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Question 38 Chapter No 16 – Class 11 Unimax
From the following figures prepare Trading and Profit & Loss Account for the year ending on 31st March, 2020 and Balance sheet as on that date:
| Debit balance | ₹ | Credit balance | ₹ |
| Stock | 3,000 | Capital | 6,000 |
| Book debts | 2,000 | Creditors | 4,000 |
| Plant & Machinery | 4,000 | Reserve | 1,000 |
| Wages | 500 | Sales | 15,000 |
| Salaries | 200 | ||
| Land & Buildings | 3,000 | ||
| Travelling expenses | 250 | ||
| Purchases | 10,000 | ||
| Cash | 3,050 | ||
| 26,000 | 26,000 |
Stock on 31st March, 2020 was ₹ 2,500. It was decided to write off 10% on Plant and Machinery and Reserve for bad doubtful debts 10% of book debts ; to Plant ₹ 100 to bonus fund for staff, place ₹ 1,500 to General reserve and to carry the balance forward.
The solution of Question 38 Chapter No 16 – Class 11 Unimax
| Trading and Profit & Loss A/c For the year ended 31st March, 2020 | |||
| Particulars | Amount | Particulars | Amount |
| To Opening stock | 3,000 | By sales | 15,000 |
| To purchases | 10,000 | By Closing stock | 2,500 |
| To Wages | 500 | ||
| To Gross Profit | 4,000 | ||
| (transferred to P & L A/c) | |||
| 17,500 | 17,500 | ||
| To salaries | 200 | By Gross Profit b/d | 4,000 |
| To Travelling exp. | 250 | ||
| To Bonus fund | 100 | ||
| To General reserve | 1,5000 | ||
| To Dep. On plant& Machinery | 400 | ||
| To reserve for doubtful | 200 | ||
| To Net Profit (transferred to Capital A/c) | 1,350 | ||
| 4,000 | 4,000 | ||
Balance Sheet
As on 31st March,2020
| Liabilities | Amount | Assets | Amount | ||
| Capital | 6,000 | Book debts | 2,000 | ||
| Add: Net Profit | 1,350 | 7,350 | Less: depreciation | 200 | 1,800 |
| Creditors | 4,000 | Plant & Machinery | 4,000 | ||
| Reserve | 1,000 | Less: Depreciation | 400 | 3,600 | |
| Bonus fund | 100 | Land & Building | 3,000 | ||
| General reserve | 1,500 | Cash | 3,050 | ||
| Closing stock | 2,500 | ||||
| 13,350 | 13,350 | ||||
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