Question no 30 Chapter No 16 - Unimax Class 11

Question No 30 Chapter No 16 – Unimax Class 11

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The solution of Question No 30 Chapter No 16 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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

The solution of Question No 30 Chapter No 16 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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

(with GST). Following is the Trial Balance of Sanjiv as 31st March, 2020:

Particulars	Debit	Credit
Cash in hand	1,100
Cash at bank	5,240
Purchases	81,350
Returns outward		1,000
Sales		1,97,560
Return inward	1,360
Wages	20,000
Fuel and power	10,420
Carriage on sales	6,400
Carriage on Purchases	4,080
Stock 1.4.2019	11,520
Building	60,000
Freehold land	20,000
Machinery	40,000
Salaries	30,000
Patents	15,000
General expenses	6,000
Insurance	1,200
Drawings		1,42,000
Sundry debtors	10,490
Sundry creditors	29,000
Input CGST		12,600
Input SGST	2,500
Output IGST	2,500
	3,58,160	3,58,160

You are required to prepare Trading and Profit & Loss A/c for the year ending 31st March,2020 and balance sheet as on that date, after considering the following adjustments:
(1) Stock at Hand on 31st March,2020 is ₹ 15,000.
(2) Machinery is to depreciation @ 15% and patents @ 20%.
(3) Salaries for the month of March, 2020 amounted to ₹ 3,000 were unpaid.
(4) Insurance included a premium of ₹170 for next year.
(5) Wages include a sum of ₹ 4,000, spent on constructing a cycle shed for employees and customers.
(6) A Provision for Doubtful debtors is to be created to the extent of 5% on Sundry debtors.

The solution of Question No 30 Chapter No 16 – UNIMAX Class 11

Trading and Profit & Loss A/c of Sanjiv For the year ended 31st March, 2020
Particulars		Amount	Particulars		Amount
To Opening stock		11,520	By sales	1,97,560
To purchases	81,350		Less: Returns inwards	1,360	1,96,200
Less: Returns outwards	1,000	80,350	By Closing stock		15,000
To Wages	20,000
Less: Wages spent on cycle shed	4,000	16,000
To Fuel and power		10.420
To Carriage on purchases		4,080
To Gross Profit		88,830
(transferred to P & L A/c)
		2,11,200			2,11,200
To Carriage on sales		6,400	By Gross Profit b/d		88,830
To salaries	30,000
Add: outstanding salaries	3,000	33,000
To General expenses
To Insurance	1,200
Less: Prepaid	170	1,030
To depreciation on
Machinery @ 15%	6,000
Patents @ 20%	3,000	9,000
To Provision for Doubtful debts		1,450
To Net Profit
(Transferred to capital)		31,950
		88,830			88,830

Balance Sheet of Sanjiv As on 31st Dec., 2020
Liabilities		Amount	Assets		Amount
Capital	1,42,000		Building	60,000
Add: Net Profit	31,950		Add: wages spend on cycle shed	4,000	64,000
	1,73,950		Freehold land		20,000
Less: Drawings	10,490	1,63,460	Machinery	40,000
Creditors		12,600	Less: Depreciation	6,000	34,000
Outstanding salaries		3,000	Patents	15,000
			Less: Depreciation	3,000	12,000
			Debtors	29,000
			Less Provision for doubtful debts	1,450	27,550
			Prepaid insurance		170
			Closing stock		15,000
			Cash in hand		1,100
			Cash at bank		5,240
		1,79,060			1,79,060

note:

1. Wages paid for constructing a cycle shed being capital expenditure should be debited to the building account.
2. Input CGST (₹ 2,500) and Input SGST (₹ 2,500 are set off against Output IGST (₹ 5,000).

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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. 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)

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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

Chapter No. 16 – Rectification of Errors

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Chapter No. 17 – Financial Statements – (Without Adjustments)

Chapter No. 18 – Financial Statements – (With Adjustments)

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Question No 30 Chapter No 16 – Unimax Class 11

(with GST). Following is the Trial Balance of Sanjiv as 31st March, 2020:

Particulars	Debit	Credit
Cash in hand	1,100
Cash at bank	5,240
Purchases	81,350
Returns outward		1,000
Sales		1,97,560
Return inward	1,360
Wages	20,000
Fuel and power	10,420
Carriage on sales	6,400
Carriage on Purchases	4,080
Stock 1.4.2019	11,520
Building	60,000
Freehold land	20,000
Machinery	40,000
Salaries	30,000
Patents	15,000
General expenses	6,000
Insurance	1,200
Drawings		1,42,000
Sundry debtors	10,490
Sundry creditors	29,000
Input CGST		12,600
Input SGST	2,500
Output IGST	2,500
	3,58,160	3,58,160

The solution of Question No 30 Chapter No 16 – UNIMAX Class 11

Trading and Profit & Loss A/c of Sanjiv For the year ended 31st March, 2020
Particulars		Amount	Particulars		Amount
To Opening stock		11,520	By sales	1,97,560
To purchases	81,350		Less: Returns inwards	1,360	1,96,200
Less: Returns outwards	1,000	80,350	By Closing stock		15,000
To Wages	20,000
Less: Wages spent on cycle shed	4,000	16,000
To Fuel and power		10.420
To Carriage on purchases		4,080
To Gross Profit		88,830
(transferred to P & L A/c)
		2,11,200			2,11,200
To Carriage on sales		6,400	By Gross Profit b/d		88,830
To salaries	30,000
Add: outstanding salaries	3,000	33,000
To General expenses
To Insurance	1,200
Less: Prepaid	170	1,030
To depreciation on
Machinery @ 15%	6,000
Patents @ 20%	3,000	9,000
To Provision for Doubtful debts		1,450
To Net Profit
(Transferred to capital)		31,950
		88,830			88,830

Balance Sheet of Sanjiv As on 31st Dec., 2020
Liabilities		Amount	Assets		Amount
Capital	1,42,000		Building	60,000
Add: Net Profit	31,950		Add: wages spend on cycle shed	4,000	64,000
	1,73,950		Freehold land		20,000
Less: Drawings	10,490	1,63,460	Machinery	40,000
Creditors		12,600	Less: Depreciation	6,000	34,000
Outstanding salaries		3,000	Patents	15,000
			Less: Depreciation	3,000	12,000
			Debtors	29,000
			Less Provision for doubtful debts	1,450	27,550
			Prepaid insurance		170
			Closing stock		15,000
			Cash in hand		1,100
			Cash at bank		5,240
		1,79,060			1,79,060