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Question 31 Chapter No 16 – Class 11 Unimax
From the following ledger accounts of Mr. Rakesh Roshan prepare a trading and profit & loss account and a balance sheet as on 31st Dec.2019 after making the necessary adjustment:
| Ledger A/c | ₹ | Ledger A/c | ₹ |
| Trade expenses | 800 | Purchases | 82,000 |
| Fright duty | 2,000 | Stock 1.1.2019 | 15,000 |
| Carriage outwards | 500 | Plant | 20,000 |
| Sundry debtors | 20,600 | Plant (additional on 1.7.2019) | 5,000 |
| Furniture & Fixture | 5,000 | Drawings | 6,000 |
| Returns inward | 2,000 | Capital | 80,000 |
| Printing and stationery | 400 | Reserve for doubtful debts | 800 |
| Rent, Rates & Taxes | 4,600 | Rent for Premises sub-let | 1,600 |
| Sundry creditors | 10,000 | Insurance | 700 |
| Sales | 1,20,000 | Salaries & Wages | 21,300 |
| Returns outwards | 1,000 | Cash in hand | 6,200 |
| Postage & Telegrams | 800 | Cash in bank | 20,500 |
The items for adjustment are:
(1) Stock on 31.12.2019 was ₹ 20,000.
(2) Write off ₹ 1,600 as bad debts.
(3) The reserve for doubtful debts to be maintained at 10% of sundry debtors.
(4) Provision depreciation- furniture and fixtures at 5% p.a. and on Plant and Machinery 20% p.a.
(5) Insurance is to be carriage forward to the extent of ₹ 100.
(6) A fire occurred on 5th dec.,2019 in the go down and stock of the value of ₹ 5,000 was destroyed. It was insured and insurance company admitted the full claim.
The solution of Question 31 Chapter No 16 – Class 11 Unimax
| Trading and Profit & Loss A/c Rakesh Roshan For the year ended 31st Dec., 2019 | |||||
| Particulars | Amount | Particulars | Amount | ||
| To Opening stock | 15,000 | By sales | 1,20,000 | ||
| To purchases | 82,000 | Less: Returns inwards | 2,000 | 1,18000 | |
| Less: Returns outwards | 1,000 | 81,000 | By Loss by fire | 5,000 | |
| To Freight & Duty | 2,000 | By Closing stock | 20,000 | ||
| To Gross Profit | 45,000 | ||||
| (transferred to P & L A/c) | |||||
| 1,43,000 | 1,43,000 | ||||
| To Trade expenses | 800 | By Gross Profit b/d | 45,000 | ||
| To Carriage outward | 500 | By Rent for premises | 1,600 | ||
| To Printing & stationery | 400 | ||||
| To Rent, Rates & Taxes | 4,600 | ||||
| To Postage & Telegrams | 800 | ||||
| To Insurance | 700 | ||||
| Less: Prepare | 100 | 600 | |||
| To Salaries & Wages | 21,300 | ||||
| To Bad debts | 1,600 | ||||
| Add: New Provision | 1,900 | ||||
| Less: Old Provision | 800 | 2,700 | |||
| To Depreciation on furniture | 250 | ||||
| To Dep. On Plant & Machinery | 4,500 | ||||
| To Net Profit | |||||
| (Transferred to capital) | 10,150 | ||||
| 46,600 | 46,600 | ||||
Balance Sheet of Mr. Rakesh As on 31st Dec., 2020 | |||||
| Liabilities | Amount | Assets | Amount | ||
| Capital | 80,000 | Sundry debtors | 20,600 | ||
| Add: Net Profit | 10,150 | Less: bad debts | 1,600 | ||
| Less: Drawings | 6,000 | 84,150 | Less: Provision | 1,900 | 17,100 |
| Sundry creditors | 10,000 | Furniture & Fixtures | 5,000 | ||
| Less: Deprecation | 250 | 4,750 | |||
| Plant | 20,000 | ||||
| Add: Additional | 5,000 | ||||
| Less; Depreciation | 4,500 | 20,500 | |||
| Cash | 6,200 | ||||
| Bank | 20,500 | ||||
| Closing stock | 20,000 | ||||
| Prepaid insurance | 100 | ||||
| Insurance claim | 5,000 | ||||
| 94,150 | 94,150 | ||||
End of Solution
Check Out the Solution of all questions for this chapter:
The solutions to all questions of Chapter 16 – Financial Statements (With Adjustments) Unimax – Class 11 are shown as follows, click on the image of the question to get the solution.
Question 5 Chapter No 16 – Class 11 Unimax
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Question 17 Chapter No 16 – Class 11 Unimax
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Question 30 Chapter No 16 – Class 11 Unimax
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Question 42 Chapter No 16 – Class 11 Unimax
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Question 54 Chapter No 16 – 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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