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Question 25 Chapter 15 – Class 11 Unimax
Given below is the Trial Balance as on 31st March,2020. Prepare (1) trading and profit and loss account for the year ended 31st march,2020 and (2) Balance sheet as at that date.
| Particular | Debit (₹) | Credit (₹) |
| Stock | 22,000 | |
| Purchases less returns | 18,200 | |
| Sales less returns | 2,50,000 | |
| Carriage inward | 6,000 | |
| Carriage outward | 14,000 | |
| Discount received | 7,600 | |
| Discount allowed | 1,800 | |
| Factory heating and lighting | 12,100 | |
| Works expenses | 1,000 | |
| Interest received | 500 | |
| Life insurance premium | 12,000 | |
| Postage and Telegraph | 150 | |
| Trade expenses | 2,800 | |
| Repair of plant | 14,000 | |
| Sales Tax | 3,000 | |
| Manufacturing expenses | 4,500 | |
| Discount | 200 | |
| Cash in hand | 7,000 | |
| Motor vehicles | 2,02,000 | |
| Income Tax | 4,000 | |
| Customer’s A/c / Supplier A/c | 1,50,000 | 2,12,000 |
| Bill receivable | 5,000 | |
| Loan | 35,000 | |
| Capital account | 2,75,250 | |
| Plant | 2,11,000 | |
| Bank | 90,000 | |
| 7,80,550 | 7,80,550 |
Closing stock valued at ₹ 42,000.
The solution of Question 25 Chapter 15 – Class 11 Unimax
| Trading A/c, Profit & Loss A/c for the year ended 31st March, 2020 | |||||
| Particular | Amount | Particular | Amount | ||
| To Opening stock | 22,000 | ||||
| To Purchases less returns | 18,200 | By Sales less returns | 2,50,000 | ||
| To Carriage inwards | 6,000 | By Closing stock | 42,000 | ||
| To Factory heating and lighting | 12,100 | ||||
| To Works expenses | 1,000 | ||||
| To Manufacturing expenses | 4,500 | ||||
| To Gross profit c/d(and transferred to profit & loss A/c) | 2,28,200 | ||||
| 2,92,000 | 2,92,000 | ||||
| To Carriage outward | 14,000 | By Gross Profit b/d | 2,28,200 | ||
| To Discount allowed | 1,800 | By Discount received | 7,600 | ||
| To Postage and Telegraph | 150 | By Interest received | 500 | ||
| To Trade expenses | 2,800 | By Discount | 200 | ||
| To Repair of plant | 14,000 | ||||
| To Sales Tax | 3,000 | ||||
| To Net profit c/d | 2,00,750 | ||||
| 2,36,500 | 2,36,500 | ||||
BALANCE SHEET AS ON 31st March, 2020 | |||||
| Liabilities | Amount | Assets | Amount | ||
| Capital | 2,75,250 | Cash in hand | 7,000 | ||
| Add net profit | 2,00,750 | Motor vehicles | 2,02,000 | ||
| Less Drawing(life insurance premium) | 12,000 | Customer A/c | 1,50,000 | ||
| Less Income tax | 4,000 | 4,60,000 | Bill receivable | 5,000 | |
| Supplier A/c | 2,12,000 | Plant | 2,11,000 | ||
| Loan | 35,000 | Bank | 90,000 | ||
| Closing stock | 42,000 | ||||
| TOTAL | 7,07,000 | TOTAL | 7,07,000 | ||
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