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Question no 24 Chapter No 17 – Unimax Class 11

Question no 24 Chapter no -17 unimax class11
Question no 24 Chapter no -17 unimax class11

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Question No 24 Chapter No 17 – Unimax Class 11

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A trader, who has not kept a complete set of books, asks you to prepare his final accounts for the year ended 31st March, 2020. You are, however, able to obtain the following information:
Summary of cash book
Balance of cash on 1st April,2019 ₹ 80,000; Taking (received from debtors) ₹ 5,00,000; Drawings ₹ 50,000; Payment to Creditors ₹ 4,00,000; Salaries ₹ 40,000; Rent ₹ 30,000; Electricity charges ₹ 8,000; Advertising ₹ 7,000; Printing and Stationery ₹ 1,000.
His other Assets and Liabilities

 31-3-201931-3-2020
Debtors50,00070,000
Creditors30,00050,000
Outstanding Rent4,0004,000
Outstanding Electricity charges200500
Outstanding Advertising 1,000

The stock on 31st March, 2020 was valued at ₹ 70,000 but the trade has no record or the stock on 31st March, 2019. He informs you, however, that he invariably sells his goods at cost plus 20%. Prepare his Trading & Profit and Loss A/c for the year ended 31st Mach, 2020 and his Balance sheet as at that date.

The solution of Question No 24 Chapter No 17 – UNIMAX Class 11

Cash book

Receipts AmountPaymentsAmount
To Balance b/d (1-4-2019)80,000By Drawings50,000
To Receipts from debtors5,00,000By Payments to Creditors4,00,000
  By Salaries A/c40,000
  By Rent A/c30,000
  By Electricity charges A/c8,000
  By Advertising A/c7,000
  By Printing & Stationery A/c1,000
  By Balance c/d (31-3-2020)44,000
 5,80,000 5,80,000

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Total Debtors A/c

Particulars AmountParticulars Amount
To Balance b/d (1-4-2019)50,000By cash received5,00,000
To Received from debtors5,20,000By Balance c/d (31-3-2020)70,000
 5,70,000 5,70,000

Total Creditors A/c

ParticularsAmountParticularsAmount
To Cash paid4,00,000By Balance b/d (1-4-2019)30,000
To Balance c/d (31-3-2020)50,000To Creditors purchases (Balance figure)4,20,000
 4,50,000 4,50,000

Opening Balance Sheet
As at 1st April 2019

Liabilities AmountAssetsAmount
Creditors30,000Cash in hand80,000
Outstanding Rent4,000Debtors50,000
Outstanding electricity charges200Stock66,000
Capital (Balance figure)1,61,800  
 1,96,000 1,96,000

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

ParticularsAmountParticularsAmount
To Opening stock 66,000By Sales: 5,20,000
To Purchases: 4,20,000By Closing stock 70,000
To Gross Profit on sales 5,20,000*20/100 1,04,000   
  5,90,000  5,90,000
To Salaries 40,000By Gross Profit B/d 1,04,000
To Rent30,000    
Less: Outstanding rent of last year4,000    
 26,000    
Add: Outstanding rent of this year4,00030,000   
To Electricity charges8,000    
Less: Electricity charges of last year200    
Add: Outstanding electricity charges of this year5008,300   
To Advertising7,000    
Add: Outstanding advertising1,0008,000   
To Printing & Stationery 1,000   
To Net profit 16,700   
  1,04,000  1,04,000

Balance Sheet
As at 31st March, 2020

Liabilities AmountAssetsAmount
Creditors 50,000Cash in hand44,000
Outstanding expenses  Debtors70,000
Rent4,000 Stock70,000
Electricity charges5,00   
Advertising1,0005,500  
Capital1,61,800   
Add: Net Profit16,700   
Less: Drawing50,0001,28,500  
  1,84,000 1,84,000

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Final Accounts: Meaning, Definition and Explanation

 

Profit and Loss Account: Meaning, Format & Examples

 

Balance Sheet: Meaning, Format & Examples

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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 

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Chapter No. 3 – Origin of Transactions

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

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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

Chapter No. 14 – Provisions and Reserves 

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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 Publication4

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