Question 1

Question no 01 Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 01 Chapter No 16 - Unimax Class 11
Closing stock of a business is ₹ 16,400 as on 31st March, 2020. Pass Journal entry and show how this will appear in final accounts.
The solution of Question No 01 Chapter No 16 - UNIMAX Class 11
Journal

Date
Particulars
L.F.
Debit
Credit

Closing Stock A/c
Dr.
 
16,400

To Trading A/c
 
 
 
16,400

(Being closing stock valued at the end of the account)

Trading A/c

Particulars
Amount
Particulars
Amount

B

Question 2

Question no 02 Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 02 Chapter No 16 - Unimax Class 11
Following is an extract from Trial Balance:

Particulars
Amount
Particulars
Amount

By Closing stock
16,400

Show how it will be recorded in Final account as on 31st March, 2020.
The solution of Question No 02 Chapter No 16 - UNIMAX Class 11
Journal

Date
Particulars
L.F.
Debit
Credit

Closing Stock A/
Dr. 
 
 16,400

To Trading A/c
 
 
 
16,400

(Being closing s

Question 3

Question no 03 Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 03 Chapter No 16 - Unimax Class 11
During the year ended 31st March, 2020. Salaries amounting to ₹ 24,000 for ten months has been paid, salaries for 2 months ₹ 4,800 has not been paid.Pass Journal entry and show how this will appear in final accounts.

The solution of Question No 03 Chapter No 16: -
Journal

Date
Particulars
L.F.
Debit
Credit

31.3.2020
Salaries A/c
Dr.
 
4,800

To outstanding  salaries A/c
 
 
 
4,800

(Being salary for two months outstanding)

Question 4

Question no 04  Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 04 Chapter No 16 - Unimax Class 11
(With GST). Commission for March, 2020 of ₹ 20,000 is outstanding (given as additional information outside the Trial Balance) CGST and SGST is payable @ 6% each. In this case passed the adjustment entry.
The solution of Question No 04 Chapter No 16 - UNIMAX Class 11
Journal

Date
Particulars
L.F.
Debit
Credit

Commission A/c 
Dr.
 
20,000

Input CGST A/c 
Dr.
 
 1,200

Input SGST A/c
Dr.
 
1,200

To outstanding Rent A/c
 
 
 
22

Question 5

Question no 05 Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 05 Chapter No 16 - Unimax Class 11
Insurance premium of ₹ 4,860 has been paid on August 1, 2020 for one year. Pass the journal entry to adjust the insurance amount and also show how it will be recorded in final accounts assuming that accounts are closed on 31st March, every year.
The solution of Question No 05 Chapter No 16 - UNIMAX Class 11
Journal

Date
Particulars
L.F.
Debit
Credit

31.3.2020
Prepaid insurance A/c 
Dr.
 
1,620

To Insurance A/c
 
 
 
1,620

(Being

Question 6

Question no 06 Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 06 Chapter No 16 - Unimax Class 11
The following Trial Balance has been extracted from the books of M/s Ram Parsad & Sons on 31st December, 2019.

Debit balance
₹
Credit balance
₹

Machinery
4,000
Capital
9,000

Cash at bank
1,000
Sales
16,000

Cash in hand
500
Sundry creditors
4,500

Wages
1,000

Purchases
8,000

Stock on 1st Jan.2018
6,000

Sundry debtors
4,400

Bills receivable
2,900

Rent
450

Commission
250

General expenses
800

Question 7

Question no 07 Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 07 Chapter No 16 - Unimax Class 11
From the following, pass the journal entry to adjust the interest and show it will be recorded in final accounts assuming that accounts are closed on 31st March every year.

Extracts of Trial Balance as at 31.3.2020

Particulars
Debit
Credit

Interest 
 
9,000

Adjustment: interest earned but not received ₹ 1200
The solution of Question No 07 Chapter No 16 - UNIMAX Class 11
Journal

Date
Particulars
L.F.
Debit
Credit

31.3.2020

Question 8

Question no 08 Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 08  Chapter No 16 - Unimax Class 11
(GST levied) commission is receivable for the month of March, 2020 of ₹ 50,000. It is subject to CGST and SGST @ 6%each. Passed adjustment entry.
The solution of Question No 08 Chapter No 16 - UNIMAX Class 11
Journal

Particulars
L.F.
Debit
Credit

Accrued commission A/c
Dr.
 
56,000

To Commission A/c
 
 
 
50,000

To Input CGST A/c
 
 
 
3,000

To Input SGST A/c
 
 
 
 
3,000

Question 9

Question no 09 Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 09 Chapter No 16 - Unimax Class 11
From the following, pass the journal entry to adjust the commission received and show how it will be recorded in final accounts assuming that accounts are closed on 31st March, every year.

