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Get complete step-by-step solutions for Unimax class 11 - 2021 - Chapter No. 15 - Financial Statements (Without Adjustments) - Unimax +1. Study double-entry system details, practice timed problems, and verify answers directly.
Chapter No. 15 - Financial Statements (Without Adjustments) - Unimax +1
Problem No 01 Chapter No 15 - UNIMAX Class 11
Prepare trading account of X from the following balance for the year ended 31st march,2020.
| Particulars | ₹ | Particulars | ₹ |
| Opening stock | 15,000 | Wages | 2,400 |
| Purchases | 40,000 | Purchases returns | 5,000 |
| Sales | 75,000 | Manufacturing expense | 3,600 |
| Carriage inwards | 1,500 | ||
| Sales return | 15,000 |
Value of closing stock on 31st March,2020 was ₹ 22,500.
Trading A/c for the year ended 31st March, 2020
| Particular |
Amount | Particular |
Amount | ||
|---|---|---|---|---|---|
| To Opening stock | 15,000 | By Sales | 75,000 | ||
| To Purchases | 40,000 | Less return | 15,000 | 60,000 | |
| Less return | 5,000 | 35,000 | By Closing stock | 22,500 | |
| To Wages |
2,400 | ||||
| To Manufacturing expenses | 3,600 | ||||
| To Carriage inwards | 1,500 | ||||
| To Gross profit A/c | 25,000 | ||||
| 82,500 | 82,500 | ||||
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.