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Question 29 Chapter 15 – Class 11 Unimax
From the following trail balance, prepare the Trading and profit and loss account for the year ended 31st march,2020.
| Particular | Debit (₹) | Credit (₹) |
| Capital and drawings | 4,560 | 1,74,000 |
| Purchases and sales | 53,400 | 90,000 |
| Sales and purchases returns | 1,680 | 2,700 |
| Stock (1-4-2019) | 7,200 | |
| Wages | 4,800 | |
| Building | 1,32,000 | |
| Freight and carriage | 12,000 | |
| Trade expenses | 1,200 | |
| Advertisement | 1,440 | |
| Interest | 400 | 2,500 |
| Taxes and insurance | 780 | |
| Debtors and creditors | 39,000 | 7,200 |
| Bills receivable and bills payable | 9,000 | 4,200 |
| Cash in hand | 1,140 | |
| Cash at bank | 7,200 | |
| Salaries | 4,800 | |
| 2,80,600 | 2,80,600 |
Adjustment (1) stock on 31st March,2020 was valued at ₹ 9,000.
The solution of Question 29 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 | 7,200 | By Sales | 90,000 | ||
| To Purchases | 53,400 | Less return | 1,680 | 88,320 | |
| Less Returns | 2,700 | 50,700 | By Closing stock | 9,000 | |
| To wages | 4,800 | ||||
| To fright and carriage | 12,000 | ||||
| To Gross profit c/d | 22,620 | ||||
| (and transferred to P & L A/c) | |||||
| 97,320 | 97,320 | ||||
| To trade expenses | 1,200 | By Gross Profit b/d | 22,620 | ||
| To Advertisement | 1,440 | By Interest | 2,00 | ||
| To Interest | 400 | ||||
| To Taxes & Insurance | 780 | ||||
| To Salaries | 4,800 | ||||
| To Net Profit c/d | 16,500 | ||||
| (and transferred capital) | |||||
| 25,120 | 25,120 | ||||
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