000 15,00,000
To General expenses1,50,000By Gross Profit B/d7,00,000
To Salaries60,000  
To Dep. on Building50,000  
To Interest on Amit’s loan on 3,00,000@ 6% for Months13,500  
To Net profit4,26,500  
 7,00,000 7,00,000

Balance Sheet
As at 31st March, 2020

Liabilities AmountAssetsAmount
Creditors 3,50,000Cash at bank 2,50,000
Amit’s Loan3,00,000 Debtors 8,00,000
Add: Interest on Loan13,5003,13,500Stock 5,00,000
Capital9,50,000 Building5,00,000 
Add: Fresh capital30,000 Less: Depreciation50,0004,50,000
Add: Net Profit4,26,500    
 14,06,50013,36,500   
Less: Drawings70,000    
  20,00,000  20,00,000

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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: –

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

Part-I

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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

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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

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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 Publication4

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