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Question 6 Chapter No 16 – Class 11 Unimax

Question 6 Chapter No 16 – Class 11 Unimax

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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 balanceCredit balance
Machinery4,000Capital9,000
Cash at bank1,000Sales16,000
Cash in hand500Sundry creditors4,500
Wages1,000  
Purchases8,000  
Stock on 1st Jan.20186,000  
Sundry debtors4,400  
Bills receivable2,900  
Rent450  
Commission250  
General expenses800  
Salaries500  
 29,800  29,800

Wages outstanding amount to ₹ 5; rent prepaid amount to ₹ 100, stock on 31st December, 2019 amount of ₹ 8,000.

Prepare trading and profit & loss account for the year ending 31st December, 2019 and Balance sheet as on last date of the year.

The solution of Question 6 Chapter No 16 – Class 11 Unimax

TRADING AND PROFIT & LOSS M/SRAM PRASAD & SONS.

FOR THE YEAR ENDED 31 st DEC.2019

Particulars
AmountParticularsAmount
To Opening stock 6,000By sales16,000
To purchase 8,000 By Closing stock 8,000
To Wages1,000   
Add: Outstanding wages501,050  
To Gross Profi
(transferred to P & L A/c)
 8,950  
  24,000 24,000
To Rent450 By Gross Profit b/d 8,950
Less: Prepaid rent100350By Interest received 300
To Commission 250  
To General expenses 800  
To salaries 500  
To Net Profit 7,350  
(transferred to capital A/c)    
  9,250  9,250

BALANCE SHEET of M/S Ram prasad & sons. 

As on 31st Dec.,2019

Liabilities AmountAssetsAmount
Capital9,000 Machinery 4,000
Add: Net Profit7,35016,350Cash at bank1,000
Sundry creditors 4,500Cash in hand500
Outstanding wages50 Sundry debtors 4,400
   Bill receivable 2,900
   Closing stock 8,000
   Prepaid rent 100 
  20,900   20,900

 

End of Solution


Check Out the Solution of all questions for this chapter:

The solutions to all questions of Chapter 16 – Financial Statements (With Adjustments) Unimax – Class 11 are shown as follows, click on the image of the question to get the solution.

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Question 12 Chapter No 16 – Class 11 Unimax

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Question 24 Chapter No 16 – Class 11 Unimax

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Question 37 Chapter No 16 – Class 11 Unimax

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Question 49 Chapter No 16 – Class 11 Unimax

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