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Question 33 Chapter No 16 – Class 11 Unimax
33. From the following Trial Balance of M/s KNHD as on 31st December, 2019. Prepare Trading and Profit & Loss A/c and balance sheet:
| Particulars | Debit | Credit |
| Stock at commencement | 15,000 | |
| Purchases and sales | 1,09,000 | 1,80,000 |
| Wages | 8,000 | |
| Fuel, Power & Lighting | 12,000 | |
| Salaries | 11,000 | |
| Income Tax | 5,500 | |
| Loan to Hemant at 10% p.a. | 5,000 | |
| Interest on Hemant loan | 300 | |
| Apprentice premium | 4,500 | |
| Rent | 4,000 | |
| Rent owing | 600 | |
| Furniture (Includes furniture of ₹ 1,000 purchased on (1.7.2019) | 500 | |
| B/R and B/P | 6,000 | 1,600 |
| Plant | 72,000 | |
| Debtors and creditors | 28,000 | 13,000 |
| Capital | 13,000 | |
| Cash | 1,00,000 | |
| Total | 3,00,000 | 3,00,000 |
Information:
(1) Closing stock was valued at ₹ 30,000.
(2) Goods worth ₹ 5,000 were sold and despatcher on 28th dec., 2019, but no entry was passed to this effect.
(3) Goods casting ₹ 7,000were purchased and included into stock but o entry was passed to record the purchases.
(4) Create a provision of 2% for discount on debtors and creditors.
(5) Apprentice premium received on 1st Jan., 2019 was for 3 years.
(6) Depreciation furniture by 10%p.a.
(7) Salaries for the month of Dec. 2019 are still outstanding.
The solution of Question 33 Chapter No 16 – Class 11 Unimax
| Trading and Profit & Loss A/c of KNHD For the year ended 31st Dec., 2019 | |||||
| Particulars | Amount | Particulars | Amount | ||
| To Opening stock | 15,000 | By sales | 1,80,000 | ||
| To purchases | 1,09,000 | Add: goods sold not entered | 5,000 | 1,85,000 | |
| Add: goods Purchased not entered | 7,000 | 1,16,000 | By Closing stock | 30,000 | |
| To Wages | 8,000 | ||||
| To Fuel, Power & Lighting | 12,000 | ||||
| To Gross Profit | 64,000 | ||||
| (transferred to P & L A/c) | |||||
| 2,15,000 | 2,15,000 | ||||
| To Salaries | 11,000 | By Gross Profit b/d | 64,000 | ||
| Add: O/S | 1,000 | 12,000 | By Apprentice | 4,500 | |
| To Rent | 4,000 | Less: Advance | 3,000 | 1,500 | |
| To Dep. On Furniture | 450 | By interest on Loan | 300 | ||
| To Provision for dis. on debtors | 660 | Add: Accrued | 200 | 500 | |
| To Net Profit | Discount on creditors | 400 | |||
| (Transferred to capital) | 49,290 | ||||
| 66,400 | 66,400 | ||||
Balance Sheet of KNHD
As on 31st Dec., 2020
| Liabilities | Amount | Assets | Amount | ||
| Capital | 1,00,000 | Loan to Hemet | 5,000 | ||
| Add: Net Profit | 49,290 | Furniture | 5,000 | ||
| Less: income Tax | 5,500 | 1,43,790 | Less: Dep. | 450 | 4,550 |
| Bill payable | 1,600 | Bill receivable | 6,000 | ||
| Sundry creditors | 13,000 | Plant | 72,000 | ||
| Add: Goods not entered | 7,000 | Sundry debtors | 28,000 | ||
| Less: Discount | 400 | 19,600 | Add: sales not entry | 5,000 | |
| Outstanding salary | 1,000 | Less: Discount | 660 | 32,340 | |
| Advance premium | 3,000 | Cash | 19,500 | ||
| Rent owing | 600 | Closing stock | 30,000 | ||
| Accrued interest | 200 | ||||
| 1,69,590 | 1,69,590 | ||||
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 4 Chapter No 16 – Class 11 Unimax
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Question 16 Chapter No 16 – Class 11 Unimax
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Question 29 Chapter No 16 – Class 11 Unimax
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Question 41 Chapter No 16 – Class 11 Unimax
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Question 53 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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