Question no 32 Chapter No 15 - Unimax Class 11

Question No 32 Chapter No 15 – Unimax Class 11

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The solution of Question No 32 Chapter No 15 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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

The following is the Trial Balance of Shri Ram as at 31st March, 2020:

Particular	Debit (₹)	Credit (₹)
Land and Building	85,500
Plant and Machinery	25,500
Furniture and fixtures	28,500
Motor vehicles	28,500
Opening stock	45,000
Purchases / Sales	3,15,000	3,78,000
Return	6,000	3,000
Carriage inwards	600
Carriage outwards	1,200
Wages and Salaries	2,400
Salaries and Wages	12,000
Discount	1,200	600
Commission	900	1,200
Interest	1,500	1,800
Rent, Rates and Taxes	1,800
Repairs	360
Insurance	2,160
Printing and Stationery	360
Water and Electricity	720
Postage and Telegrams	300
Travelling expenses	960
Conveyance charges	720
Entertainment expenses	720
Staff welfare expenses	720
Sales promotion expenses	1,440
Bad debts	600
Depreciation	12,000
Miscellaneous expenses /income	600	900
Debtors / Creditors	1,23,000	30,000
Bill Receivable / Bill Payable	6,000	960
12% investments (Purchased on 1.10.2019)	30,000
Loan from Bank (long term)		32,400
Cash in hand	3,000
Cash at bank	6,000
Drawings	6,000
Sales Tax collected		2,400
Capital account		3,00,000
	7,51,260	7,51,260

Additional Information : closing stock as on 31.3.2020 was 25,200.
Required ;pass the necessary adjusting entries and closing entries and prepare the trading and profit s loss account for the year ending on 31st march ,2020 and a balance sheet as on that date.

The solution of Question No 32 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		45,000	By Sales	3,78,000
To Purchases	3,15,000		Less return	6,000	3,72,000
Less return	3,000	3,12,000	By Closing stock		25,200
To Carriage Inward		600
To Wages & Salaries		2,400
To Gross profit c/d		37,200
(and transferred to P & L A/c)
		3,97,200			3,97,200
To Carriage outwards		1,200	By Gross Profit b/d		37,200
To Salaries and Wages		12,000	By Discount		600
To Discount		1,200	By Commission		1,200
To Commission		900	By Interest (interest on invest given)		1,800
To Interest		1,500	By Misc. Income		900
To Rent, Rates and Taxes		1,800
To Repairs		360
To Insurance		2,160
To Printing and Stationery		360
To Water and Electricity		720
To Postage and Telegrams		300
To Travelling expenses		960
To Conveyance charges		720
To Entertainment expenses		720
To Staff welfare expenses		720
To Sales promotion expenses		1,440
To Bad debts		600
To Depreciation		12,000
To Miscellaneous expenses /income		600
To Net Profit c/d		1,440
(and transferred capital)
		41,700			41,700

*BALANCE SHEET OF SHRI RAM AS ON 31^st March, 2020*
Liabilities		Amount	Assets	Amount
Capital	3,00,000		Land and Building	85,500
Add net profit	1,440		Plant & Machinery	25,500
Less Drawing	6,000	2,95,440	Furniture & Fixture	28,500
Sales tax collected		2,400	Motor Vehicles	28,500
Creditors		30,000	Debtors	1,23,000
Loan		32,400	Bills receivable	6,000
bills payable		960	Investments	30,000
			Cash in hand	3,000
			Cash at bank	6,000
			Closing stock	25,200
		3,61,200		3,61,200