Question no 49 Chapter No 16 - Unimax Class 11

Question No 49 Chapter No 16 – Unimax Class 11

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The solution of Question No 49 Chapter No 16 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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

The following were the balance of YOGITA as on 30th June 2019:

Debit balance	₹	Credit balance	₹
Cash in hand	540	Sales	98,780
Cash in bank	2,630	Purchases returns	500
Purchases	40,675	Capital	62,000
Returns inward	680	Sundry Creditors	6,300
Wages	8,480	Rent	9,000
Fuel & Power	4,730
Carriage and sales	3,200
Carriage on purchases	2,040
Stock 1.7.2019	5,760
Building	32,000
Freehold land	10,000
Machinery	20,000
Salaries	15,000
Patents	7,500
General expenses	3,000
Insurance	600
Drawings	5,245
Sundry debtors	14,500

Taking into A/c the following adjustments prepare the trading and profit & loss A/c and balance sheet as on 30 June 2019:

(1) Stock in hand on 30th June,2019 was ₹ 6,800.
(2) Machinery is to be depreciation at the rate of 10% and patents @ 20%.
(3) Salaries for the month of June 2019 amounting to ₹ 1,500 were outstanding.
(4) Insurance includes a premium of ₹ 170 on a policy expiring on 31 Dec.2019.
(5) Further bad debts are ₹ 725. Create a provision @ 5% on debtors.
(6) Rent receivable ₹ 1,000.

The solution of Question No 49 Chapter No 16 – UNIMAX Class 11

Trading and Profit & Loss A/c of YOGITA
For the year ended 31st June, 2019

Particulars		Amount	Particulars		Amount
To Opening stock		5,760	By sales	98,780
To purchases	40,675		Less: Returns	680	98,100
Less: Returns	500	40,175	By Closing stock		6,800
To Wages		8,480
To Fuel & Power		4,730
To Carriage on purchases		2,040
To Gross Profit (transferred to P & L A/c)		43,715
		1,04,900			1,04,900
To Dep. On Machinery		2,000	By Gross Profit b/d		43,715
To Dep. On Patents		1,500	By Rent	9,000
To salaries	15,000		Add: Accrued rent	1,0000
Add: Outstanding salaries	1,500	16,500
To Insurance	600
Less: prepare insurance	85	515
To Carriage and sales		3,200
To General expenses		3,000
To Further bad debts	725
Add: New Provision	689	1,414
To Net Profit (Transferred to capital)		25,596
		53,715			53,715

Balance Sheet of Yogita
AS 0n 30th June 2019

Liabilities		Amount	Assets		Amount
Capital	62,000		Cash		540
Add: Net profit	25,586		Bank		2,360
Less: Drawings	5,245	82,341	Building		32,000
Sundry creditors		6,300	Freehold loan		10,000
Outstanding Salaries		1,500	Machinery	20,000
			Less: Depreciation	2,000	18,000
			Patents	7,500
			Less: Depreciation	1,500	6,000
			Sundry debtors	14,500
			Less: Bad debts	725
			Less: New Provision	689	13,086
			Closing stock		6,800
			Prepare premium		85
			Accrued rent		1,000
		90,141			90,141