Advertisement
Question 14 Chapter 15 – Class 11 Unimax
Calculate gross profit & net profit and on the basis of following balance of Sh. Madan Mohan for the year ending 31st March,2020
| Particular | ₹ | Particular | ₹ |
| Stock(1.04.19) | 6,500 | Insurance premium | 800 |
| Purchases | 11,21,200 | Travelling expenses | 1,200 |
| Sales | 22,12,120 | Custom duty | 3,000 |
| Purchases returns | 2,200 | General expenses | 1,100 |
| Sales return | 13,100 | Bank interest (D r) | 600 |
| Carriage inward | 700 | Commission (Cr) | 3,500 |
| Rent | 24,000 | Advertisement | 2,400 |
| Office lighting | 12,000 | Office expenses | 17,000 |
| Interest on investments | 2,600 | Dividend received | 1,400 |
Closing stock was valued at ₹22,00.
The solution of Question 14 Chapter 15 – Class 11 Unimax
We know that: Gross profit = Net Sales – Coat of goods sold
Net profit =
Cost of goods sold = opening stock + Net purchases + Direct expense – closing stock
| Trading A/c, Profit & Loss A/c of MADAN MOHAN for the year ended 31st March, 2020 | |||||
| Particular | Amount | Particular | Amount | ||
| To Opening stock | 6,500 | By Sales | 2212,120 | ||
| To Purchases | 11,21,200 | Less return | 13,100 | 21,99,020 | |
| Less returns | 2,200 | 11,19,000 | By Closing stock | 22,000 | |
| To Customer duty | 3,000 | ||||
| To Carriage inwards | 7,000 | ||||
| To Gross profit c/d (and transferred to P&L a/c) | 10,91,820 | ||||
| 22,21,020 | 22,21,020 | ||||
| To Rent | 24,000 | By Gross profit b/d | 10,91,820 | ||
| To Office lighting | 12,000 | By Commission | 3,500 | ||
| To Travelling expenses | 1,200 | By Dividend received | 1,400 | ||
| To General expenses | 1,100 | By Interest on investments | 2,600 | ||
| To Bank interest | 600 | ||||
| To Advertisement | 2,400 | ||||
| To Office expenses | 17,000 | ||||
| To Insurance premium | 800 | ||||
| To Net profit (and transferred to capital) | 10,40,220 | ||||
| 10,99,320 | 10,99,320 | ||||
End of Solution
Check Out the Solution of all questions for this chapter:
The solutions to all questions of Chapter 15 – Financial Statements (Without Adjustments) Unimax – Class 11 are shown as follows, click on the image of the question to get the solution.
Question 5 Chapter 15 – Class 11 Unimax
Advertisement
Question 17 Chapter 15 – Class 11 Unimax
Advertisement
Question 29 Chapter 15 – Class 11 Unimax
Advertisement
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.
Advertisement