Question 12 Chapter No 17 – Class 11 Unimax

Question 12 Chapter No 17 – Class 11 Unimax


Question 12 Chapter No 17 – Class 11 Unimax

Nitin keeps incomplete records. The statement of Affairs of her business as at 1st April,2019 was as follows:

Creditors20,000Cash in hand6,000
Capital1,00,000Cash at bank7,000
  Plant & Machinery55,000
 1,20,000 1,20,000

His position on 31st March, 2020 was:- cash in hand ₹ 6,000; cash at bank 12,000; B/R 12,000; debtors ₹ 35,000; stock ₹ 50,000; furniture ₹ 60,000; plant & Machinery ₹ 50,000 and creditors ₹ 60,000.
He withdrew during the year ₹ 30,000, out of which he spent ₹ 20,000 for purchasing a scooter for the business.
Calculate his net profit for the year after the following adjustments and prepare a final statement of Affairs as at 31st March, 2020:

(1) Depreciation furniture and scooter @ 10%.
(2) 5% of the debtors are doubtful and ₹ 2,000 are absolutely bad.
(3) Make a provision of % on bills receivable also.

The solution of Question 12 Chapter No 17 – Class 11 Unimax

Statement of Affairs
As at 31 March, 2020(Before adjustments)

Creditors60,000Cash in hand6,000
Capital (Balance figure)1,84,000Cash at bank12,000
  Bills receivable12,000
  Plant & Machinery50,000
 2,45,000 2,45,000

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

Closing Capital as on 31st March, 2020 1,85,000
Add: Drawings during the year (30,000-20,000) 10,000
Less: Opening capital as on 1st April,2019 1,00,000
Profit before adjustments 95,000
Less: Depreciation on Furniture6,000 
Deprecation on Scooter2,000 
Bad debts2,000 
Provision for doubtful debts 5% on 33,000  
(debtors 35,000-bad debts 2,000)1,650 
Provision on B/R (5% on 12,000)60012,250
Net profit 82,750

Final Statement of Affairs
As at 31 March, 2020(After adjustments)

Creditors 60,000Cash in hand 6,000
Opening Capital1,00,000 Cash at bank 12,000
Add: Net Profit82,750 Bills receivable12,000 
Less: Drawings10,0001,72,750Less: Provision at 5%60011,400
   Less: Bad debts2,000 
   Less: Provision for doubtful debts1,65031,350
   Stock 50,000
   Less: Depreciation6,00054,000
   Less: Depreciation2,00018,000
   Plant & Machinery 50,000
  2,32,750  2,32,750

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.



Leave a Reply

Your email address will not be published. Required fields are marked *