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Question no 43 Chapter No 16 – Unimax Class 11

Question No 43 Chapter No 16 - UNIMAX Class 11
Question No 43 Chapter No 16 - UNIMAX Class 11

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Question No 43 Chapter No 16 – Unimax Class 11

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(with GST). Following Trial Balance is extracted from the books of a Rishi as at 31st March, 2020:

Trial balance

ParticularsDebitCredit
Furniture32,000 
Motor Vehicles3,12,500 
Building3,75,000 
Capital 6,25,000
Bad debts6,250 
Provision for bad debts 10,000
Sundry debtors1,90,000 
Sundry creditors 1,25,000
Opening stock1,73,000 
Purchases2,73,750 
Sales 7,72,500
Bank loan 1,52,00
Sales return10,000 
Purchases return 6,250
Advertising22,500 
Interest5,900 
Commission received 18,750
Cash32,500 
Insurance62,500 
General expenses39,100 
Salaries1,65,000 
Input CGST25,000 
Input SGST25,000 
Output CGST 20,000
Output SGST 20,000
Total17,50,00017,50,000

The following adjustment are to be made:
(1) Stock in hand on 31st March, 2020 was ₹1, 62,500.
(2) Depreciation Building @ 5%, Furniture @ 10% , Motor vehicles @ 20%.
(3) ₹ 4,250 is due for interest on bank Loan.
(4) Salaries ₹ 15,000 and Taxes ₹ 12,000 ae outstanding.
(5) Insurance amounted to ₹ 5,000 is prepaid CGST and SGST is paid @ 6% each.
(6) One third of the commission received is in respect of work to be done next year. IGST is charged @ 12%.
(7) Write off further ₹ 5,000as bad debts and provision for doubtful debts is to be made equal to 5% on sundry debtors.
Prepare Trading and Profit & Loss A/c for the year ended 31st March, 2020 and Balance Sheet as at that date.

The solution of Question No 43 Chapter No 16 – UNIMAX Class 11

                                                                  Trading and Profit & Loss A/c
                                                            For the year ended 31st March, 2020

ParticularsAmountParticularsAmount
To Opening stock 1,73,000By sales 7,72,500 
To purchases2,73,750 Less: Returns10,007,62,500
Less: Returns6,2502,67,500By Closing stock 1,62,500
To Gross Profit
(transferred to P & L A/c)
 4,84,500   
  9,25,000  9,25,000
To Salaries1,65,000 By Gross Profit b/d 4,84,500
Add: Outstanding Salaries15,0001,80,000By Commission received18,750 
To General expenses 39,100Less: received comm. In advance6,25012,500
To Insurance62,500    
Add: Outstanding Taxes12,000    
 74,500    
Less: Prepaid insurance5,00069,500   
To Interest5,900    
Add: Outstanding interest on bank loan4,25010,150   
To Advertising 22,500   
To Bad debts6,250    
Add: Further bad debts5,000    
Provision for doubtful debts9,250    
 20,500    
Less: existing provision10,00010,500   
To Dep. On Building 18,750   
To Dep. On Furniture 3,200   
To Dep. On Motor Vehicles62,50084,450   
To Net Profit
(Transferred to capital)
 80,800   
  4,97,000  4,97,000

                                                                   Balance Sheet
                                                             AS 0n  31st March, 2020

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Liabilities AmountAssetsAmount
Current Liabilities  Current Assets  
Sundry Creditors 1,25,000Cash 32,500
Bank loan1,52,500 Sundry creditors1,90,000 
Add O/S Interest4,2501,56,750Less: Further bad debts5,0001,85,5000
O/S Taxes12,000 Less Provision for doubtful bad debts9,2501,75,750
O/S Salaries15,00027,000Prepaid insurance 5,000
Commission received in advance 6,250Closing stock 1,62,500
   Input CGST (₹ 25,000-20,000) 5,0000
Capital  Input SGST (₹ 25,000-20,000) 5,000
Opening stock6,25,000 Fixed Assets   
Add: Net profit80,8007,05,800Furniture32,000 
   Less: Depreciation3,20028,800
   Motor vehicles3,12,500 
   Less: Depreciation62,5002,50,000
   Building3,75,000 
   Less: Depreciation18,7503,56,250
  10,20,800  10,20,800

Note: GST paid (input GST) on prepaid insurance is not to be adjusted. GST charged (output GST) on commission received in advance is nor to be adjusted.

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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

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  • 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

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Chapter No. 13 – Depreciation

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)

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Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication

 

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