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Question 50 Chapter No 16 – Class 11 Unimax
Following are balance are the Trial balance on 31st March, 2020.
| Particulars | ₹ | Particulars | ₹ |
| Stock on commencement | 22,810 | Interest on securities | 3,200 |
| Purchases | 77,100 | Land and building | 5,00,000 |
| Sales | 1,87,400 | Securities | 3,00,000 |
| Wages | 63,000 | Cash in hand | 12,800 |
| carriage inward | 450 | Bank overdraft | 1,70,000 |
| Freight on purchases | 350 | Discount allowed | 750 |
| Salaries | 4,000 | Discount received | 210 |
| Insurance charges | 1,400 | Bills payable | 2,000 |
| Duty on import of goods | 2,100 | Loan (Cr) | 15,500 |
| Repairs on machinery | 700 | Bills receivable | 3,500 |
| With drawls (for personal use) | 2,800 | Capital A/c | 6,83,800 |
| Customer’s A/c | 7900 | Supplier A/c | 20,000 |
| Postage | 250 | X’S Loan A/c | 9,300 |
| Trade expense | 500 | Plant & Machinery | 91,000 |
Prepare Trading and Profit & Loss A/c for the year ended 31st March 2020 and Balance Sheet as that after taking into account the following adjustments.
(1) Closing stock was valued at ₹ 29,500.
(2) Depreciation to be provide on land and building @ 5% p.a. and on Plant and Machinery @ 10%.
(3) Write off ₹ 1,000 as bad debts
(4) Insurance was prepaid ₹ 350.
(5) Create provision for doubtful debts @ 5% on debtors.
(6) Wages include ₹ 2,400 for installation of a new machinery.
(7) Wages include ₹ 2,400 for installation of a new machinery.
(8) Plant & Machinery includes a machinery costing ₹ 48,000 which was purchases on 1st January 2020.
The solution of Question 50 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 | 22,810 | By sales | 1,87,400 | |
| To purchases | 77,100 | By Closing stock | 29,500 | |
| Less: Returns | ||||
| To Wages | 63,000 | |||
| Less: Installation wages | 2,4000 | 60,600 | ||
| To carriage inwards | 450 | |||
| To freight on purchases | 350 | |||
| To Duty on import | 2,100 | |||
| To Gross Profit (transferred to P & L A/c) | 53,490 | |||
| 2,16,900 | 2,16,900 | |||
| To Salaries | 4,000 | By Gross Profit b/d | 53,490 | |
| To Insurance charges | 1,400 | By Discount received | 210 | |
| Less: prepaid | 350 | 1,050 | By interest on securities | 3,200 |
| To Repair | 700 | |||
| To Postage | 250 | |||
| To Trade expenses | 500 | |||
| To Discount allowed | 750 | |||
| To Dep. On Land & Building | 25,000 | |||
| To Dep. on Plant & Machinery | 5,560 | |||
| To Bad debts | 1,000 | |||
| Add: New Provision | 345 | 4,345 | ||
| To Net Profit (Transferred to capital) | 17,745 | |||
| 56,900 | 56,900 | |||
Balance Sheet
AS 0n 31st March, 2020
| Liabilities | Amount | Assets | Amount | ||
| Capital | 6,83,800 | Land and Building | 5,00,000 | ||
| Add: Net profit | 17,745 | Less: Depreciation | 25,000 | 4,75,000 | |
| Less: Drawings | 2,800 | 6,98,745 | Securities | 3,00,000 | |
| Bank overdraft | 1,70,000 | Cash | 12,800 | ||
| Bills payable | 2,000 | Bills receivable | 3,500 | ||
| Loan | 15,500 | Closing stock | 29,500 | ||
| Supplier | 20,000 | Plant & Machinery | 91,000 | ||
| X’S Loan | 9,300 | Add: Installation | 2,400 | ||
| Less: Depreciation | 5,560 | ||||
| Prepaid insurance | 350 | ||||
| Customer’s | 7,900 | ||||
| Less: bad debts | 1,000 | ||||
| Less: Provision | 345 | 6,555 | |||
| 9,15,545 | 9,15,545 | ||||
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 3 Chapter No 16 – Class 11 Unimax
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Question 15 Chapter No 16 – Class 11 Unimax
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Question 28 Chapter No 16 – Class 11 Unimax
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Question 40 Chapter No 16 – Class 11 Unimax
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Question 52 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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