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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 power | 18,000 | Question no 02 Chapter No 16 – Unimax Class 11ed | 2,000 | |
| Carriage inwards | 6,000 | |||
| Insurance | 8,000 | |||
| Buildings | 1,00,000 | |||
| Plant | 80,000 | |||
| Patents | 30,000 | |||
| Salaries | 28,000 | |||
| Furniture | 12,000 | |||
| Drawings | 18,000 | |||
| Rent | 2,000 | |||
| Debtors | 80,000 | |||
| 6,40,000 | 6,40,000 | |||
Adjustments:
| ₹ 500 2,400 12,000 | |
| Interest received in advance | |
| Commission accrued | |
| Depreciation on building 5% and plant 3% | |
| Closing stock | |
The solution of Question 11 Chapter No 16 – Class 11 Unimax
Trading and Profit & Loss A/c of M/s Mohit Traders | |||||
| Particulars | Amount | Particulars | Amount | ||
| To Opening stock | 24,000 | By sales | 4,00,000 | ||
| To purchases | 1,60,000 | Less: Returns stock | 4,000 | 3,96,000 | |
| Less: Returns outwards | 2,000 | 1,58,000 | By closing stock | 12,000 | |
| To wages | 22,000 | ||||
| To Fuel and power | 18,000 | ||||
| To Carriage inward | 6,000 | ||||
| To Gross Profit | 1,80,000 | ||||
| (transferred to P & L A/c) | |||||
| 4,08,000 | 4,08,000 | ||||
| To Insurance | 8,000 | By Gross Profit b/d | 1,80,000 | ||
| To Salaries | 28,000 | By Commission | 2,000 | ||
| To Rent | 2,000 | Add accrued commission | 2,400 | 4,400 | |
| To depreciation on building | 5,000 | By int. received | 2,000 | ||
| To de[recitation on plant | 2,400 | Unearned | 500 | 1,500 | |
| To Net Profit | 1,40,500 | ||||
| (transferred to capital A/c) | |||||
| 1,85,900 | 1,85,900 | ||||
Balance Sheet of M/s Mohit Traders | |||||
| Liabilities | Amount | Assets | Amount | ||
| Capital | 1,50,000 | Cash in hand | 16,000 | ||
| Add: Net Profit | 1,40,500 | Cash at bank | 32,000 | ||
| 2,73,700 | Building | 1,00,000 | |||
| Less: Drawings | 18,000 | 2,72,500 | Less: Depreciation | 5,000 | 95,000 |
| Creditors | 64,000 | Plant | 80,000 | ||
| Bills Payable | 20,000 | Less: Depreciation | 2,400 | 77,600 | |
| Unearned interest | 500 | Patents | 30,000 | ||
| Furniture | 12,000 | ||||
| Debtors | 80,000 | ||||
| Accrued commission | 2,400 | ||||
| Closing stock | 12,000 | ||||
| 3,57,000 | 3,57,000 | ||||
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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