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Question 24 Chapter No 17 – Class 11 Unimax
A trader, who has not kept a complete set of books, asks you to prepare his final accounts for the year ended 31st March, 2020. You are, however, able to obtain the following information:
Summary of cash book
Balance of cash on 1st April,2019 ₹ 80,000; Taking (received from debtors) ₹ 5,00,000; Drawings ₹ 50,000; Payment to Creditors ₹ 4,00,000; Salaries ₹ 40,000; Rent ₹ 30,000; Electricity charges ₹ 8,000; Advertising ₹ 7,000; Printing and Stationery ₹ 1,000.
His other Assets and Liabilities
| 31-3-2019 | 31-3-2020 | |
| Debtors | 50,000 | 70,000 |
| Creditors | 30,000 | 50,000 |
| Outstanding Rent | 4,000 | 4,000 |
| Outstanding Electricity charges | 200 | 500 |
| Outstanding Advertising | 1,000 |
The stock on 31st March, 2020 was valued at ₹ 70,000 but the trade has no record or the stock on 31st March, 2019. He informs you, however, that he invariably sells his goods at cost plus 20%. Prepare his Trading & Profit and Loss A/c for the year ended 31st Mach, 2020 and his Balance sheet as at that date.
The solution of Question 24 Chapter No 17 – Class 11 Unimax
Cash book
| Receipts | Amount | Payments | Amount |
| To Balance b/d (1-4-2019) | 80,000 | By Drawings | 50,000 |
| To Receipts from debtors | 5,00,000 | By Payments to Creditors | 4,00,000 |
| By Salaries A/c | 40,000 | ||
| By Rent A/c | 30,000 | ||
| By Electricity charges A/c | 8,000 | ||
| By Advertising A/c | 7,000 | ||
| By Printing & Stationery A/c | 1,000 | ||
| By Balance c/d (31-3-2020) | 44,000 | ||
| 5,80,000 | 5,80,000 |
Total Debtors A/c
| Particulars | Amount | Particulars | Amount |
| To Balance b/d (1-4-2019) | 50,000 | By cash received | 5,00,000 |
| To Received from debtors | 5,20,000 | By Balance c/d (31-3-2020) | 70,000 |
| 5,70,000 | 5,70,000 |
Total Creditors A/c
| Particulars | Amount | Particulars | Amount |
| To Cash paid | 4,00,000 | By Balance b/d (1-4-2019) | 30,000 |
| To Balance c/d (31-3-2020) | 50,000 | To Creditors purchases (Balance figure) | 4,20,000 |
| 4,50,000 | 4,50,000 |
Opening Balance Sheet
As at 1st April 2019
| Liabilities | Amount | Assets | Amount |
| Creditors | 30,000 | Cash in hand | 80,000 |
| Outstanding Rent | 4,000 | Debtors | 50,000 |
| Outstanding electricity charges | 200 | Stock | 66,000 |
| Capital (Balance figure) | 1,61,800 | ||
| 1,96,000 | 1,96,000 |
Trading and Profit and Loss A/c
For the year ending 31st March, 2020
| Particulars | Amount | Particulars | Amount | ||
| To Opening stock | 66,000 | By Sales: | 5,20,000 | ||
| To Purchases: | 4,20,000 | By Closing stock | 70,000 | ||
| To Gross Profit on sales 5,20,000*20/100 | 1,04,000 | ||||
| 5,90,000 | 5,90,000 | ||||
| To Salaries | 40,000 | By Gross Profit B/d | 1,04,000 | ||
| To Rent | 30,000 | ||||
| Less: Outstanding rent of last year | 4,000 | ||||
| 26,000 | |||||
| Add: Outstanding rent of this year | 4,000 | 30,000 | |||
| To Electricity charges | 8,000 | ||||
| Less: Electricity charges of last year | 200 | ||||
| Add: Outstanding electricity charges of this year | 500 | 8,300 | |||
| To Advertising | 7,000 | ||||
| Add: Outstanding advertising | 1,000 | 8,000 | |||
| To Printing & Stationery | 1,000 | ||||
| To Net profit | 16,700 | ||||
| 1,04,000 | 1,04,000 | ||||
Balance Sheet
As at 31st March, 2020
| Liabilities | Amount | Assets | Amount | |
| Creditors | 50,000 | Cash in hand | 44,000 | |
| Outstanding expenses | Debtors | 70,000 | ||
| Rent | 4,000 | Stock | 70,000 | |
| Electricity charges | 5,00 | |||
| Advertising | 1,000 | 5,500 | ||
| Capital | 1,61,800 | |||
| Add: Net Profit | 16,700 | |||
| Less: Drawing | 50,000 | 1,28,500 | ||
| 1,84,000 | 1,84,000 | |||
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.
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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