Question no 52 Chapter No 16 - Unimax Class 11

Question No 52 Chapter No 16 – Unimax Class 11

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The solution of Question No 52 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 is the Trial Balance of Mr. Raj on 31st March 2020:

Particulars	Debit	Credit
Stock on 1.4.2019	62,000
Purchases and sales	3,15,000	4,48,000
Returns	3,700	2,500
Sundry debtors & creditors	80,000	43,000
Drawing and Capital	30,000	2,00,000
Bills receivable and payable	12,100	4,300
Cash In hand	24,800
Balance with bank of J.K.	32,800
Discount	2,600	3,800
Carriage on purchases	7,500
Carriage on sales	1,200
Bad debts	2,400
Provision for bad debts		3,000
Furniture on 1st Aprile,2019	10,000
New furniture purchases 1.1.2019	6,000
Rent	10,000
Salaries	25,000
Commission		2,400
Repair	2,300
Insurance (Annual premium paid on 1.1.2020)	3,600
Salaries outstanding		5,000
Sales Van	75,000
Sales van expenses	6,000
	7,12,000	7,12,000

Taking into account the following adjustments, prepare Trading and Profit and Loss account and the balance sheet as on 31st March,2020.

(1) Stock on 31st March, 2020 was valued at ₹ 46,000.
(2) Depreciation furniture at 15% and sales van at 20%.
(3) A sum of ₹ 200 is due for repairs.
(4) Write off ₹ 2,000as further bad debts and create a provision for doubtful debts @ 15% on debtors. Also provide 2% for discount on debtors.
(5) Rent is paid at the rate of ₹ 1,000 per month.
(6) Allow 8% interest on capital and charges ₹ 1,500 as interest on drawings.
(7) Balance with bank of J.K. and 31st March,2020 as ascertained form pass book is ₹ 34,200, the difference representing interest allowed by bank.

The solution of Question No 52 Chapter No 16 – UNIMAX Class 11

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

Particulars		Amount	Particulars		Amount
To Opening stock		62,000	By sales	4,48,000
To purchases	3,15,000		Less: Returns	3,700	4,44,300
Less: Returns	2,500	3,12,500	By Closing stock		46,000
To carriage on Purchases		7,500
To Gross Profit (transferred to P & L A/c)		1,08,300
		4,90,300			4,90,300
To carriage on sales		1,200	By Gross Profit b/d		1,08,300
To Bad debts	2,400		By Commission		2,400
Add: Further bad debts	2,000		By Interest on drawings		1,500
Add: New Provision	3,900		By Discount		3,800
Less: Old provision	3,000		By interest allowed by bank accrued		1,400
To Rent	10,000
Add: O/S Rent	2,000	12,000
To Salaries		25,000
To Interest on capital		16,000
To Dep. on furniture		1,725
To Dep. on sales van		15,000
To Discount on debtors		1,482
To Insurance	3,600
Less: Prepaid	2,700	900
To sales van expenses		6,000
To Repairs	2,300
Add: Outstanding	200	2,500
To Discount		2,600
To Net Profit (Transferred to capital)		27,693
		1,17,400			1,17,400

Balance Sheet of of MR. Raj
AS 0n 31st March, 2020

Liabilities		Amount	Assets		Amount
Capital	2,00,000		Bills receivable		12,100
Add: Net profit	27,693		Cash		24,800
Add: interest on capital	16,000		Furniture	10,000
Less: Interest on drawings	1,500		Add: New Furniture	6,000
Less: Drawing	30,000	2,12,193	Less: Depreciation	1,725	14,275
Sundry creditors		43,000	Sales van	75,000
Bill Payable		4,300	Less: Depreciation	15,000	60,000
Outstanding Rent		2,000	Closing Stock		46,000
Outstanding Repairs		200	Sundry Debtors	80,000
Outstanding Salaries		5,000	Less: bad debts	2,000
			Less: Discount	1,482	72,618
			Prepaid insurance		2,700
			Accrued interest allowed by bank		1,400
			Balance with bank		32,800
		2,66,693			2,66,693