# Question no 24 Chapter No 17 – Unimax Class 11

Question no 24 Chapter no -17 unimax class11

Question No 24 Chapter No 17 – Unimax Class 11

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

 31-3-2019 31-3-2020 Debtors 50,000 70,000 Creditors 30,000 50,000 Outstanding Rent 4,000 4,000 Outstanding Electricity charges 200 500 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 Amount Payments Amount To Balance b/d (1-4-2019) 80,000 By Drawings 50,000 To Receipts from debtors 5,00,000 By Payments to Creditors 4,00,000 By Salaries A/c 40,000 By Rent A/c 30,000 By Electricity charges A/c 8,000 By Advertising A/c 7,000 By Printing & Stationery A/c 1,000 By Balance c/d (31-3-2020) 44,000 5,80,000 5,80,000

Total Debtors A/c

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

Total Creditors A/c

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

Opening Balance Sheet
As at 1st April 2019

 Liabilities Amount Assets Amount Creditors 30,000 Cash in hand 80,000 Outstanding Rent 4,000 Debtors 50,000 Outstanding electricity charges 200 Stock 66,000 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

 Particulars Amount Particulars Amount To Opening stock 66,000 By Sales: 5,20,000 To Purchases: 4,20,000 By 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 40,000 By Gross Profit B/d 1,04,000 To Rent 30,000 Less: Outstanding rent of last year 4,000 26,000 Add: Outstanding rent of this year 4,000 30,000 To Electricity charges 8,000 Less: Electricity charges of last year 200 Add: Outstanding electricity charges of this year 500 8,300 To Advertising 7,000 Add: Outstanding advertising 1,000 8,000 To Printing & Stationery 1,000 To Net profit 16,700 1,04,000 1,04,000

Balance Sheet
As at 31st March, 2020

 Liabilities Amount Assets Amount Creditors 50,000 Cash in hand 44,000 Outstanding expenses Debtors 70,000 Rent 4,000 Stock 70,000 Electricity charges 5,00 Advertising 1,000 5,500 Capital 1,61,800 Add: Net Profit 16,700 Less: Drawing 50,000 1,28,500 1,84,000 1,84,000

Comment if you have any Doubts.

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

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

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

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