Question no 26 Chapter No 16 – Unimax Class 11

Posted by By Rajwinder Kaur 8 Min Read April 15, 2023
Question No 26 Chapter No 16 - UNIMAX Class 11
Question No 26 Chapter No 16 - UNIMAX Class 11

Question No 26 Chapter No 16 – Unimax Class 11

Following are the Extracts from the Trail Balance of a firm: 

                                                          Trial Balance as at 31.3.2020  

Particulars Debit Credit
Sundry creditors   1,20,000
Discount received   4,000
Reserve for discount on creditors 7,600  

Adjustment information:

((1) Additional discount received from creditors after closing the account ₹ 4,600.
(2) Create a reserve for discount on creditors @ 5%.
You are required to pass the necessary journal entries. Prepare reserve for discount on creditors A/c and show how the various items would appear in the final accounts.

The solution of Question No 26 Chapter No 16 – UNIMAX Class 11

 Journal

Date Particulars
 Debit Credit
31.3.2020   Sundry creditors A/c  Dr.            4,600  
    To Discount A/c         4,600
    (Being additional discount received from sundry creditors)          
31.3.2020   Discount A/c   Dr.      8,600  
    To Reserve for discount on creditor A/c         8,600
    (Being transfer of discount received account of its provision account)          
31.3.2020   Reserve for Discount on creditors A/c   Dr.      7,000  
    To Profit & Loss A/c         7,000
    (Being created to Profit & Loss A/c for maintain a reserve for discount @ 5% on creditors)          
            Reserve for discount on creditors A/c
  
Particulars
 Amount Particulars Amount
To balance b/d   7,600 By Discount 8,600
To P&L A/c   7,000z By Discount (5% 1,20,000) 6,000
    14,600   14,600
                                            Profit & Loss A/c
                                              For the year ended 31st March,2020
    
Particulars Amount Particulars Amount
      By Discount 4,000  
      Add: Add. Discount 4,600  
        8,600  
      Add: New Discount 6,000  
        14,600  
      Less: Old Discount 7,600 7,000

                                 

Balance Sheet
As at 31st March, 2020
  
Liabilities Amount Assets Amount
Sundry creditors 1,20,000        
Less: Reserve for discount on creditors 6,000   1,14,000    

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Final Accounts: Meaning, Definition and Explanation

 

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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

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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

Chapter No. 10 – Journal Proper

Chapter No. 11 – Trial Balance

Chapter No. 12 – Bank Reconciliation Statement

Chapter No. 13 – Depreciation

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Chapter No. 14 – Provisions and Reserves 

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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