Advertisement
Question 21 Chapter No 17 – Class 11 Unimax
Mandeep maintain incomplete records. An analysis of his cash book for the year ended 31st March,2020 is as follows:
| ₹ | |
| Cash Receipts: | |
| From sundry debtors | 60,000 |
| From cash sales | 50,000 |
| From Sharma, as additional capital 1st Oct.,2019 | 15,000 |
| Total cash receipts | 1,25,000 |
| Cash Payments: | |
| Cash purchases | 30,000 |
| Paid to creditors | 25,000 |
| Productive expenses | 9,000 |
| Salary paid | 2,000 |
| Sundry expenses | 3,000 |
| New furniture purchases | 14,000 |
| Private payments | 5,000 |
| Total cash payments | 88,000 |
| 31-3-2019 | 31-3-2020 | |
| Assets and Liabilities | ||
| Sundry Debtors | 20,000 | |
| Sundry creditors | 9,000 | |
| Cash | 12,000 | |
| Stock | 30,000 | 30,000 |
| Furniture | 9,000 | 15,000 |
Other information:
(1) Credit sales during the year were ₹ 60,000.
(2) Sales returns ₹ 4,000.
(3) Creditors purchases during the year were ₹ 35,000.
(4) Discount allowed to debtors ₹ 1,000.
(5) Discount received from creditors ₹ 300.
(6) Bad debts written off during the year were ₹ 2,000.
Adjustments:
(1) Write off further bad debts ₹ 2,000.
(2) Provide 10% from doubtful debt and 3% for discount on debtors.
(3) Allow interest on capital @ 15% p.a.
Prepare Trading and Profit and Loss A/c for the year ended 31st March, 2020 and Balance Sheet as at that date.
The solution of Question 21 Chapter No 17 – Class 11 Unimax
Total Debtors A/c
| Particulars | Amount | Particulars | Amount |
| To Balance b/d (1-4-2019) | 20,000 | By cash received from debtors | 60,000 |
| To Credit sales | 60,000 | By Sales returns | 4,000 |
| By Discount allowed | 1,000 | ||
| By Bad debts | 2,000 | ||
| By Balance c/d (Balance figure) | 13,000 | ||
| 80,000 | 80,000 |
Note: Only the amount of ‘Bad debts’ is recorded in total debtors account. The amount of ‘Further bad debts’ shown in adjustments is not recorded in it.
Total Creditors A/c
| Particulars | Amount | Particulars | Amount |
| To Cash paid to creditors | 25,000 | By Balance b/d (1-4-2019) | 9,000 |
| To Discount received | 300 | To Creditors purchase | 35,000 |
| To Balance c/d (31-3-2020) (Balance figure) | 18,700 | ||
| 44,000 | 44,000 |
Opening Balance Sheet
As at 1st April 2019
Advertisement
| Liabilities | Amount | Assets | Amount |
| Sundry creditors | 9,000 | Cash in hand | 12,000 |
| Capital (Balance figure) | 62,000 | Sundry debtors | 20,000 |
| Stock | 30,000 | ||
| Furniture | 9,000 | ||
| 71,000 | 71,000 |
Trading and Profit and Loss A/c
For the year ending 31st March, 2020
| Particulars | Amount | Particulars | Amount | ||
| To Opening stock | 30,000 | By Sales: | |||
| To Purchases: | 5,50,000 | Cash sales | 50,000 | ||
| Cash purchases | 30,000 | Credit sales | 60,000 | ||
| Credit purchases | 35,000 | 65,000 | Less: Sales returns | 4,000 | 1,06,000 |
| To Productive expenses | 9,000 | By Closing stock | 30,000 | ||
| To Gross Profit c/d | 32,000 | ||||
| 1,36,000 | 1,36,000 | ||||
| To Salary | 2,000 | By Gross Profit B/d | 32,000 | ||
| To Sundry expenses | 3,000 | By Discount received | 300 | ||
| To Dep. on Furniture (14,000+9,000-15,000) | 8,000 | ||||
| To Discount allowed | 1,000 | ||||
| To Bad debts | 2,000 | ||||
| Add: Further bad debt | 2,000 | ||||
| Add: New provision | 1,100 | 5,100 | |||
| To Provision for discount | 297 | ||||
| To Interest on capital | |||||
| 15% on 62,000 | 9,300 | ||||
| 15% on 15,000 for 6 months | 1,125 | 10,425 | |||
| To Net profit | 2,478 | ||||
| 32,300 | 32,300 | ||||
Balance Sheet
As at 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
| Sundry Creditors | 18,700 | Cash in hand | |||
| Capital | 62,000 | Opening balance | 12,000 | ||
| Add: Additional capital | 15,000 | Add: Total receipts | 1,25,000 | ||
| Add: Interest on capital | 10,425 | Less: Total payments | 88,000 | 49,000 | |
| Add: Net Profit | 2,478 | Sundry debtors: | 13,000 | ||
| Less: Drawings | 5,000 | 84,904 | Less: Further bad debts | 2,000 | |
| Less: New provision for doubtful debts @ 10% on 11,000 | 1,100 | ||||
| Less: Provision for discount @ 3% on 9,000 | 297 | 9,603 | |||
| Closing stock | 30,000 | ||||
| Furniture | 15,000 | ||||
| 1,03,603 | 1,03,603 | ||||
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.
Question 6 Chapter No 17 – Class 11 Unimax
Advertisement
Question 18 Chapter No 17 – 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