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Question no 21 Chapter No 17 – Unimax Class 11

Question no 21 Chapter no -17 unimax class11
Question no 21 Chapter no -17 unimax class11

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Question No 21 Chapter No 17 – Unimax Class 11

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Mandeep maintain incomplete records. An analysis of his cash book for the year ended 31st March,2020 is as follows:

 
Cash Receipts: 
From sundry debtors60,000
From cash sales50,000
From Sharma, as additional capital 1st Oct.,201915,000
Total cash receipts1,25,000
Cash Payments: 
Cash purchases30,000
Paid to creditors25,000
Productive expenses9,000
Salary paid2,000
Sundry expenses3,000
New furniture purchases14,000
Private payments5,000
Total cash payments88,000

 

 31-3-201931-3-2020
Assets and Liabilities  
Sundry Debtors20,000 
Sundry creditors9,000 
Cash12,000 
Stock30,00030,000
Furniture9,00015,000

Other information:

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(1) Credit sales during the year were ₹ 60,000.
(2) Sales returns ₹ 4,000.
(3) Creditors purchases during the year were ₹ 35,000.
(4) Discount allowed to debtors ₹ 1,000.
(5) Discount received from creditors ₹ 300.
(6) Bad debts written off during the year were ₹ 2,000.

Adjustments:

(1) Write off further bad debts ₹ 2,000.
(2) Provide 10% from doubtful debt and 3% for discount on debtors.
(3) Allow interest on capital @ 15% p.a.
Prepare Trading and Profit and Loss A/c for the year ended 31st March, 2020 and Balance Sheet as at that date.

The solution of Question No 21 Chapter No 17 – UNIMAX Class 11

Total Debtors A/c

ParticularsAmountParticularsAmount
To Balance b/d (1-4-2019)20,000By cash received from debtors60,000
To Credit sales60,000By Sales returns4,000
  By Discount allowed1,000
  By Bad debts2,000
  By Balance c/d (Balance figure)13,000
 80,000 80,000

Note: Only the amount of ‘Bad debts’ is recorded in total debtors account. The amount of ‘Further bad debts’ shown in adjustments is not recorded in it.

Total Creditors A/c

Particulars AmountParticulars Amount
To Cash paid to creditors25,000By Balance b/d (1-4-2019)9,000
To Discount received300To Creditors purchase35,000
To Balance c/d (31-3-2020) (Balance figure)18,700  
 44,000 44,000

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Opening Balance Sheet
As at 1st April 2019

Liabilities AmountAssetsAmount
Sundry creditors9,000Cash in hand12,000
Capital (Balance figure)62,000Sundry debtors20,000
  Stock30,000
  Furniture9,000
 71,000 71,000

 

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

Particulars
AmountParticulars
Amount
To Opening stock 30,000By Sales:  
To Purchases: 5,50,000Cash sales50,000 
Cash purchases30,000 Credit sales60,000 
Credit purchases35,00065,000Less: Sales returns4,0001,06,000
To Productive expenses 9,000By Closing stock 30,000
To Gross Profit c/d 32,000   
  1,36,000  1,36,000
To Salary 2,000By Gross Profit B/d 32,000
To Sundry expenses 3,000By Discount received 300
To Dep. on Furniture
(14,000+9,000-15,000)
 8,000   
To Discount allowed 1,000   
To Bad debts2,000    
Add: Further bad debt2,000    
Add: New provision1,1005,100   
To Provision for discount 297   
To Interest on capital     
15% on 62,0009,300    
15% on 15,000 for 6 months1,12510,425   
To Net profit 2,478   
  32,300  32,300

Balance Sheet
As at 31st March, 2020

Liabilities AmountAssetsAmount
Sundry Creditors 18,700Cash in hand  
Capital62,000 Opening balance12,000 
Add: Additional capital15,000 Add: Total receipts1,25,000 
Add: Interest on capital10,425 Less: Total payments88,00049,000
Add: Net Profit2,478 Sundry debtors:13,000 
Less: Drawings5,00084,904Less: Further bad debts2,000 
   Less: New provision for doubtful debts @ 10% on 11,0001,100 
   Less: Provision for discount @ 3% on 9,0002979,603
   Closing stock 30,000
   Furniture 15,000
  1,03,603  1,03,603

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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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