Question 3 Chapter 1 – Unimax Publications of Class 11

Q-3 - CH-1 Solution-min

Question 3 Chapter 1 – Unimax

Free Accounting book Solution - Class 11 and Class 12

3. Find out the Net Income from the following figures relating to the year 2021.

  Rs.
Opening Stock 10,000
Purchases 25,000
Direct Expenses 1,000
Closing Stock 5,000
Opening Expenses 2,000
Sales 40,000

The solution of Question 3 Chapter 1 – Unimax: 

Cost of goods sold = Opening Stock + Net Purchases + Direct Expenses – Closing Stock
  = Rs. 10,000+25,000 + 1,000-5,000
  = Rs. 31,000

 

Gross Profit = Net Sales – Cost of goods sold
  = Rs. (40,000-31,000)
  = Rs. 9,000

 

Net Income = Gross Profit- Operating Expenses
  = Rs. 9,000-2,000
  = Rs. 7,000

This is all about the Question 3 Chapter 1 – Unimax. You can check out the following article to better understand:

Financial Accounting Terminology

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Financial Accounting Terminology – Explained in Hindi

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You can also Check out the solved question of other 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 Reconlciliation 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 Compurters 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

You can also Check out the other Books’ Solution: –

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