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Question 6 Chapter 12 – Class 11 Unimax
6. Following balance were extracted from the Trial Balance of M/s Duggal Traders as on 31.3.2019
| Name of accounts | L.F. | Dr. | Cr. |
| Sundry debtors | 5,00,000 | ||
| Discount allowed | 17,000 | ||
| Bad debts | 18,500 | ||
| Provision for bad debts | 30,000 | ||
| Provision for discount on debtors | 24,000 |
Adjustment:
1. Further bad debts were ₹ 10,000
2. Provision for bad debts to be created @ 10%
3. Provision for discount on debtors to be created @2%
Requirement:
1. Prepare necessary ledger accounts
2. Show, how these items would appear in the profit & loss account and the balance sheet as at 31.3.2019.
The solution of Question No 6 Chapter No 12 – Unimax Class 11:
| Bad debts A/c | |||
| Particulars | Amount | Particulars | Amount |
| To Balance b/d | 28,500 18,500 | By provision for bad debts A/c | 28,500 |
| 28,500 | 28,500 | ||
| Discount allowed A/c | Cr | |||
| Particulars | Amount | Particulars | Amount | |
| To Balance b/d | 17,000 | By provision for bad debts A/c | 17,000 | |
| 17,000 | 17,000 | |||
| Provision for bad debts A/c | Cr | |||
| Particulars | Amount | Particulars | Amount | |
| To Bad debts A/c | 28,500 | By Balance b/d | 30,000 | |
| To Balance c/d | 49,000 | By P&L a/c | 47,500 | |
| 77,500 | 77,500 | |||
Provision for discount on debtors A/c
| Liabilities | Amount | Assets | Amount | ||
| To Discount A/c | 17,000 | By Balance b/d | 24,000 | ||
| To Balance c/d | 8,820 | By P&L a/c | 1,820 | ||
| 25,820 | 25,820 |
Profit & Loss A/c as on 31.02.2019
| Liabilities | Amount | Assets | Amount | |
| To bad debts | 18,500 | |||
| Add: further bad debts | 10,000 | |||
| Add: new provision for bad debts | 49,000 | |||
| 77,500 | ||||
| Less: old provision for bad debts | 30,000 | 47,500 | ||
| To Discount | 17,000 | |||
| Add: new provision for discount on debtors | 8,820 | |||
| 25,820 | ||||
| Less: old provision for discount on creditors | 24,000 | 1,820 |
Balance sheet as on 31/03/2019
| Liabilities | Amount | Assets | Amount | |
| Sundry Debtors | 5,00,000 | |||
| Less: new further bad debts | 10,000 | |||
| Less: new provision for bad debts | 49,000 | |||
| Less: new provision for discount on debtors | 8,820 | 4,32,180 |
End of Solution
Check Out the Solution of all questions for this chapter:
The solutions to all questions of Chapter No. 12 – Provision and Reserves Unimax are shown as follows, click on the image of the question to get the solution.
Question 4 Chapter 12 – Class 11 Unimax
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1. Comprehensive Solutions for All Chapters of Advanced Accountancy I Class 11 by Unimax
UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy I Part 1 in Class 11. With their meticulously curated study material, students can access comprehensive solutions to all the questions included within each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 11 examinations.
- Chapter No. 1 – Introduction of Accounting
- Chapter No. 2 – Theory Base of Accounting
- Chapter No. 3 – Vouchers and Transactions
- Chapter No. 4 – Journal
- Chapter No. 5 – Goods and Services Tax (GST): An Introduction
- Chapter No. 6 – Ledger
- Chapter No. 7 – Special Purpose Book – Cash Book
- Chapter No. 8 – Other Subsidiary Books
- Chapter No. 9 – Trial Balance
- Chapter No. 10 – Rectification of Errors
- Chapter No. 11 – Depreciation
- Chapter No. 12 – Provision and Reserves
- Chapter No. 13 – Bank Reconciliation Statement
- Chapter No. 14 – Bills of Exchange
- Chapter No. 15 – Financial Statements (Without Adjustments)
- Chapter No. 16 – Financial Statements (With Adjustments)
- Chapter No. 17 – Accounts from Incomplete Records – Single Entry System
2. Punjab School Education Board (PSEB) Solutions of Usha Publication.
If you’re a student enrolled in the Punjab School Education Board Class 11, it’s essential to explore a wide range of books to cover the syllabus thoroughly. While the prescribed textbooks are undoubtedly valuable, supplementing your studies with additional resources can enhance your understanding and knowledge. Consider checking out other books that align with the curriculum, offering different perspectives and insights on the subjects you’re studying. These supplementary materials can provide you with alternative explanations, practice questions, and examples that may aid in clarifying complex concepts. Moreover, exploring diverse sources can expose you to a variety of writing styles and viewpoints, fostering a broader understanding of the subjects. So, seize the opportunity to expand your learning by delving into other books that can complement your studies and contribute to your academic growth.
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