Question no 38 Chapter No 16 – Unimax Class 11

Posted by By Rajwinder Kaur 7 Min Read April 19, 2023
Question No 38 Chapter No 16 - UNIMAX Class 11
Question No 38 Chapter No 16 - UNIMAX Class 11

Question No 38 Chapter No 16 – Unimax Class 11

From the following figures prepare Trading and Profit & Loss Account for the year ending on 31st March, 2020 and Balance sheet as on that date:

Debit balance ₹ Credit balance ₹
Stock 3,000 Capital  6,000 
Book debts 2,000 Creditors  4,000 
Plant & Machinery 4,000 Reserve    1,000 
Wages 500  Sales  15,000 
Salaries 200     
Land & Buildings 3,000     
Travelling expenses 250     
Purchases 10,000     
Cash 3,050     
  26,000    26,000

Stock on 31st March, 2020 was ₹ 2,500. It was decided to write off 10% on Plant and Machinery and Reserve for bad doubtful debts 10% of book debts ; to Plant ₹ 100 to bonus fund for staff, place ₹ 1,500 to General reserve and to carry the balance forward.

The solution of Question No 38 Chapter No 16 – UNIMAX Class 11

                                    Trading and Profit & Loss A/c
                                   For the year ended 31st March, 2020		  
Particulars
 Amount Particulars
 Amount
To Opening stock 3,000  By sales 15,000
To purchases 10,000  By Closing stock 2,500 
To Wages 500     
To Gross Profit 4,000     
(transferred to P & L A/c)      
  17,500    17,500
To salaries 200  By Gross Profit b/d 4,000 
To Travelling exp. 250     
To Bonus fund 100     
To General reserve 1,5000     
To Dep. On plant& Machinery 400     
To reserve for doubtful 200     
To Net Profit (transferred to Capital A/c) 1,350     
  4,000    4,000

Balance Sheet 
As on 31st March,2020

Liabilities Amount Assets Amount
Capital 6,000   Book debts 2,000  
Add: Net Profit 1,350 7,350 Less: depreciation 200 1,800
Creditors   4,000 Plant & Machinery 4,000  
Reserve   1,000 Less: Depreciation 400 3,600
Bonus fund   100 Land & Building   3,000
General reserve   1,500 Cash   3,050
      Closing stock   2,500
    13,350     13,350

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Final Accounts: Meaning, Definition and Explanation

 

Profit and Loss Account: Meaning, Format & Examples

 

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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

Chapter No. 4 – Vouchers and transactions

Chapter No. 5 – Journal

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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

Chapter No. 14 – Provisions and Reserves 

Chapter No. 15 – Bills of Exchange

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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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