Advertisement
Question 22 Chapter No 17 – Class 11 Unimax
Gaurav maintains incomplete records. He supplies you the following information:
| 31-3-2019 | 31-3-2020 | |
| Cash balance | 20,000 | 40,000 |
| Sundry Debtors | 40,000 | |
| Sundry creditors | 20,000 | 20,000 |
| Stock | 45,000 | 60,000 |
| Unpaid expenses | 4,000 | 6,000 |
| Prepaid expenses | 2,000 | 5,000 |
| Office equipment | 30,000 | 40,000 |
Receipts and payments during the year were:
| ₹ | |
| Receipts from Debtors | 2,00,000 |
| Payments to Creditors | 1,00,000 |
| Carriage | 6,000 |
| Sundry expenses | 35,000 |
| Drawings | 30,000 |
| Office equipment purchases for cash | 10,000 |
Other information:
There was a considerable amount of cash sales.
(2) Credit sales during the year amounted to ₹ 2,50,000.
(3) Depreciation office equipment by 5%.
(4) Provide for doubtful debts @ 5% on debtors
Prepare a Trading & Profit and Loss A/c for the year ended 31st March 2020 and Balance sheet as at that date
The solution of Question 22 Chapter No 17 – Class 11 Unimax
Cash book
| Receipts | Amount | Payments | Amount |
| Balance Sheet As at 31st March, 2020 | 20,000 | By Payments to Creditors | 1,00,000 |
| To Receipts from debtors | 2,00,000 | By Carriage | 6,000 |
| To Cash sales (Balance figure) | 1,000 | By Sundry expenses | 35,000 |
| By Drawings | 30,000 | ||
| By office equipment | 10,000 | ||
| By Balance c/d (balance figure on 31-3-2020) | 40,000 | ||
| 2,21,000 | 2,21,000 |
Total Debtors A/c
| Particulars | Amount | Particulars | Amount |
| To Balance b/d (1-4-2019) | 40,000 | By cash received from debtors | 2,00,000 |
| To Credit sales | 2,50,000 | By Balance c/d (31-3-2020) | 90,000 |
| 2,90,000 | 2,90,000 |
Total Creditors A/c
| Particulars | Amount | Particulars | Amount |
| To Cash paid to creditors | 1,00,000 | By Balance b/d (1-4-2019) | 20,000 |
| To Balance c/d (31-3-2020) | 20,000 | To Creditors purchases (Balance figure) | 1,00,000 |
| 1,20,000 | 1,20,000 |
Opening Balance Sheet
As at 1st April 2019
| Liabilities | Amount | Assets | Amount |
| Sundry Creditors | 20,000 | Cash | 20,000 |
| Unpaid expenses | 4,000 | Sundry Debtors | 40,000 |
| Capital (Balance figure) | 1,13,000 | Stock | 45,000 |
| Prepaid expenses | 2,000 | ||
| Office equipment | 30,000 | ||
| 1,37,000 | 1,37,000 |
Trading and Profit and Loss A/c
For the year ending 31st March, 2020
Advertisement
| Particulars | Amount | Particulars | Amount | ||
| To Opening stock | 45,000 | By Sales: | |||
| To Purchases: | 1,00,000 | Cash sales | 1,000 | ||
| To Carriage | 6,000 | Credit sales | 2,50,000 | 2,51,000 | |
| To Gross Profit c/d | 1,60,000 | By Closing stock | 60,000 | ||
| 3,11,000 | 3,11,000 | ||||
| To sundry expenses | 35,000 | By Gross Profit B/d | 1,60,000 | ||
| Less: Unpaid expenses of last year | 4,000 | ||||
| Add: Unpaid expenses of this year | 6,000 | ||||
| Add: Prepaid expenses of last year | 2,000 | ||||
| Less: Prepaid expenses of this year | 5,000 | 34,000 | |||
| To Depreciation | 2,000 | ||||
| To Provision for doubtful debts | 4,500 | ||||
| To Net profit | 1,19,500 | ||||
| 1,60,000 | 1,60,000 | ||||
Balance Sheet
As at 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
| Sundry Creditors | 20,000 | Cash | 40,000 | ||
| Unpaid expenses | 6,000 | Sundry Debtors | 90,000 | ||
| Capital | 1,13,000 | Less: provision for doubtful debts | 4,500 | 85,500 | |
| Add: Net Profit | 1,19,500 | Stock | 60,000 | ||
| Less: Drawing | 30,000 | 2,02,500 | Prepaid expenses | 5,000 | |
| 2,23,650 | Office equipment | 40,000 | |||
| Less: Depreciation | 2,000 | 38,000 | |||
| 2,28,500 | 2,28,500 | ||||
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 8 Chapter No 17 – Class 11 Unimax
Advertisement
Question 20 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