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Question 11 Chapter No 17 – Class 11 Unimax
Sakshi does not keep prepare records. From the following information find out profit for the ended 31st March, 2020 and also prepare a final statement of affairs as at that date:
| 31-3-2019 | 31-3-2020 | |
| Cash in hand | 6,000 | 20,000 |
| Bank overdraft | 50,000 | |
| Stock | 50,000 | 1,50,000 |
| Sundry creditors | 20,000 | 40,000 |
| Sundry debtors | 60,000 | 2,50,000 |
| Bill payable | 7,000 | 15,000 |
| Furniture | 45,000 | 1,00,000 |
| Bills receivable | 6,000 | 60,000 |
| Machinery | 75,000 | 1,20,000 |
| Investments | 30,000 | 80,00 |
Drawing ₹ 100 p.m. for personal use fresh capital introduced during the year ₹ 2,00,000. A bad debts of ₹ 6,000 and a provision of 5% is to be made on debtors. O/s salary ₹ 4,000. Prepaid insurance ₹ 500, depreciation charged on furniture and Machine @ 10% p.a.
The solution of Question 11 Chapter No 17 – Class 11 Unimax
Statement of Affairs
As at 31 March, 2019
| Liabilities | Amount | Assets | Amount |
| Bank overdraft | 50,000 | Cash in hand | 6,000 |
| Sundry creditors | 20,000 | Stock | 50,000 |
| Bills payable | 7,000 | Sundry debtors | 60,000 |
| Capital (Balance figure) | 1,95,000 | Furniture | 45,000 |
| Bills receivable | 6,000 | ||
| Machinery | 75,000 | ||
| Investments | 30,000 | ||
| 2.72,000 | 2.72,000 |
Statement of Affairs
As at 31st March 2020
| Liabilities | Amount | Assets | Amount |
| Sundry Creditors | 40,000 | Cash in hand | 20,000 |
| Bills payable | 15,000 | Stock | 1,50,000 |
| Capital (Balance figure) | 7,25,000 | Sundry debtors | 2,50,000 |
| Furniture | 45,000 | ||
| Bills receivable | 6,000 | ||
| Machinery | 1,20,000 | ||
| Investment | 80,000 | ||
| 7,80,000 | 7,80,000 |
Statement of Profit & Loss
For the year ended 31st March, 2020
| Particulars | ₹ | |
| Closing Capital as on 31st March, 2020 | 7,25,000 | |
| Add: Drawings (100 x12) | 1,200 | |
| 7,26,200 | ||
| Less: Fresh capital introduced | 2,00,000 | |
| 5,26,200 | ||
| Less: Opening capital as on March 31,2019 | ||
| Profit before adjustments | 1,95,000 | |
| 3,31,200 | ||
| Less: Bad debts | 6,0000 | |
| Provision for doubtful debts 5% on (2,50,000-6,000) | 12,200 | |
| Outstanding salary | 4,000 | |
| Depreciation on furniture | 10,000 | |
| Depreciation on Machinery | 12,000 | 44,200 |
| 2,87,000 | ||
| Add: prepaid insurance | 500 | |
| Net profit | 2,87.500 | |
Final Statement of Affairs
As at 31st March 2020
| Liabilities | Amount | Assets | Amount | ||
| Sundry Creditors | 40,000 | Cash in hand | |||
| Bills payable | 15,000 | Stock | |||
| Outstanding salary | 4,000 | Sundry debtors | 2,50,000 | ||
| Opening salary | 1,95,000 | Less: Bad debts | 6,000 | ||
| Add: Net profit | 2,87,500 | Less: provision for doubtful debts | 12,200 | 2,31,800 | |
| Add: Fresh capital | 2,00,000 | Furniture | 1,00,000 | ||
| Less: Drawings | 1,200 | Less: Depreciation B/R | 10,000 | 90,000 | |
| Machinery | 1,20,000 | ||||
| Less: Depreciation investments | 12,000 | 1,08,000 | |||
| Prepaid insurance | 5,000 | ||||
| 7,40,300 | 7,40,300 | ||||
End of Solution
Check Out the Solution of all questions for this chapter:
The solutions to all questions of Chapter 17 – Accounts from Incomplete Records – Single Entry System Unimax – Class 11 are shown as follows, click on the image of the question to get the solution.
Question 1 Chapter No 17 – Class 11 Unimax
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Question 13 Chapter No 17 – 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.
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- 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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