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Question 22 Chapter No 16 – Class 11 Unimax
Prepare Trading and Profit & Loss Account of UDHAM Singh for 2019 and his balance sheet on 31sts December 2019 after making necessary adjustments.
| Debit balance | ₹ | Credit balance | ₹ | |
| Opening stock 1.1.2019 | 10,000 | Bank overdraft | 25,000 | |
| Cash in hand | 4,000 | |||
| Purchases | 70,000 | Sales | 90,000 | |
| Returns inwards | 3,000 | Capital | 30,000 | |
| Building | 30,000 | Sundry creditors | 21,000 | |
| Furniture and fittings | 7,000 | Bad debts reserve | 2,000 | |
| Sundry debtors | 30,000 | Commission | 2,000 | |
| Petty cash and stamps in hand | 200 | |||
| Carriage inwards | 800 | |||
| Salaries | 11,000 | |||
| Sundry Trade expenses | 6,000 | |||
| Interest charged by bank | 500 | |||
| Insurance paid for a year up to 30.6.2020 | 1,000 | |||
| Telephone charges | 500 | |||
| 1,74,000 | 1,74,000 | |||
Also consider the following::
(1) Stock of goods 31.12.2019 ₹ 15,000.
(2) Building and Furniture are to be depreciation 2 10% and 20% respectively.
(3) Bad debts ₹ 1,000 are to be written off reserve of 5% is to be kept on remaining debtors.
(4) Commission received in advance ₹ 1,000.
The solution of Question 22 Chapter No 16 – Class 11 Unimax
Trading and Profit & Loss A/c of UDHAM Singh | ||||||
| Particulars | Amount | Particulars | Amount | |||
| To Opening stock | 10,000 | By sales | 90,000 | |||
| To purchases | 70,000 | Less: Returns inwards | 3,000 | 87,000 | ||
| Less: Returns outwards | 4,000 | closing stock | 15,000 | |||
| To Carriage Inwards | 800 | |||||
| To Gross Profit (transferred to P & L A/c) | 25,200 | |||||
| 1,02,000 | 1,02,000 | |||||
| To Salaries | 11,000 | By Gross Profit b/d | 25,200 | |||
| To Sundry Trade expenses | 6,000 | By Commission | 2,000 | |||
| To interest | 500 | Less: Advance commission | 1,000 | 1,000 | ||
| To Insurance | 1,000 | |||||
| Less: Prepaid insurance | 500 | 500 | ||||
| To Telephone charge | 500 | |||||
| To Bad debts | 1000 | |||||
| Add; New Reserve for bad debts | 1,450 | |||||
| Less: Old bad debts reserve | 2,000 | 450 | ||||
| To Depreciation on Building | 3,000 | |||||
| To Depreciation on Furniture | 1,400 | |||||
| To Net Profit (Transferred to capital) | 2,850 | |||||
| 26,200 | 26,200 | |||||
Balance Sheet OF UDHAM SINGH | |||||
| Liabilities | Amount | Assets | Amount | ||
| Capital | 30,000 | Cash in hand | 4,000 | ||
| Add: Net Profit | 2,850 | 32,850 | Building | 30,000 | |
| Sundry creditors | 21,000 | Less: Depreciation | 3,000 | ||
| Advance commission | 1,000 | Furniture Fitting | 7,000 | ||
| Bank Overdraft | 25,000 | Less: Depreciation | 1,400 | ||
| Sundry debtors | 30,000 | ||||
| Less: Bad debts | 1,000 | ||||
| 29,000 | |||||
| Less: New reserve for bad debts | 1,450 | 27,550 | |||
| Petty cash and stamps in hand | 200 | ||||
| Prepaid insurance | 500 | ||||
| Closing stock | 15,000 | ||||
| 79,850 | 79,850 | ||||
End of Solution
Check Out the Solution of all questions for this chapter:
The solutions to all questions of Chapter 16 – Financial Statements (With Adjustments) Unimax – Class 11 are shown as follows, click on the image of the question to get the solution.
Question 2 Chapter No 16 – Class 11 Unimax
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Question 14 Chapter No 16 – Class 11 Unimax
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Question 26 Chapter No 16 – Class 11 Unimax
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Question 39 Chapter No 16 – Class 11 Unimax
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Question 51 Chapter No 16 – Class 11 Unimax
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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.
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