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Question 20 Chapter No 17 – Class 11 Unimax
Priya maintain incomplete records. During the year 2019-20 the analysis of his ash book was as under:
| Receipts | Amount | Payments | Amount |
| Receipts from debtors | 8,00,000 | Bank overdraft (1-4-2019) | 1,00,000 |
| Additional capital introduced on 1-12-2019 | 30,000 | Payments to creditors | 5,00,000 |
| Loan from Amit 1-7-2019@ 6% interest p.a. | 3,00,000 | General expenses | 1,50,000 |
| Salaries | 60,000 | ||
| Drawings | 70,000 | ||
| Bank balance 31-33-2020 | 2,50,000 | ||
| 11,30,000 | 11,30,000 |
On 1st April, 2019 the following balance were recorded: Building ₹5,00,000; Stock ₹ 2,50,000; Debtors ₹ 6,00,000 and Creditors ₹ 3,00,000.
The Balance on 31st March, 2020 were: Debtors ₹ 8,00,000; Building ₹ 5,00,000; Creditors ₹3,50,000and Stock ₹ 5,00,000.
Allow 10% depreciation on Building. Provide interest loan from nine months. Prepare Trading and Profit and Loss A/c for the year ended 31st March, 2020 and a balance Sheet as at that date.
The solution of Question 20 Chapter No 17 – Class 11 Unimax
Total Debtors A/c
| Particulars | Amount | Particulars | Amount |
| To Balance b/d (1-4-2019) | 6,00,000 | By cash received from debtors | 8,00,000 |
| To Credit sales (Balance figure) | 10,00,000 | By Balance c/d (31-3-2020) | 8,00,000 |
| 16,00,000 | 16,00,000 |
Total Creditors A/c
| Particulars | Amount | Particulars | Amount |
| To Cash paid to creditors | 5,00,000 | By Balance b/d (1-4-2019) | 3,00,000 |
| To Balance c/d (31-3-2020) | 3,50,000 | To Creditors purchases (Balance figure) | 5,50,000 |
| 8,50,000 | 8,50,000 |
Opening Balance Sheet
As at 1st April 2019
| Liabilities | Amount | Assets | Amount |
| Bank overdraft | 1,00,000 | Debtors | 6,00,000 |
| Creditors | 3,00,000 | Stock | 2,50,000 |
| Capital (Balance figure) | 9,50,000 | Building | 5,00,000 |
| 13,50,000 | 13,50,000 |
Trading and Profit and Loss A/c
For the year ending 31st March, 2020
| Particulars | Amount | Particulars | Amount |
| To Opening stock 1-4-2019 | 2,50,000 | By Sales: | 10,00,000 |
| To Purchases: | 5,50,000 | By Closing stock | 5,00,000 |
| To Gross Profit c/d | 7,00,000 | ||
| 15,00,000 | 15,00,000 | ||
| To General expenses | 1,50,000 | By Gross Profit B/d | 7,00,000 |
| To Salaries | 60,000 | ||
| To Dep. on Building | 50,000 | ||
| To Interest on Amit’s loan on 3,00,000@ 6% for Months | 13,500 | ||
| To Net profit | 4,26,500 | ||
| 7,00,000 | 7,00,000 |
Balance Sheet
As at 31st March, 2020
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| Liabilities | Amount | Assets | Amount | ||
| Creditors | 3,50,000 | Cash at bank | 2,50,000 | ||
| Amit’s Loan | 3,00,000 | Debtors | 8,00,000 | ||
| Add: Interest on Loan | 13,500 | 3,13,500 | Stock | 5,00,000 | |
| Capital | 9,50,000 | Building | 5,00,000 | ||
| Add: Fresh capital | 30,000 | Less: Depreciation | 50,000 | 4,50,000 | |
| Add: Net Profit | 4,26,500 | ||||
| 14,06,500 | 13,36,500 | ||||
| Less: Drawings | 70,000 | ||||
| 20,00,000 | 20,00,000 | ||||
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