Extracts of Trial Balance as at 31.3.2020

Particulars
Debit
Credit

Commission received
 
7200

Adjustment : commission received but not earned ₹ 800.
The solution of Question No 09 Chapter No 16 - UNIMAX Class 11
Journal

Date
Particulars
L.F.
Debit

Question 10

Question no 10 Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 10 Chapter No 16 - Unimax Class 11
Machinery of ₹ 60,000 appears in the Trial Balance as on 31.3.2020 and a depreciation of 6% is charged p.a. pass necessary adjustment entry and show how it will appear in final accounts.
The solution of Question No 10 Chapter No 16 - UNIMAX Class 11
Journal

Date
Particulars
L.F.
Debit
Credit

31.3.2020
31.3.2020 Depreciation A/c
Dr.
 
3,600

To Machinery A/c 
 
 
 
3,600

(Being depreciation charged on machinery 6% p.a.)

Question 11

Question no 11 Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 11 Chapter No 16 - Unimax Class 11
Prepare trading and profit loss account of M/s Mohit Traders as on 31st March 2020 and draw necessary journal entries and balance sheet as on that date:

Ledger account 
₹
Ledger account 
₹

Opening stock
24,000
Sales
4,00,000

Purchased
1,60,000
 Return outward 
2,000

Cash in hand
16,000
Capital 
1,50,000

Cash at bank
32,000
Creditors 
64,000

Return inwards
4,000
Bills payable 
20,000

Wages
22,000
Commission received 
2,000

Fuel

Question 12

Question no 12 Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 12 Chapter No 16 - Unimax Class 11
At the end for the financial year the capital a/c of Shri Ram Chander is ₹ 20,000 and this drawings are ₹ 2,000. Allow 10% interest on capital and 4% . interest on drawings.Make Journal entries and show P and L A/c & Balance sheet.
The solution of Question No 12 Chapter No 16 - UNIMAX Class 11
Journal

Date
Particulars
L.F.
Debit
Credit

Interest A/c
 Dr.
 
2,000

To Capital A/c

2,000

&n

Question 13

Question no 13 Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 13 Chapter No 16 - Unimax Class 11

Extracts of Trial Balance as at 31.3.2020

Particulars
Debit
Credit

Interest on loan
40,000

Loan from Punjab National Bank 10% p.a.
 
6,00,000

Adjustment: loan was taken on 1.4.2019. give necessary entry and show how it will appear in final accounts.
The solution of Question No 13 Chapter No 16 - UNIMAX Class 11
Journal

Date
Particulars
L.F.
Debit
Credit

31

Question 14

Question no 14 Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 14 Chapter No 16 - Unimax Class 11

Extracts of Trial Balance as at 31.3.2020

Particulars
Debit
Credit

Investment 12% p.a.
20,00,000

Interest on investment
 
20,00,000

Adjustment : investments were made on 1.4.2019.Give the necessary journal entry and show how it will appear in final accounts.
The solution of Question No 14 Chapter No 16 - UNIMAX Class 11
Journal

Date
Particulars
L.F.
Debit
Credit

31.3.2020
Accrued interest A/c
Dr.
 
40,000

Question 15

Question no 15 Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 15 Chapter No 16 - Unimax Class 11
X’s books shows the following balance. You are asked prepare his Trading and Profit & Loss Account and a Balance Sheet from the following Balances.

Debit balance 
₹
Credit balance
₹

Stock on 1.4.2019
22,000
Office expenses
650

Purchases
21,650
Bills receivable
2,800

Carriage inward
250
Legal charges
1,900

Carriage outwards
600
Plant & Machinery
25.000

Wages
6,000
Tools(cr.)
5,000

Motive power, Heating and lighting
1,600
Sales

Question 16

Question no 16 Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 16 Chapter No 16 - Unimax Class 11
The following figures extracted from the Trial Balance of XYZ ltd. As on 31.3.2020.

Extracts of Trial Balance as at 31.3.2020

Particulars
Debit
Credit

Debtors
96,000

Bad debtors
6,000

Adjustments: Further bad debts ₹ 4,000. You are required to pass adjusting entry and show how these will appear in the final account.
The solution of Question No 16 Chapter No 16 - UNIMAX Class 11
Journal

Date
Particulars
L.F.
Debi

Question 17

Question no 17 Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 17 Chapter No 16 - Unimax Class 11
From the following, pass journal entry and show the presentation of provision for doubtful debts in final accounts.

Extracts of Trial Balance as at 31.3.2020

Particulars
Debit
Credit

Bad debts
5,000

Provision for doubtful debts 1.4.2019
 
6,000

Sundry debtors
1,80,000

Adjustment: provision for doubtful debts is to created @ 5% on sundry debtors.
The solution of Question No 17 Chapter No 16 - UNIMAX Cla

Question 18

Question no 18 Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 18 Chapter No 16 - Unimax Class 11
From the following, pass journal entries and show the presentation of provision for doubtful in final accounts:

Extracts of Trial Balance as at 31.3.2020

Particulars
Debit
Credit

Sundry debtors
2,00,000

Bad debts
21,000

Provision for doubtful debts
 
40,000

Adjustments: Create a provision for doubtful debts @ 5% on sundry debtors.
The solution of Question No 18 Chapter No 16 - UNIMAX Class 11
Journal

