Question no 54 Chapter No 16 – Unimax Class 11

Posted by By Rajwinder Kaur 12 Min Read April 15, 2023
Question No 54 Chapter No 16 - UNIMAX Class 11
Question No 54 Chapter No 16 - UNIMAX Class 11

Question No 54 Chapter No 16 – Unimax Class 11

Trial Balance of Mr. Gopal Das as at 31st March, 2020 was as follows:

Particulars Debit Credit
Purchases 8,12,525   
Sales   12,62,000 
Provision for doubtful debtors   26,000 
Sundry debtors 2,51,000  
Sundry creditors   1,52,630 
Bills payable   20,250 
Opening stock 1,33,625   
Wages 1,15,685   
Salaries  27,875   
Furniture  36,250   
Postage  21,130   
Power and fuel  6,750   
General expenses 29,155   
Bad debts  2,625   
Loan to Ram @ 10% p.a. Dec.1.2019 15,000   
Cash in hand and bank  50,000   
General expenses outstanding    3,500 
Drawing Account   22,260  
Capital A/c   50,000 
Outstanding Wages   10,000 
Input CGST   5,000  
Input SGST 5,000  
Input IGST 8,000  
Output CSGT   4,000
Output SGST    4,000
Output IGST    9,500
  15,41,880   15,41,880

Prepare Trading and Profit and profit loss Account for the year ended 31st March, 2020 and balance sheet as at that date after taking into consideration the following information:

(1) Stock on 31st March 2020 was ₹ 62,750.
(2) Depreciation on furniture is to be charged @ 10%.
(3) Sundry debtors include an item of ₹ 2,500 due from a customer who has become insolvent.
(4) The remaining debtors are not consideration to be doubtful of recovery.
(5) Goods costing ₹ 7,500 plus IGST @ 12% were destroyed by fire and insurance company admitted a claim for ₹ 8,000.
(6) Received goods from Rahul & Co. of ₹ 6,000 plus IGST @ 12% on 27th March, 2020 but the invoice purchases was not recoded in the purchases book.

The solution of Question No 54 Chapter No 16 – UNIMAX Class 11

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

Particulars Amount Particulars Amount
To Opening stock   1,33,625 By sales    12,62,000
To purchases 8,12,525   By goods lost by fire   7,500
Add: Omitted Purchases(note1) 6,000 8,18,525 By Closing stock   62,750
To Wages   1,15,685      
To Power and fuel   6,750      
To Gross Profit
(transferred to P & L A/c)		   2,57,665      
    13,32,250     13,32,250
To Loss of stock by fire (₹ 8,400-8,000)   400 By Gross Profit b/d    2,57,665
To Salaries   27,875 By Provision for doubtful debts (note 2)    
To Postage   21,130 Existing provision 26,000  
To General expenses   29,155 Less: Bad debts 2,625  
To Dep. on Furniture   3,625 Less: Further bad debts 2,500 20,875
To Net Profit
(Transferred to capital)		   1,96,855 By Accrued interest on loan   500
    2,79,040     2,79,040

                                                             Balance Sheet of of Gopal Das
                                                                 AS 0n  31st March, 2020

Liabilities Amount Assets Amount
Current liabilities     Current assets    
Creditors 1,52,630   Insurance claim   8,000 
Add: Omitted Purchases 6,720 1,59,350 Cash in hand and at bank   50,000
Bills Payable   20,250 Closing stock   62,750 
Outstanding wages   10,000 Debtors 2,15,000   
General expenses outstanding   3,500 Less: Further bad debts 2,500  2,48,500 
Capital     Loan to Ram 15,000   
Opening balance 50,000   Add: Accrued interest 500  15,500 
Add: Net profit for the year 1,96,855 2,46,855  Input SGST   320 
Less: Drawings 22,260 2,24,595 Fixed assets    
      Furniture 36,250  
      Less: Depreciation 3,625 32,625 
    4,17,695     4,17,695 

1. Following entry will be passed to record omitted purchases:

Purchases A/c Dr. ₹6,000    
Input IGST A/c Dr. ₹720    
To Supplier A/c   ₹6,720    

2. Since the remaining debtors are not doubtful of recovery, balance in provision for doubtful debts is written back (creditors) to profit & loss account.
3. Input CGST, Input SGST and Input IGST shall be first adjusted against output CGST, output SGST, output IGST respectively. Thereafter, balance in Input CGST (₹ 1,000) shall be adjusted against Output IGST and balance (₹680) in Output IGST shall be adjusted against Input SGST leaving a balance of ₹ 320 in Input SGST Account.

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Final Accounts: Meaning, Definition and Explanation

 

Profit and Loss Account: Meaning, Format & Examples

 

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

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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)

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

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Chapter No. 12 – Bank Reconciliation Statement

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)

Check out T.S. Grewal +1 Book 2019 @ Oficial Website of Sultan Chand Publication4

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