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Question 44 Chapter No 16 – Class 11 Unimax
The following balance were extracted form the books of Shri R. Lal on March 3, 2020.
| Ledger A/v | ₹ | Ledger A/v | ₹ |
| Capital | 1,00,000 | Rent (Cr.) | 2,100 |
| Drawings | 17,600 | Railway freight on sales | 16,940 |
| Purchases | 80,000 | Carriage inwards | 2,310 |
| Sales | 1,40,370 | Office expenses | 1,340 |
| Purchases returns | 2,820 | Printing and stationery | 660 |
| Stock on April 1.4.2019 | 11,460 | Postage and telegram | 820 |
| Bad debts | 1,400 | Sundry debtors | 62,070 |
| Bad debs reserve on 1.4.2019 | 3,240 | Sundry creditors | 18,920 |
| Rates and Insurance | 1,300 | Cash at bank | 12,400 |
| Discount (Cr.) | 190 | Cash in hand | 2,210 |
| Bills receivable | 1,240 | Office furniture | 3,500 |
| Sales returns | 4,240 | Salaries and commission | 9,870 |
| Wages | 6,280 | Addition to Building | 7,000 |
| Buildings | 25,000 |
Prepare trading and profit and loss account and a balance sheet as on March 31st ,2020 after keeping
in view the following adjustments:
(1) Depreciation old building by ₹ 625 and addition to buildings at 2% and office furniture at 5%.
(2) Write off further bad debts ₹ 570.
(3) Increase the bad debts reserve to 6% if debtors.
(4) On March 31,2020 ₹ 570 are outstanding for salary.
(5) Rent received ₹ 200 on March 31,2020.
(6) Interest on capital at 5% to be charged.
(7) Unexpired insurance ₹ 240.
(8) Stock was valued at ₹14,290 on March 31,2020.
The solution of Question 44 Chapter No 16 – Class 11 Unimax
Trading and Profit & Loss A/c of Shri R. Lal
For the year ended 31st March, 2020
| Particulars | Amount | Particulars | Amount | ||
| To Opening stock | 11,460 | By sales | 1,40,370 | ||
| To purchases | 80,000 | Less: Returns | 4,240 | 1,36,130 | |
| Less: Returns | 2,820 | 77,180 | By Closing stock | 14,290 | |
| To Carriage inwards | 2,310 | ||||
| To Wages | 6,280 | ||||
| To Gross Profit | |||||
| (transferred to P & L A/c) | 53,190 | ||||
| 1,50,420 | 1,50,420 | ||||
| To bad debts | 1,400 | By Gross Profit b/d | 53,190 | ||
| Add: Further bad debts | 570 | By Rent | 2,100 | ||
| Add: New reserve | 3,690 | Add: Accrued rent | 200 | 2,300 | |
| Less: Old reserve | 3,240 | 2,420 | By Discount | 190 | |
| To Dep. On old building | 625 | ||||
| To Dep. On addition building | 140 | ||||
| To Dep. On office furniture | 175 | ||||
| To Salaries and commission | 9,870 | ||||
| Add: O/S Salary | 570 | 1,0,440 | |||
| To interest on capital | 5,000 | ||||
| To Rates & insurance | 1,300 | ||||
| Less: prepaid insurance | 240 | 1,060 | |||
| To Railway freight on sales | 16,940 | ||||
| To Office expenses | 1,340 | ||||
| To Printing and stationery | 660 | ||||
| To Postage and telegram | 820 | ||||
| To Net Profit (Transferred to capital) | 16,060 | ||||
| 55,680 | 55,680 | ||||
Balance Sheet of Shri R.LAL
AS 0n 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
| Capital | 1,00,000 | Bills Receivable | 1,240 | ||
| Add: Net Profit | 16,060 | Sundry debtors | 62,070 | ||
| Add: Interest on capital | 5,000 | Less: further bad debts | 570 | ||
| Less: Drawings | 17,600 | 1,03,460 | Less: New reserve | 3,690 | 57,810 |
| Outstanding salary | 570 | Cash at bank | 12,400 | ||
| Sundry creditors | 18,920 | Cash in hand | 2,210 | ||
| Office furniture | 3,500 | ||||
| Less: Depreciation | 175 | 3,325 | |||
| Building | 25,000 | ||||
| Less: Depreciation | 625 | 24,375 | |||
| Addition to Building | 7,000 | ||||
| Less: Depreciation | 140 | 24,375 | |||
| Accrued Rent | 200 | ||||
| Prepaid insurance | 240 | ||||
| Closing stock | 14,290 | ||||
| 1,22,950 | 1,22,950 | ||||
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.
Question 3 Chapter No 16 – Class 11 Unimax
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Question 15 Chapter No 16 – Class 11 Unimax
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Question 28 Chapter No 16 – Class 11 Unimax
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Question 40 Chapter No 16 – Class 11 Unimax
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Question 52 Chapter No 16 – 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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