Question 11 Chapter No 17 – Class 11 Unimax

Question 11 Chapter No 17 – Class 11 Unimax


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:

Cash in hand6,00020,000
Bank overdraft50,000 
Sundry creditors20,00040,000
Sundry debtors60,0002,50,000
Bill payable7,00015,000
Bills receivable6,00060,000

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

Bank overdraft50,000Cash in hand6,000
Sundry creditors20,000Stock50,000
Bills payable7,000Sundry debtors60,000
Capital (Balance figure)1,95,000Furniture45,000
  Bills receivable6,000
 2.72,000 2.72,000

Statement of Affairs
As at 31st March 2020

Sundry Creditors40,000Cash in hand20,000
Bills payable15,000Stock1,50,000
Capital (Balance figure)7,25,000Sundry debtors2,50,000
  Bills receivable6,000
 7,80,000 7,80,000

Statement of Profit & Loss
For the year ended 31st March, 2020

Closing Capital as on 31st March, 2020 7,25,000 
Add: Drawings (100 x12) 1,200 
Less: Fresh capital introduced 2,00,000 
Less: Opening capital as on March 31,2019  
Profit before adjustments 1,95,000
Less: Bad debts6,0000 
Provision for doubtful debts 5% on (2,50,000-6,000)12,200 
Outstanding salary4,000 
Depreciation on furniture10,000 
Depreciation on Machinery12,00044,200
Add: prepaid insurance 500
Net profit 2,87.500

Final Statement of Affairs
As at 31st March 2020

Liabilities AmountAssetsAmount
Sundry Creditors 40,000Cash in hand  
Bills payable 15,000Stock  
Outstanding salary 4,000Sundry debtors2,50,000 
Opening salary1,95,000 Less: Bad debts6,000 
Add: Net profit2,87,500 Less: provision for doubtful debts12,2002,31,800
Add: Fresh capital2,00,000 Furniture1,00,000 
Less: Drawings1,200 Less: Depreciation B/R10,00090,000
   Less: Depreciation investments12,0001,08,000
   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.

1. Comprehensive Solutions for All Chapters of Advanced Accountancy I Class 11 by Unimax 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.


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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