Question 15 Chapter No 17 – Class 11 Unimax

Question 15 Chapter No 17 – Class 11 Unimax


Question 15 Chapter No 17 – Class 11 Unimax

From the following information, ascertain the value of opening stock:

Sales6,00,000Carriage outwards40,000
Closing stock60,000Rate of gross profit on cost of goods sold20%

The solution of Question 15 Chapter No 17 – Class 11 Unimax

Memorandum trading A/c

To Opening stock A/c
(Balance figure)
2,40,000By Sales A/c6,00,000
To Purchases A/c3,00,000By Closing stock A/c60,00
To Wages A/c20,000  
To Gross Profit c/d6,000  
 6,60,000 6,60,000

Goods costing ₹ 100 has been sold at a profit of ₹ 20. As such
If the sales price is ₹ 120, gross profit = 20
If the sales price is ₹ 1, gross profit = 20/120
If the sales price is ₹ 6,00,000, gross = 6,00,000 *20/120 = 1,00,000
Note: Carriage outwards will be debited to Profit and Loss Account.

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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