Date
Particulars
L.F.
De

Question 19

Question no 19 Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 19 Chapter No 16 - Unimax Class 11
From the following, pass necessary journal entries and show the presentation of provision for discount on debtors in final accounts: 
                                                      Extracts of Trial Balance as at 31.3.2020

Particulars
Debit
Credit

Debtors
3,00,000

Bad debts
13,000

Provision for doubtful debts
 
30,000

Adjustments:(1) write off further bad debts ₹ 10,000.(2) Provision for doubtful debts is to be kept at 5% of

Question 20

Question no 20 Chapter No 16 - Unimax Class 11

Sarbjit Singh · Accepted Answer

Question No 20 Chapter No 16
Following are the extract from the trial balance of a firm:
Trial Balance as at 31.3.2020

Particulars
Debit
Credit

Sundry debtors
 
2,00,000

Bad debts
6,000

Discount
5,000

Adjustment information:

Create a provision for doubtful debts @ 5% on debtors.
Create a provision for discount on debtors @ 3%.
Additional discount given to the debtors ₹ 2,000.

You are required to pass the necessary journal entries and show how the different items would appea

Particulars		Amount		Particulars	Amount
Trading A/c
				By Closing stock	16,400

Liabilities	Amount		Assets	Amount
Balance Sheet
			By Closing stock	16,400

Particulars		Debit	Credit
Closing Stock A/c	Dr.	16,400
To Trading A/c			16,400
(Being closing stock valued at the end of the account)

Unimax class 11 - 2021 Solutions Chapter No. 16 - Financial Statements (With Adjustments) - Unimax +1

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Table of Contents

Question no 01 Chapter No 16 - Unimax Class 11

The solution of Question No 01 Chapter No 16 - UNIMAX Class 11

Question no 02 Chapter No 16 - Unimax Class 11

Question no 03 Chapter No 16 - Unimax Class 11

Question no 04 Chapter No 16 - Unimax Class 11

Question no 05 Chapter No 16 - Unimax Class 11

Question no 06 Chapter No 16 - Unimax Class 11

Question no 07 Chapter No 16 - Unimax Class 11

Question no 08 Chapter No 16 - Unimax Class 11

Question no 09 Chapter No 16 - Unimax Class 11

Question no 10 Chapter No 16 - Unimax Class 11

Question no 11 Chapter No 16 - Unimax Class 11

Question no 12 Chapter No 16 - Unimax Class 11

Question no 13 Chapter No 16 - Unimax Class 11

Question no 14 Chapter No 16 - Unimax Class 11

Question no 15 Chapter No 16 - Unimax Class 11

Question no 16 Chapter No 16 - Unimax Class 11

Question no 17 Chapter No 16 - Unimax Class 11

Question no 18 Chapter No 16 - Unimax Class 11

Question no 19 Chapter No 16 - Unimax Class 11

Question no 20 Chapter No 16 - Unimax Class 11

Question no 21 Chapter No 16 - Unimax Class 11

Question no 22 Chapter No 16 - Unimax Class 11

Question no 23 Chapter No 16 - Unimax Class 11

Question no 24 Chapter No 16 - Unimax Class 11

Question no 25 Chapter No 16 - Unimax Class 11

Question no 26 Chapter No 16 - Unimax Class 11

Question no 28 Chapter No 16 - Unimax Class 11

Question no 29 Chapter No 16 - Unimax Class 11

Question no 30 Chapter No 16 - Unimax Class 11

Question no 31 Chapter No 16 - Unimax Class 11

Question no 32 Chapter No 16 - Unimax Class 11

Question no 33 Chapter No 16 - Unimax Class 11

Question no 34 Chapter No 16 - Unimax Class 11

Question no 35 Chapter No 16 - Unimax Class 11

Question no 36 Chapter No 16 - Unimax Class 11

Question no 37 Chapter No 16 - Unimax Class 11

Question no 38 Chapter No 16 - Unimax Class 11

Question no 39 Chapter No 16 - Unimax Class 11

Question no 40 Chapter No 16 - Unimax Class 11

Question no 41 Chapter No 16 - Unimax Class 11

Question no 42 Chapter No 16 - Unimax Class 11

Question no 43 Chapter No 16 - Unimax Class 11

Question no 44 Chapter No 16 - Unimax Class 11

Question no 45 Chapter No 16 - Unimax Class 11

Question no 47 Chapter No 16 - Unimax Class 11

Question no 46 Chapter No 16 - Unimax Class 11

Question no 48 Chapter No 16 - Unimax Class 11

Question no 49 Chapter No 16 - Unimax Class 11

Question no 50 Chapter No 16 - Unimax Class 11

Question no 51 Chapter No 16 - Unimax Class 11

Question no 52 Chapter No 16 - Unimax Class 11

Question no 53 Chapter No 16 - Unimax Class 11

Question no 54 Chapter No 16 - Unimax Class 11

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