Advertisement
Question 48 Chapter No 16 – Class 11 Unimax
From the following balance of Mr. Madan Mohan prepare trading and profit and loss A/c for the year ending 31st December, 2020 and a balance sheet as on that date:
| Debit balance | ₹ | Credit balance | ₹ |
| Cash in hand | 10,000 | Sales | 1,80,500 |
| Opening stock | 40,800 | Purchases returns | 195 |
| Wages | 22,525 | Loan at 12% on 1.4.2020 | 20,000 |
| Purchases | 1,30,295 | Creditors | 30,305 |
| Returns inward | 2,400 | Discount | 530 |
| Repairs | 1,675 | Capital | 37,500 |
| Bad debts | 2,310 | ||
| Interest on loan | 600 | ||
| Salaries | 8,000 | ||
| Sales tax | 800 | ||
| Octroi | 500 | ||
| Insurance | 1,000 | ||
| Charity | 125 | ||
| Rent | 2,000 | ||
| Machinery | 16,000 | ||
| Debtors (including Ashok for dishonored bill of ₹ 800) | 30,000 |
Adjustments :
(1) Wages include ₹ 2,000 erection of new machinery on 1.1.2020.
(2) Stock on 31st December, 2020was ₹ 40,925
(3) Provide 5% depreciation on machinery
(4) Salaries unpaid ₹ 800
(5) Half the amount of Ashok’s bill is irrecoverable create a provision at 5% on the debtors
(6) Create a provision at 5% on the debtors
(7) Rent is prepaid up to 31st March,2021
(8) Insurance unexpired ₹ 300.
The solution of Question 48 Chapter No 16 – Class 11 Unimax
Trading and Profit & Loss A/c of MR. Madan Mohan
For the year ended 31st December,2020
| Particulars | Amount | Particulars | Amount | ||
| To Opening stock | 40,800 | By sales | 1,80,500 | ||
| To purchases | 1,30,295 | Less: Returns | 2,400 | 1,78,100 | |
| Less: Returns | 195 | 1,30,100 | By Closing stock | 40,925 | |
| To Wages | 22,525 | ||||
| Add: Machinery wages | 2,000 | 1,30,100 | |||
| To Octroi | 500 | ||||
| To Gross Profit (transferred to P & L A/c) | 27,100 | ||||
| 2,19,025 | 2,19,025 | ||||
| To Dep. On Machinery | 900 | By Gross Profit b/d | 27,100 | ||
| To Salaries | 8,000 | By Discount | 530 | ||
| Add: Outstanding salaries | 800 | 8,800 | |||
| To Bad debts | 2,310 | ||||
| Add: Further bad debts | 400 | ||||
| Add: New provision | 1,460 | 4,170 | |||
| To Repairs | 1,675 | ||||
| To Interest on loan | 600 | ||||
| Add: Outstanding interest | 1,200 | 1,800 | |||
| To Insurance | 1,000 | ||||
| Less: prepare insurance | 300 | 700 | |||
| To Charity | 125 | ||||
| To Rent | 2,000 | 8,375 | |||
| Less: Prepare rent | 500 | 1,500 | |||
| To Sales Tax | 800 | ||||
| To Net Profit | 7,160 | ||||
| (Transferred to capital) | |||||
| 27,630 | 27,630 | ||||
Balance Sheet of MR. Madan Mohan
As on 31st December 2020
| Liabilities | Amount | Assets | Amount | ||
| Creditors | 30,305 | Cash | 10,000 | ||
| Capital | 37,500 | Machinery | 16,000 | ||
| Add: Net profit | 7,160 | 44,660 | Add: Wages | 2,000 | |
| Loan | 20,000 | Less: Depreciation | 900 | ||
| Outstanding interest | 1,200 | Debtors | 30,000 | ||
| Outstanding Salaries | 800 | Less: bad debts | 400 | ||
| Less: Provision | 1,46 | 28,140 | |||
| Closing stock | 40,925 | ||||
| Prepaid insurance | 300 | ||||
| Prepaid rent | 500 | ||||
| 96,965 | 96,965 | ||||
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 4 Chapter No 16 – Class 11 Unimax
Advertisement
Question 16 Chapter No 16 – Class 11 Unimax
Advertisement
Question 29 Chapter No 16 – Class 11 Unimax
Advertisement
Question 41 Chapter No 16 – Class 11 Unimax
Advertisement
Question 53 Chapter No 16 – Class 11 Unimax
Advertisement
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.
Advertisement