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Question 39 Chapter No 16 – Class 11 Unimax
The following are the balance extracted on 31st Dec. 2019 from the books of A:
| Balance | ₹ | Balance | ₹ |
| Capital A/c | 38,000 | Sales returns | 2,000 |
| Drawings A/c | 3,000 | Discount (Cr) | 2,000 |
| Furniture and Fitting | 2,600 | General expenses | 6,000 |
| Bank overdraft | 4,000 | Salaries | 9,000 |
| Creditors | 11,200 | Commission (Dr.) | 2,200 |
| Business premises | 20,000 | Carriage on purchases | 1,800 |
| Stock 1.1.2019 | 32,000 | Reserve for bad and doubtful debts | 2,000 |
| Debtors | 18,000 | ||
| Rent from Tenets | 1,000 | ||
| Purchases | 1,10,000 | ||
| Sales | 1,050,000 | ||
| Discount (Dr. ) | 1,600 |
Stock in hand on 31st Dec. 2019 was estimated at ₹ 20,000. Provide a further reserve of ₹ 500 for bad and doubtful debts. Write off depreciation business premises ₹ 300 and furniture and fittings ₹ 260. Prepare Trading and Profit & Loss A/c for the ending 31st Dec. 2019 and Balance sheet of the partnership as on 31st Dec.2019.
The solution of Question 39 Chapter No 16 – Class 11 Unimax
| Trading and Profit & Loss A/c | |||||
| Particulars | Amount | Particulars | Amount | ||
| To Opening stock | 32,0000 | By sales | 1,50,000 | ||
| To purchases | 1,10,000 | Less: Returns | 2,000 | 1,48,000 | |
| To Carriage on Purchases | 1,800 | By Closing stock | 20,000 | ||
| To Gross Profit | 24,000 | ||||
| (transferred to P & L A/c) | |||||
| 1,68,000 | 1,68,000 | ||||
| To General expenses | 6,000 | By Gross Profit b/d | 24,200 | ||
| To Salaries | 9,000 | By Rent form from Tenants | 1,000 | ||
| To Commission | 2,200 | By Discount | 2,000 | ||
| To Discount | 1,600 | ||||
| To Dep. On business premises | 300 | ||||
| Furniture and Fittings | 260 | ||||
| To New reserve for bad and doubtful debts | 2,500 | ||||
| Less: Old Provision | 2,000 | 500 | |||
| To Net Profit (transferred to Capital A/c) | 7,340 | ||||
| 27,200 | 27,200 | ||||
Balance Sheet of a
As on 31st March,2020
| Liabilities | Amount | Assets | Amount | ||
| Bank overdraft | 4,000 | Debtors | 18,000 | ||
| Creditors | 11,200 | Less: New Provision for bad debts | 2,500 | 15,500 | |
| Capital | 38,000 | Furniture and Fittings | 2,600 | ||
| Less: Drawings | 3,000 | Less: Depreciation | 260 | 2,340 | |
| Add: Net Profit | 7,340 | Closing stock | 20,000 | ||
| Business premises | 20,000 | ||||
| Less: depreciation | 300 | 19,700 | |||
| 57,540 | 57,540 | ||||
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