Question 24 Chapter No 17 – Class 11 Unimax 

Question 24 Chapter No 17 – Class 11 Unimax 


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

Outstanding Rent4,0004,000
Outstanding Electricity charges200500
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

To Balance b/d (1-4-2019)80,000By Drawings50,000
To Receipts from debtors5,00,000By Payments to Creditors4,00,000
  By Salaries A/c40,000
  By Rent A/c30,000
  By Electricity charges A/c8,000
  By Advertising A/c7,000
  By Printing & Stationery A/c1,000
  By Balance c/d (31-3-2020)44,000
 5,80,000 5,80,000

Total Debtors A/c

To Balance b/d (1-4-2019)50,000By cash received5,00,000
To Received from debtors5,20,000By Balance c/d (31-3-2020)70,000
 5,70,000 5,70,000

Total Creditors A/c

To Cash paid4,00,000By Balance b/d (1-4-2019)30,000
To Balance c/d (31-3-2020)50,000To Creditors purchases (Balance figure)4,20,000
 4,50,000 4,50,000

Opening Balance Sheet
As at 1st April 2019

Creditors30,000Cash in hand80,000
Outstanding Rent4,000Debtors50,000
Outstanding electricity charges200Stock66,000
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

To Opening stock 66,000By Sales: 5,20,000
To Purchases: 4,20,000By 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 40,000By Gross Profit B/d 1,04,000
To Rent30,000    
Less: Outstanding rent of last year4,000    
Add: Outstanding rent of this year4,00030,000   
To Electricity charges8,000    
Less: Electricity charges of last year200    
Add: Outstanding electricity charges of this year5008,300   
To Advertising7,000    
Add: Outstanding advertising1,0008,000   
To Printing & Stationery 1,000   
To Net profit 16,700   
  1,04,000  1,04,000

Balance Sheet
As at 31st March, 2020

Creditors 50,000Cash in hand44,000
Outstanding expenses  Debtors70,000
Rent4,000 Stock70,000
Electricity charges5,00   
Add: Net Profit16,700   
Less: Drawing50,0001,28,500  
  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.


1. Comprehensive Solutions for All Chapters of Advanced Accountancy I Class 11 by Unimax 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.

2. Punjab School Education Board (PSEB) Solutions of Usha Publication.

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