Question no 25 Chapter No 15 - Unimax Class 11

Question No 25 Chapter No 15 – Unimax Class 11

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The solution of Question No 25 Chapter No 15 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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

Given below is the Trial Balance as on 31st March,2020. Prepare (1) trading and profit and loss account for the year ended 31st march,2020 and (2) Balance sheet as at that date.

Particular	Debit (₹)	Credit (₹)
Stock	22,000
Purchases less returns	18,200
Sales less returns		2,50,000
Carriage inward	6,000
Carriage outward	14,000
Discount received		7,600
Discount allowed	1,800
Factory heating and lighting	12,100
Works expenses	1,000
Interest received		500
Life insurance premium	12,000
Postage and Telegraph	150
Trade expenses	2,800
Repair of plant	14,000
Sales Tax	3,000
Manufacturing expenses	4,500
Discount		200
Cash in hand	7,000
Motor vehicles	2,02,000
Income Tax	4,000
Customer’s A/c / Supplier A/c	1,50,000	2,12,000
Bill receivable	5,000
Loan		35,000
Capital account		2,75,250
Plant	2,11,000
Bank	90,000
	7,80,550	7,80,550

Closing stock valued at ₹ 42,000.

The solution of Question No 25 Chapter No 15 – UNIMAX Class 11

Trading A/c, Profit & Loss A/c for the year ended 31^st March, 2020
Particular	Amount	Particular	Amount
To Opening stock	22,000
To Purchases less returns	18,200	By Sales less returns	2,50,000
To Carriage inwards	6,000	By Closing stock	42,000
To Factory heating and lighting	12,100
To Works expenses	1,000
To Manufacturing expenses	4,500
To Gross profit c/d(and transferred to profit & loss A/c)	2,28,200
	2,92,000		2,92,000
To Carriage outward	14,000	By Gross Profit b/d	2,28,200
To Discount allowed	1,800	By Discount received	7,600
To Postage and Telegraph	150	By Interest received	500
To Trade expenses	2,800	By Discount	200
To Repair of plant	14,000
To Sales Tax	3,000
To Net profit c/d	2,00,750
	2,36,500		2,36,500

*BALANCE SHEET AS ON 31^st March, 2020*
Liabilities		Amount	Assets	Amount
Capital	2,75,250		Cash in hand	7,000
Add net profit	2,00,750		Motor vehicles	2,02,000
Less Drawing(life insurance premium)	12,000		Customer A/c	1,50,000
Less Income tax	4,000	4,60,000	Bill receivable	5,000

Supplier A/c		2,12,000	Plant	2,11,000
Loan		35,000	Bank	90,000
			Closing stock	42,000
TOTAL		7,07,000	TOTAL	7,07,000