Question 22 Chapter 15 – Class 11 Unimax -

Question 22 Chapter 15 – Class 11 Unimax

The following is the Trial Balance of Mr. Deepak as on March,2020. You are required to prepare Trading Account, Profit & Loss account and a balance sheet as on that date:

Account title	₹	Account title	₹
Drawings	36,000	Capital	2,50,000
Insurance	3,000	Bills payable	3,600
General expenses	29,000	Creditors	50,000
Rent & Taxes	14,400	Discount received	10,400
Lighting (factory)	2,800	Purchases returns	8,000
Travelling expenses	7,400	Sales	4,40,000
Cash in hand	12,600
Bills receivable	5,000
Sundry debtors	1,04,000
Furniture	16,000
Plant and machinery	1,80,000
Opening stock	40,000
Purchases	1,60,000
Sales return	6,000
Carriage inward	7,200
Carriage outward	1,600
Wages	84,000
Salaries	53,000

Closing stock ₹ 35,000.

The solution of Question 22 Chapter 15 – Class 11 Unimax

Trading A/c, Profit & Loss A/c for the year ended 31^st March, 2020
Particular		Amount	Particular		Amount
To Opening stock		40,000	By Sales	4,40,000
To Carriage inward		7,200	Less return	6,000	4,34,000
To Lighting		2,800	By Closing stock		35,000
To Purchases	1,60,000
Less returns	8,000	1,52,000
To wages		84,000
To Gross profit c/d		1,83,000
(and transferred to profit & loss A/c)
		4,69,000			4,69,000
To Insurance		3,000	By Gross Profit b/d		1,83,000
To General expenses		29,000	By Discount received		10,400
To Rent & Taxes		14,400
To Travelling expenses		7,400
To Carriage outward		1,600
To Salaries		53,000
To Net profit c/d		85,000
(and transferred to capital A/c)
		1,93,400			1,93,400

BALANCE SHEET AS ON 31^st March, 2020
Liabilities		Amount	Assets		Amount
Capital	2,50,000		Cash in hand	4,40,000	12,600
Add net profit	85,000		Bill receivable	6,000	5,000
Less Drawing	36,000	2,99,000	Sundry debtors		1,04,000
Bills payable		3,600	Furniture		16,000
Creditors		50,000	Plant and machinery		1,80,000
			Closing stock		35,000
		3,52,600			3,52,600

The solution of Question 22 Chapter 15 – Class 11 Unimax

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