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Question 23 Chapter No 17 – Class 11 Unimax
Rohit started business on 1st April, 2019, with a capital of ₹ 5,00,000. On the same day he purchased furniture for ₹ 60,000. From the following particulars obtained from his books, which do not confirm strictly to double entry principles, you are required to prepare Trading & Profit and Loss A/c for the year ended 31st March,2020 and a Balance Sheet as at that date:
| ₹ | |
| Cash sales | 2,00,000 |
| Credit sales | 1,50,000 |
| Purchases (include cash purchases1,50,000) | 3,00,000 |
| X’s Drawings | 30,000 |
| Salaries | 50,000 |
| Bad debts written off | 2,000 |
| Trade expenses | 8,000 |
Rohit has used goods worth ₹ 20,000 for private purpose and paid ₹ 10,000 to his son, which is not recorded anywhere. On 31st March, 2020, his Debtors were worth ₹ 80,000 and Creditors ₹ 70,000.
Stock in trade on that date was worth ₹ 1,20,000, depreciation furniture by 10% outstanding salary is ₹ 4,000.
The solution of Question 23 Chapter No 17 – Class 11 Unimax
Total Debtors A/c
| Particulars | Amount | Particulars | Amount |
| To Credit sales | 1,50,000 | By cash received from debtors | 68,000 |
| To Bad debts | 2,000 | ||
| By Balance c/d (31-3-2020) | 80,000 | ||
| 1,50,000 | 1,50,000 |
Total Creditors A/c
| Particulars | Amount | Particulars | Amount |
| To Cash paid to creditors | 80,000 | To Creditors purchases (Balance figure) | 1,50,000 |
| To Balance c/d (31-3-2020) | 70,000 | ||
| 1,50,000 | 1,50,000 |
Cash book
| Receipts | Amount | Payments | Amount |
| To Capital | 5,00,000 | By Furniture A/c | 60,000 |
| To Sales A/c | 2,00,000 | To Purchases A/c | 1,50,000 |
| To Received from debtors | 68,000 | By Drawings A/c (30,000+10,000) | 40,000 |
| (transferred from debtors A/c) | By Salaries A/c | 50,000 | |
| By Trade expenses | 8,000 | ||
| By Payment creditors (transferred to creditors A/c) | 80,000 | ||
| By Balance c/d (balance figure on 31-3-2020) | 3,80,000 | ||
| 7,68,000 | 7,68,000 |
Trading and Profit and Loss A/c
For the year ending 31st March, 2020
| Particulars | Amount | Particulars | Amount | ||
| To Purchases | By Sales: | ||||
| Cash Purchases | 1,50,000 | Cash sales | 2,00,000 | ||
| Credit purchases | 1,50,000 | Credit sales | 1,50,000 | 3,50,000 | |
| Less: Drawings | 20,000 | 2,80,000 | |||
| To Gross Profit c/d | 1,90,000 | By Closing stock | 1,20,000 | ||
| 4,70,000 | 4,70,000 | ||||
| To Salaries | 50,000 | By Gross Profit B/d | 1,90,000 | ||
| Add: outstanding salaries | 4,000 | 54,000 | |||
| To Bad debts | 2,000 | ||||
| To trade expenses | 8,000 | ||||
| To Dep. On furniture | 6,000 | ||||
| To Net profit | 1,20,000 | ||||
| 1,90,000 | 1,90,000 | ||||
Balance Sheet
As at 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
| Creditors | 70,000 | Cash in hand | 3,80,000 | ||
| Outstanding salary | 4,000 | Debtors | 80,000 | ||
| Capital | 5,00,000 | Closing stock | 1,20,000 | ||
| Add: Net Profit | 1,20,000 | Furniture | 60,000 | ||
| 6,20,000 | Less: Depreciation | 6,000 | 54,000 | ||
| Less: Drawing (30,000+20,000+10,000) | 60,000 | 5,60,000 | |||
| 6,34,000 | 6,34,000 | ||||
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.
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Question 12 Chapter No 17 – Class 11 Unimax
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Question 24 Chapter No 17 – 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.
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