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Question 43 Chapter No 16 – Class 11 Unimax
(with GST). Following Trial Balance is extracted from the books of a Rishi as at 31st March, 2020:
Trial balance
| Particulars | Debit | Credit |
| Furniture | 32,000 | |
| Motor Vehicles | 3,12,500 | |
| Building | 3,75,000 | |
| Capital | 6,25,000 | |
| Bad debts | 6,250 | |
| Provision for bad debts | 10,000 | |
| Sundry debtors | 1,90,000 | |
| Sundry creditors | 1,25,000 | |
| Opening stock | 1,73,000 | |
| Purchases | 2,73,750 | |
| Sales | 7,72,500 | |
| Bank loan | 1,52,00 | |
| Sales return | 10,000 | |
| Purchases return | 6,250 | |
| Advertising | 22,500 | |
| Interest | 5,900 | |
| Commission received | 18,750 | |
| Cash | 32,500 | |
| Insurance | 62,500 | |
| General expenses | 39,100 | |
| Salaries | 1,65,000 | |
| Input CGST | 25,000 | |
| Input SGST | 25,000 | |
| Output CGST | 20,000 | |
| Output SGST | 20,000 | |
| Total | 17,50,000 | 17,50,000 |
The following adjustment are to be made:
(1) Stock in hand on 31st March, 2020 was ₹1, 62,500.
(2) Depreciation Building @ 5%, Furniture @ 10% , Motor vehicles @ 20%.
(3) ₹ 4,250 is due for interest on bank Loan.
(4) Salaries ₹ 15,000 and Taxes ₹ 12,000 ae outstanding.
(5) Insurance amounted to ₹ 5,000 is prepaid CGST and SGST is paid @ 6% each.
(6) One third of the commission received is in respect of work to be done next year. IGST is charged @ 12%.
(7) Write off further ₹ 5,000as bad debts and provision for doubtful debts is to be made equal to 5% on sundry debtors.
Prepare Trading and Profit & Loss A/c for the year ended 31st March, 2020 and Balance Sheet as at that date.
The solution of Question 43 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 | 1,73,000 | By sales | 7,72,500 | ||
| To purchases | 2,73,750 | Less: Returns | 10,00 | 7,62,500 | |
| Less: Returns | 6,250 | 2,67,500 | By Closing stock | 1,62,500 | |
| To Gross Profit (transferred to P & L A/c) | 4,84,500 | ||||
| 9,25,000 | 9,25,000 | ||||
| To Salaries | 1,65,000 | By Gross Profit b/d | 4,84,500 | ||
| Add: Outstanding Salaries | 15,000 | 1,80,000 | By Commission received | 18,750 | |
| To General expenses | 39,100 | Less: received comm. In advance | 6,250 | 12,500 | |
| To Insurance | 62,500 | ||||
| Add: Outstanding Taxes | 12,000 | ||||
| 74,500 | |||||
| Less: Prepaid insurance | 5,000 | 69,500 | |||
| To Interest | 5,900 | ||||
| Add: Outstanding interest on bank loan | 4,250 | 10,150 | |||
| To Advertising | 22,500 | ||||
| To Bad debts | 6,250 | ||||
| Add: Further bad debts | 5,000 | ||||
| Provision for doubtful debts | 9,250 | ||||
| 20,500 | |||||
| Less: existing provision | 10,000 | 10,500 | |||
| To Dep. On Building | 18,750 | ||||
| To Dep. On Furniture | 3,200 | ||||
| To Dep. On Motor Vehicles | 62,500 | 84,450 | |||
| To Net Profit (Transferred to capital) | 80,800 | ||||
| 4,97,000 | 4,97,000 | ||||
Balance Sheet
AS 0n 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
| Current Liabilities | Current Assets | ||||
| Sundry Creditors | 1,25,000 | Cash | 32,500 | ||
| Bank loan | 1,52,500 | Sundry creditors | 1,90,000 | ||
| Add O/S Interest | 4,250 | 1,56,750 | Less: Further bad debts | 5,000 | 1,85,5000 |
| O/S Taxes | 12,000 | Less Provision for doubtful bad debts | 9,250 | 1,75,750 | |
| O/S Salaries | 15,000 | 27,000 | Prepaid insurance | 5,000 | |
| Commission received in advance | 6,250 | Closing stock | 1,62,500 | ||
| Input CGST (₹ 25,000-20,000) | 5,0000 | ||||
| Capital | Input SGST (₹ 25,000-20,000) | 5,000 | |||
| Opening stock | 6,25,000 | Fixed Assets | |||
| Add: Net profit | 80,800 | 7,05,800 | Furniture | 32,000 | |
| Less: Depreciation | 3,200 | 28,800 | |||
| Motor vehicles | 3,12,500 | ||||
| Less: Depreciation | 62,500 | 2,50,000 | |||
| Building | 3,75,000 | ||||
| Less: Depreciation | 18,750 | 3,56,250 | |||
| 10,20,800 | 10,20,800 | ||||
Note: GST paid (input GST) on prepaid insurance is not to be adjusted. GST charged (output GST) on commission received in advance is nor to be adjusted.
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 2 Chapter No 16 – Class 11 Unimax
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Question 14 Chapter No 16 – Class 11 Unimax
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Question 26 Chapter No 16 – Class 11 Unimax
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Question 39 Chapter No 16 – Class 11 Unimax
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Question 51 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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