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Question 32 Chapter No 16 – Class 11 Unimax
From the following Trial Balance as on 31st March,2020, you are required to prepare a Trading and profit and loss A/c for the year ended 31st March, 2020 and a Balance Sheet as on that date, after making the necessary adjustments:
| Debit balance | Amount | Credit balance | Amount |
| Drawing | 6,000 | Postage and Telegrams | 800 |
| Machinery (Balance on 1.4.2019) | 20,000 | Insurance charges | 700 |
| Plant and Machinery (additions on 1.10.2019) | 5,000 | Salaries and wages | 21,300 |
| Stock on 1.4.2019 | 15,000 | Cash in hand | 6,200 |
| Purchases | 82,000 | Cash at bank | 20,500 |
| Returns inwards | 2,000 | Capital A/c | 80,000 |
| Sundry debtors | 20,600 | Sundry creditors | 10,000 |
| Furniture and Fixtures | 5,000 | Sales | 1,20,000 |
| Freight and Duty | 2,000 | Returns outwards | 1,000 |
| Carriage outwards | 500 | Reserve for doubtful debts | 400 |
| Rent, Rates and Taxes | 4,600 | Discount | 800 |
| Printing and stationery | 800 | Rent of Premises sublet for year to 30th sept.2020 | 1,200 |
| Trade expenses | 400 |
Adjustments:
(1) Stock on 31st March,2020 was valued at ₹ 14,000.
(2) Write off ₹ 600 as bad debts.
(3) The reserve for doubtful debts is to be maintained at 5 precent on sundry debtors.
(4) Create a Reserve for discount on debtors and discount on creditors at 2%.
(5) Provision for depreciation on furniture and fixtures at 5% per annum and on plant and machinery at 20% per annum.
(6) Insurance prepaid was ₹ 100.
(7) A fire occurred on 25th March, 2020in the goo down and stock of the value of ₹ 5,000 was destroyed. It was fully insurance and the insurance company admitted the claim in full.
The solution of Question 32 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 Closing stock | 14,000 | |
| To Freight & Duty | 2,000 | By Goods lost in fire | 5,000 | ||
| To Gross Profit | 39,000 | ||||
| (transferred to P & L A/c) | |||||
| 1,37,000 | 1,37,000 | ||||
| To Salaries & Wages | 21,300 | By Gross Profit b/d | 39,000 | ||
| To Insurance charges | 700 | By discount | 800 | ||
| Less: Prepaid | 100 | 600 | By Rent | 1,200 | 600 |
| To Postage & Telegrams | 800 | Less: Pre received | 600 | 200 | |
| To Trade expenses | 400 | By Discount on creditors | |||
| To Printing & Stationery | 800 | ||||
| To Rent, Rate and Taxes | 4,600 | ||||
| To Carriage outward | 500 | ||||
| To Bad debts | 600 | ||||
| Add: New Provision | 1,000 | ||||
| Less: Old Provision | 400 | 1,200 | |||
| To Depreciation debtors | 380 | ||||
| To Depreciation on furniture & Fixture | 250 | ||||
| To Dep. On Plant & Machinery | 4,000 | ||||
| To Dep. On Additional Plant& Machinery | 500 | ||||
| To Net Profit | |||||
| (Transferred to capital) | 5,270 | ||||
| 40,600 | 40,600 | ||||
| Balance Sheet of Mr. Rakesh As on 31st Dec., 2020 | |||||
| Liabilities | Amount | Assets | Amount | ||
| Capital | 80,000 | Prepaid insurance | 100 | ||
| Add: Net Profit | 5,270 | Cash in hand | 6,200 | ||
| Less: Drawings | 6,000 | 79,270 | Cash at bank | 20,500 | |
| Sundry creditors | 10,000 | Furniture & Fixtures | 5,000 | ||
| Less: Discount | 200 | 9,800 | Less: Deprecation | 250 | 4,750 |
| Pre received Rent | 600 | Plant & Machinery | 20,000 | ||
| Less: Dep. (4,000+5,000) | 20,500 | ||||
| Closing stock | 14,000 | ||||
| Insurance claim | 5,000 | ||||
| Sundry debtors | 20,600 | ||||
| Less: bad debts | 600 | ||||
| Less: Provision | 1,000 | ||||
| Less: Discount | 380 | 18,620 | |||
| 89,670 | 89,670 | ||||
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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