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Question No 25 Chapter No 15 – Unimax Class 11
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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 31st 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 31st 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 | ||
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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
- Chapter No. 1 – Introduction of Accounting
- Chapter No. 2 – Theory Base of Accounting
- Chapter No. 3 – Vouchers and Transactions
- Chapter No. 4 – Journal
- Chapter No. 5 – Goods and Services Tax (GST): An Introduction
- Chapter No. 6 – Ledger
- Chapter No. 7 – Special Purpose Book – Cash Book
- Chapter No. 8 – Other Subsidiary Books
- Chapter No. 9 – Trial Balance
- Chapter No. 10 – Rectification of Errors
- Chapter No. 11 – Depreciation
- Chapter No. 12 – Provision and Reserves
- Chapter No. 13 – Bank Reconciliation Statement
- Chapter No. 14 – Bills of Exchange
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. 2 – Theory Base of Accounting
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Chapter No. 3 – Origin of Transactions
Chapter No. 4 – Vouchers and transactions
Chapter No. 6 – Accounting for Goods and Services Tax(GST)
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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. 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 Publication
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