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Question 52 Chapter No 16 – Class 11 Unimax
The following is the Trial Balance of Mr. Raj on 31st March 2020:
| Particulars | Debit | Credit |
| Stock on 1.4.2019 | 62,000 | |
| Purchases and sales | 3,15,000 | 4,48,000 |
| Returns | 3,700 | 2,500 |
| Sundry debtors & creditors | 80,000 | 43,000 |
| Drawing and Capital | 30,000 | 2,00,000 |
| Bills receivable and payable | 12,100 | 4,300 |
| Cash In hand | 24,800 | |
| Balance with bank of J.K. | 32,800 | |
| Discount | 2,600 | 3,800 |
| Carriage on purchases | 7,500 | |
| Carriage on sales | 1,200 | |
| Bad debts | 2,400 | |
| Provision for bad debts | 3,000 | |
| Furniture on 1st Aprile,2019 | 10,000 | |
| New furniture purchases 1.1.2019 | 6,000 | |
| Rent | 10,000 | |
| Salaries | 25,000 | |
| Commission | 2,400 | |
| Repair | 2,300 | |
| Insurance (Annual premium paid on 1.1.2020) | 3,600 | |
| Salaries outstanding | 5,000 | |
| Sales Van | 75,000 | |
| Sales van expenses | 6,000 | |
| 7,12,000 | 7,12,000 |
Taking into account the following adjustments, prepare Trading and Profit and Loss account and the balance sheet as on 31st March,2020.
(1) Stock on 31st March, 2020 was valued at ₹ 46,000.
(2) Depreciation furniture at 15% and sales van at 20%.
(3) A sum of ₹ 200 is due for repairs.
(4) Write off ₹ 2,000as further bad debts and create a provision for doubtful debts @ 15% on debtors. Also provide 2% for discount on debtors.
(5) Rent is paid at the rate of ₹ 1,000 per month.
(6) Allow 8% interest on capital and charges ₹ 1,500 as interest on drawings.
(7) Balance with bank of J.K. and 31st March,2020 as ascertained form pass book is ₹ 34,200, the difference representing interest allowed by bank.
The solution of Question 52 Chapter No 16 – Class 11 Unimax
Trading and Profit & Loss A/c of MR. Raj
For the year ended 31st March, 2020
| Particulars | Amount | Particulars | Amount | ||
| To Opening stock | 62,000 | By sales | 4,48,000 | ||
| To purchases | 3,15,000 | Less: Returns | 3,700 | 4,44,300 | |
| Less: Returns | 2,500 | 3,12,500 | By Closing stock | 46,000 | |
| To carriage on Purchases | 7,500 | ||||
| To Gross Profit (transferred to P & L A/c) | 1,08,300 | ||||
| 4,90,300 | 4,90,300 | ||||
| To carriage on sales | 1,200 | By Gross Profit b/d | 1,08,300 | ||
| To Bad debts | 2,400 | By Commission | 2,400 | ||
| Add: Further bad debts | 2,000 | By Interest on drawings | 1,500 | ||
| Add: New Provision | 3,900 | By Discount | 3,800 | ||
| Less: Old provision | 3,000 | By interest allowed by bank accrued | 1,400 | ||
| To Rent | 10,000 | ||||
| Add: O/S Rent | 2,000 | 12,000 | |||
| To Salaries | 25,000 | ||||
| To Interest on capital | 16,000 | ||||
| To Dep. on furniture | 1,725 | ||||
| To Dep. on sales van | 15,000 | ||||
| To Discount on debtors | 1,482 | ||||
| To Insurance | 3,600 | ||||
| Less: Prepaid | 2,700 | 900 | |||
| To sales van expenses | 6,000 | ||||
| To Repairs | 2,300 | ||||
| Add: Outstanding | 200 | 2,500 | |||
| To Discount | 2,600 | ||||
| To Net Profit (Transferred to capital) | 27,693 | ||||
| 1,17,400 | 1,17,400 | ||||
Balance Sheet of of MR. Raj
AS 0n 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
| Capital | 2,00,000 | Bills receivable | 12,100 | ||
| Add: Net profit | 27,693 | Cash | 24,800 | ||
| Add: interest on capital | 16,000 | Furniture | 10,000 | ||
| Less: Interest on drawings | 1,500 | Add: New Furniture | 6,000 | ||
| Less: Drawing | 30,000 | 2,12,193 | Less: Depreciation | 1,725 | 14,275 |
| Sundry creditors | 43,000 | Sales van | 75,000 | ||
| Bill Payable | 4,300 | Less: Depreciation | 15,000 | 60,000 | |
| Outstanding Rent | 2,000 | Closing Stock | 46,000 | ||
| Outstanding Repairs | 200 | Sundry Debtors | 80,000 | ||
| Outstanding Salaries | 5,000 | Less: bad debts | 2,000 | ||
| Less: Discount | 1,482 | 72,618 | |||
| Prepaid insurance | 2,700 | ||||
| Accrued interest allowed by bank | 1,400 | ||||
| Balance with bank | 32,800 | ||||
| 2,66,693 | 2,66,693 | ||||
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 2 Chapter No 16 – Class 11 Unimax
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Question 14 Chapter No 16 – Class 11 Unimax
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Question 26 Chapter No 16 – Class 11 Unimax
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Question 39 Chapter No 16 – Class 11 Unimax
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Question 51 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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