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Question 34 Chapter No 16 – Class 11 Unimax
The following is the Trial Balance of Shri Ram Prakash as on 31st March 2020:
| Particulars | Debit | Credit |
| Capital | 41,000 | |
| Plant & Machinery | 51,000 | |
| Furniture | 2,600 | |
| Stock 1.4.2019 | 48,000 | |
| Motor Van | 12,000 | |
| Sundry debtors and creditors | 45,000 | 52,000 |
| Cash | 6,900 | |
| Wages- factory | 1,50,000 | |
| Wages -office | 14,000 | |
| Purchases and sales | 2,13,500 | 4,80,000 |
| Bills receivable and B/P | 7,200 | 5,600 |
| Return | 9,300 | 5,500 |
| Provision for bad debts | 2,500 | |
| Drawings | 6,000 | |
| Rent | 6,000 | |
| Lighting | 800 | |
| Telephone | 1,350 | |
| Insurance | 300 | |
| Advertisement | 6,350 | |
| General expense | 1,000 | |
| Bad debts | 2,500 | |
| Discounts | 6,500 | 3,700 |
| Total | 5,90,300 | 5,90,300 |
The following adjustment are to be made:
(a) Stock on 31st March 2020 was values at ₹ 52,000.
(b) Rent due not paid ₹ 2,000
(c) Lighting outstanding ₹ 300.
(d) Insurance was paid in advance ₹ 100
(e) Depreciation plant and machinery @ 33*1/3%
Furniture @ 10% and Motor vans @ 33*1/3%
(f) Provision doe bad debts has to be increased to ₹ 3,000.
(g) Discount on debtors and creditors @ 2*1/2.
Prepare Trading and Profit and Loss Account for the year ending 31st March, 2020and the Balance sheet as on that date.
The solution of Question 34 Chapter No 16 – Class 11 Unimax
| Balance Sheet of Modern Traders As on 31st Dec., 2019 | |||||
| Liabilities | Amount | Assets | Amount | ||
| Capital | 60,000 | Sundry debtors | 38,200 | ||
| Add: Net Profit | 21,284 | Less: Sales on Return basis | 1,400 | ||
| Less: Drawings | 7,000 | 74,284 | Less: Provision | 1,840 | 34,960 |
| Creditors | 16,802 | Cash | 6,100 | ||
| Loan on Mortgage | 17,000 | Motor car | 18,000 | ||
| Bills payable | 5,428 | Less: Depreciation | 2,700 | 15,300 | |
| Outstanding interest | 450 | Bank | 9,110 | ||
| Outstanding commission | 800 | Land & Building | 24,000 | ||
| To Manager | 1,120 | Less: Deprecation | 1,200 | 22,800 | |
| Outstanding salary | 1,400 | Bills receivable | 13,764 | ||
| Closing stock | 13,700 | ||||
| Add: stock on Returns basis | 1,200 | 14,900 | |||
| prep air insurance | 350 | ||||
| 1,17,284 | 1,17,284 | ||||
Balance Sheet of KNHD
As on 31st Dec., 2020
| Liabilities | Amount | Assets | Amount | ||
| Capital | 41,000 | Plant & Machinery | 51,000 | ||
| Add: Net Profit | 57,890 | Less: Dep | 17,000 | ||
| Less: Drawings | 6,000 | 92,890 | Furniture | 2,600 | |
| Creditors | 52,00 | Less: Dep | 260 | 2,340 | |
| Less: Provision for discount | 1,300 | 50,700 | Motor van | 12,000 | |
| Bills Payable | 5,600 | Less: Dep. | 4,000 | 8,000 | |
| Outstanding Rent | 2,000 | Sundry debtors | 45,000 | ||
| Outstanding Lighting | 300 | Less: New provision | 3,000 | ||
| Less: Provision for discount | 1,050 | 40,950 | |||
| Cash | 6,900 | ||||
| Bills receivable | 7,200 | ||||
| Closing stock | 52,000 | ||||
| Prepaid insurance | 100 | ||||
| 1,51,490 | 1,51,490 | ||||
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 3 Chapter No 16 – Class 11 Unimax
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Question 15 Chapter No 16 – Class 11 Unimax
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Question 28 Chapter No 16 – Class 11 Unimax
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Question 40 Chapter No 16 – Class 11 Unimax
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Question 52 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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