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Question 22 Chapter 15 – Class 11 Unimax

Question 22 Chapter 15 – Class 11 Unimax

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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 titleAccount title
Drawings36,000Capital2,50,000
Insurance3,000Bills payable3,600
General expenses29,000Creditors50,000
Rent & Taxes14,400Discount received10,400
Lighting (factory)2,800Purchases returns8,000
Travelling expenses7,400Sales4,40,000
Cash in hand12,600  
Bills receivable5,000  
Sundry debtors1,04,000  
Furniture16,000  
Plant and machinery1,80,000  
Opening stock40,000  
Purchases1,60,000  
Sales return6,000  
Carriage inward7,200  
Carriage outward1,600  
Wages84,000  
Salaries53,000  

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 31st March, 2020
Particular
AmountParticular
Amount
To Opening stock 40,000By Sales4,40,000  
To Carriage inward 7,200Less return 6,000 4,34,000
To Lighting 2,800By Closing stock 35,000
To Purchases1,60,000   
Less returns8,0001,52,000  
To wages84,000  
To Gross profit c/d1,83,000  
(and transferred to profit & loss A/c)   
 4,69,000 4,69,000
To Insurance3,000By Gross Profit b/d1,83,000
To General expenses29,000By Discount received 10,400
To Rent & Taxes14,400  
To Travelling expenses7,400  
To Carriage outward1,600  
To Salaries53,000  
To Net profit c/d85,000  
(and transferred to capital A/c)     
  1,93,400  1,93,400

BALANCE SHEET AS ON 31st March, 2020

Liabilities AmountAssets Amount
Capital2,50,000 Cash in hand4,40,000 12,600
Add net profit85,000 Bill receivable6,000 5,000
Less Drawing36,0002,99,000Sundry debtors 1,04,000
Bills payable 3,600Furniture16,000
Creditors 50,000Plant and machinery 1,80,000
   Closing stock35,000
  3,52,600  3,52,600

 

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