Question 1

Question 1 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 1 Chapter No 16 – Class 11 Unimax
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 1 Chapter No 16 – Class 11 Unimax
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

By Closin

Question 2

Question 2 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 2 Chapter No 16 – Class 11 Unimax
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 Questio

Question 3

Question 3 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 3 Chapter No 16 – Class 11 Unimax
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 3 Chapter No 16 – Class 11 Unimax
Journal

Date
Particulars
L.F.
Debit
Credit

31.3.2020
Salaries A/c
Dr.
 
4,800

To outstanding  salaries A/c

4,800

(Being

Question 4

Question 4 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 4 Chapter No 16 – Class 11 Unimax
(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 4 Chapter No 16 – Class 11 Unimax
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,

Question 5

Question 5 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 5 Chapter No 16 – Class 11 Unimax
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 5 Chapter No 16 – Class 11 Unimax
Journal

Date
Particulars
L.F.
Debit
Credit

31.3.2020
Prepaid insurance A/c 
Dr.
 
1,620

To Insurance A/c
&

Question 6

Question 6 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 6 Chapter No 16 – Class 11 Unimax
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

Sa

Question 7

Question 7 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 7 Chapter No 16 – Class 11 Unimax
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 7 Chapter No 16 – Class 11 Unimax
Journal

Date
Particulars
L.F.
Debit
Credit

31.3.2020
 Accrued interest A/c

Question 8

Question 8 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 8 Chapter No 16 – Class 11 Unimax
(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 8 Chapter No 16 – Class 11 Unimax
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 9 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 9 Chapter No 16 – Class 11 Unimax
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 9 Chapter No 16 – Class 11 Unimax
Journal

Date
Particulars
L.F.
Debit
Credit

Question 10

Question 10 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 10 Chapter No 16 – Class 11 Unimax
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 10 Chapter No 16 – Class 11 Unimax
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.)

Profit

Question 11

Question 11 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 11 Chapter No 16 – Class 11 Unimax
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 and

Question 12

Question 12 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 12 Chapter No 16 – Class 11 Unimax
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 12 Chapter No 16 – Class 11 Unimax
Journal

Date
Particulars
L.F.
Debit
Credit

Interest A/c
 Dr.
 
2,000

To Capital A/c
 
 
 
2,000

(Being interest allowed on capital)

Question 13

Question 13 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 13 Chapter No 16 – Class 11 Unimax

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 13 Chapter No 16 – Class 11 Unimax
Journal

Date
Particulars
L.F.
Debit
Credit

31.3.2020
Interest on loan A/c
Dr.
 
20,000

To outstandin

Question 14

Question 14 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 14 Chapter No 16 – Class 11 Unimax

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 14 Chapter No 16 – Class 11 Unimax
Journal

Date
Particulars
L.F.
Debit
Credit

31.3.2020
Accrued interest A/c
Dr.
 
40,000

To Inte

Question 15

Question 15 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 15 Chapter No 16 – Class 11 Unimax
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
48

Question 16

Question 16 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 16 Chapter No 16 – Class 11 Unimax
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 16 Chapter No 16 – Class 11 Unimax
Journal

Date
Particulars
L.F.
Debit
Credit

31.3.2020
B

Question 17

Question 17 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 17 Chapter No 16 – Class 11 Unimax
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 17 Chapter No 16 – Class 11 Unimax
Journal

Date
Particular

Question 18

Question 18 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 18 Chapter No 16 – Class 11 Unimax
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 18 Chapter No 16 – Class 11 Unimax
Journal

Date
Particulars
L.F.
Debit
Cre

Question 19

Question 19 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 19 Chapter No 16 – Class 11 Unimax
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 de

Question 20

Question 20 Chapter No 16 – Class 11 Unimax

Sarbjit Singh · Accepted Answer

Question 20 Chapter No 16 – Class 11 Unimax
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 it

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 Accountancy Class 11 - 2023 Solutions Chapter 16 - Financial Statements (With Adjustments) - Unimax

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Question 1 Chapter No 16 – Class 11 Unimax

The solution of Question 1 Chapter No 16 – Class 11 Unimax

Question 2 Chapter No 16 – Class 11 Unimax

Question 3 Chapter No 16 – Class 11 Unimax

Question 4 Chapter No 16 – Class 11 Unimax

Question 5 Chapter No 16 – Class 11 Unimax

Question 6 Chapter No 16 – Class 11 Unimax

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Question 8 Chapter No 16 – Class 11 Unimax

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Question 10 Chapter No 16 – Class 11 Unimax

Question 11 Chapter No 16 – Class 11 Unimax

Question 12 Chapter No 16 – Class 11 Unimax

Question 13 Chapter No 16 – Class 11 Unimax

Question 14 Chapter No 16 – Class 11 Unimax

Question 15 Chapter No 16 – Class 11 Unimax

Question 16 Chapter No 16 – Class 11 Unimax

Question 17 Chapter No 16 – Class 11 Unimax

Question 18 Chapter No 16 – Class 11 Unimax

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Question 20 Chapter No 16 – Class 11 Unimax

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Question 30 Chapter No 16 – Class 11 Unimax

Question 31 Chapter No 16 – Class 11 Unimax

Question 32 Chapter No 16 – Class 11 Unimax

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Question 34 Chapter No 16 – Class 11 Unimax

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Question 36 Chapter No 16 – Class 11 Unimax

Question 37 Chapter No 16 – Class 11 Unimax

Question 38 Chapter No 16 – Class 11 Unimax

Question 39 Chapter No 16 – Class 11 Unimax

Question 40 Chapter No 16 – Class 11 Unimax

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Question 43 Chapter No 16 – Class 11 Unimax

Question 44 Chapter No 16 – Class 11 Unimax

Question 45 Chapter No 16 – Class 11 Unimax

Question 46 Chapter No 16 – Class 11 Unimax

Question 47 Chapter No 16 – Class 11 Unimax

Question 48 Chapter No 16 – Class 11 Unimax

Question 49 Chapter No 16 – Class 11 Unimax

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Question 54 Chapter No 16 – Class 11 Unimax

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