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Question 47 Chapter No 16 – Class 11 Unimax
The following Trial Balance is extracted from the books of Mr. Jaswant on 31st March, 2020 prepare Trading and Profit & Loss account and balance sheet as at 31st March, 2020.
TRIAL BLANCE
AS AT31ST MARCH,2020
| Particulars | Debit | Credit |
| Stock on 1.4.2019 | 81,000 | |
| Purchases and sales | 1,35,000 | 3,50,000 |
| Furniture and Fittings | 16,000 | |
| Land and Building | 1,80,000 | |
| Capital | 2,43,000 | |
| Returns | 5,000 | 3,000 |
| Commission | 9,375 | |
| Insurance | 31,250 | |
| Salaries | 82,500 | |
| Wages | 19,000 | |
| Cash | 6,000 | |
| Advertising | 11,250 | |
| Sundry debtors & creditors | 95,000 | 62,500 |
| Bad debts | 1,500 | |
| Provision for bad debts | 2,625 | |
| General expenses | 7,000 | |
| 6,70,500 | 6,70,500 |
Adjustments:
(1) Closing stock was ₹ 1,02,000.
(2) Salaries ₹ 500 and wages ₹ 1,000 are outstanding.
(3) Prepaid insurance amounting ₹ 1,250.
(4) One-fifth of the commission received in respect of work to be done next year.
(5) Write off ₹ 5,000 as bad debts.
(6) Provision for doubtful debts is to be made at 5% on sundry debtors.
(7) Depreciate land & building @ 5% and furniture and fittings @ 10%.
(8) Outstanding audit fees ₹ 5,060.
The solution of Question 47 Chapter No 16 – Class 11 Unimax
Trading and Profit & Loss A/c of M/s Jaswant
For the year ended 31st March, 2020
| Particulars | Amount | Particulars | Amount | ||
| To Opening stock | 81,000 | By sales | 3,50,000 | ||
| To purchases | 1,35,000 | Less: Returns | 5,000 | 3,45,000 | |
| Less: Returns | 3,000 | 1,32,000 | By Closing stock | 1,02,000 | |
| To Wages | 19,000 | ||||
| Add: Outstanding wages | 1,000 | 20,000 | |||
| To Gross Profit (transferred to P & L A/c) | 2,14,000 | ||||
| 4,47,000 | 4,47,000 | ||||
| To Salaries | 82,500 | By Gross Profit b/d | 2,14,000 | ||
| Add: Outstanding salaries | 500 | 83,000 | By Commission | 9,375 | |
| To Insurance | 31,250 | Less: Advance commission | 1,875 | 7,500 | |
| Less: prepaid insurance | 1,250 | 30,000 | |||
| To Advertising | 11,250 | ||||
| To General expenses | 7,000 | ||||
| To Outstanding Audit fees | 5,060 | ||||
| To Dep. Land and Building | 9,000 | ||||
| To Dep. Furniture and Fixture | 1,600 | ||||
| To Bad debts | 1,500 | ||||
| Add: Further bad debts | 5,000 | ||||
| Add: New reserve | 4,500 | ||||
| Less: Old reserve | 2,625 | 2,625 | |||
| To Net Profit | |||||
| (Transferred to capital) | 66,215 | ||||
| 2,21,500 | 2,21,500 | ||||
Balance Sheet of MR. Jaswant
As on 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
| Capital | 2,43,000 | Furniture and Fittings | 16,000 | ||
| Add: Net profit | 66,25 | 3,09,215 | Less: Depreciation | 1,600 | 14,400 |
| Sundry creditors | 62,500 | Land and Building | 1,80,000 | ||
| Outstanding Salaries | 500 | Less: Depreciation | 9,000 | 1,71,000 | |
| Outstanding Swages | 1,000 | Cash | 6,000 | ||
| Advance commission | 5,060 | Sundry debtors | 95,000 | ||
| Less: Further bad debts | 5,000 | ||||
| Less: New provision | 4,500 | 85,500 | |||
| Closing stock | 1,02,000 | ||||
| Prepaid insurance | 1,02,000 | ||||
| 3,80,150 | 3,80,150 | ||||
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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