Question 23 Chapter 15 – Class 11 Unimax -

Question 23 Chapter 15 – Class 11 Unimax

The following is the Trial Balance of Rishi Trading Co. on 31st March, 2020.

The closing stock was valued at ₹ 9,000. You are required to prepare Trading and Profit & Loss account and the balance sheet as 31st March,2020.

The solution of Question 23 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		23,000	By Sales	3,75,775
To Purchases	3,09,800		Less return	6,775	3,69,000
Less return	9,850	2,99,950	By Closing stock		9,000
To Wages and salaries		12,000
To Carriage		2,500
To Gross profit c/d		40,550
(and transferred to P & L A/c)
		3,78,000			3,78,000
To Bad debts		3,000	By Gross Profit b/d		40,550
To Interest		3,500	By Discount		2,625
To Travelling expenses		700	By Net Loss c/d		28,475
To Trade expenses		5,000	(and transferred to Capital)
To Discount		1,250
To Mobile phone bills		6,000
To Postage		1,200
To Salaries and wages		51,000
		71,650			71,650