Question no 53 Chapter No 16 - Unimax Class 11

Question No 53 Chapter No 16 – Unimax Class 11

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The solution of Question No 53 Chapter No 16 – UNIMAX Class 11

Advanced Accountancy – Unimax Class 11 – 2021 – Solution.

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

The Trial Balance of M/s Taj & Co. as on 31st December, 2019 was as follows:

Particulars	Debit	Credit
Purchases	1,62,505
Sales		2,52,400
Sundry debtors		5,200
Sundry creditors	50,200
Bills payable		30,526
Opening stock		3,950
Wages	26,725
Salaries	23,137
Furniture	5,575
Postage	7,250
Power and fuel	4,226
Trade expenses	1,350
Bad debts	525
Loan to Suraj @ 10% Sept.1.2019	3,000
Cash in hand and bank	10,000
Trade expenses accrued not paid		700
Drawing Account	4,452
Capital A/c		10,000
Outstanding Wages		2,000

Prepare Trading and Profit Loss account for the year December, 2019 and Balance Sheet after considering following information:

(1) Depreciation on furniture @10% to be charged.
(2) Debtors include as item of ₹ 500 due from a customer who has become insolvent.
(3) Goods valued ₹ 1,500 destroyed by fire and insurance company admitted a claim for ₹ 1,000.
(4) Stock on 31st December 2019was ₹ 12,550.

The solution of Question No 53 Chapter No 16 – UNIMAX Class 11

Trading and Profit & Loss A/c of M/S Taj & Co.
For the year ended 31st Dec.,2010

Particulars		Amount	Particulars	Amount
To Opening stock		26,725	By sales	2,52,400
To purchases		1,62,505	By goods lost by fire	1,500
To Wages		23,137	By Closing stock	12,550
To Power and fuel		1,350
To Gross Profit (transferred to P & L A/c)		52,733
		2,66,450		2,66,450
To Salaries		5,575	By Gross Profit b/d	52,733
To Postage		4,226	By Old reserve for bad doubtful debts	5,200
To Trade expenses		5,831	By accrued interest	100
To Bad debts	525
Add: Further bad debts	500
Add: New reserve	2,485	3,510
To Dep. on Furniture		725
To Goods loss by Fire		500
To Net Profit (Transferred to capital)		37,666
		58,033		58,033

Balance Sheet of of M/S Taj & Co. AS on 31st Dec.,2019

Liabilities		Amount	Assets		Amount
Capital	10,000		Sundry debtors	50,200
Add: Net profit	37,666		Less: Further bad debts	500
Less: Drawing	4,452	43,214	Less: Reserve	2,485	47,215
Sundry creditors		30,526	Furniture	7,250
Bills payable		3,950	Less: Depreciation	725	6,525
Outstanding wages		2,000	Loan to Suraj		3,000
Outstanding trade exp.		700	Cash & Bank		10,000
			Insurance claim		1,000
			Closing stock		12,550
			Accrued interest		100
		80,390			80,390