Question 2 Chapter No 17 – Class 11 Unimax 

Question 2 Chapter No 17 – Class 11 Unimax 


Question 2 Chapter No 17 – Class 11 Unimax 

Anant started a business on 1st April 2019, with a capital of ₹ 6,00,000. During the year he withdrew ₹ 50,000 for household expenses and introduced ₹ 50,000 as a fresh capital. His position of assets and liabilities as at 31st March 2020 stood as follows:

Cash in hand40,000
Bills receivable70,000
Bills payable20,000

You are required to prepare statement of Profit & Loss for the year ended 31st March 2020.

The solution of Question 2 Chapter No 17 – Class 11 Unimax 

                                                                          Statement of Affairs
                                                                       As at 31st March 2020

Bills payable20,000Stock50,000
Capital (Balancing figure)7,40,000Bills receivable70,000
 10,60,000 10,60,000

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

Capital as on 31st March 20207,40,000
Add: Drawings (House expenses)50,000
Less: Additional capital introduced50,000
Less: Opening capital6,00,000
Profit made during the year1,40,000


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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