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Question 51 Chapter No 16 – Class 11 Unimax
From the following balance extracted from the books of M/s Hariharan Brother, you are require to prepare the trading and profit and loss A/c and a balance sheet as on December 31, 2020.
| Debit balance | ₹ | Credit balance | ₹ |
| Opening stock | 16,000 | Capital | 1,00,000 |
| Purchases | 40,000 | Sales | 1,60,000 |
| Returns inward | 3,000 | Purchases returns | 800 |
| Carriage inwards | 2,400 | Apprenticeship premium | 3,000 |
| Carriage outwards | 5,000 | Bill Payable | 5,000 |
| Wages | 6,600 | Creditors | 31,600 |
| Salaries | 11,000 | ||
| Rent | 2,200 | ||
| Freight and Dock | 4,800 | ||
| Fire insurance premium | 1,800 | ||
| Bad debts | 4,200 | ||
| Discount | 1,000 | ||
| Printing and stationery | 500 | ||
| Rates and Taxes | 700 | ||
| Travelling expenses | 400 | ||
| Business premises | 1,10,000 | ||
| Furniture | 5,000 | ||
| Bills receivable | 7,000 | ||
| Debtors | 40,000 | ||
| Machinery | 9,000 | ||
| Loan | 10,000 | ||
| Investment | 6,000 | ||
| Cash in hand | 500 | ||
| Cash at bank | 7,000 | ||
| Proprietor’s with drawls | 6,000 | ||
| 3,00,400 | 3,00,400 |
Adjustments:
(1) Closing stock ₹ 14,000.
(2) Wages outstanding ₹ 600, Salaries outstanding ₹ 1,000, Rent outstanding ₹ 200.
(3) Fire insurance premium includes ₹ 1,200 paid in July 01,2020 to run for one year from July 1,2019 to June 30,2020.
(4) Apprenticeship premium is for three year paid in advance on January 1,2020.
(5) Stationery bill ₹ 60 remain unpaid.
(6) Depreciation on business premises @ 5% furniture @ 10% Machinery @ 10%.
(7) Interest on loan given accrued for one year.
(8) Interest on investment @ 5% for half year to December 31,2020 has accrued.
(9) Interest in capital to be allowed at 5% for one year.
The solution of Question 51 Chapter No 16 – Class 11 Unimax
Trading and Profit & Loss A/c of M/s Hariharan Brother
For the year ended 31st Dec, 2020
| Particulars | Amount | Particulars | Amount | ||
| To Opening stock | 16,000 | By sales | 1,60,000 | ||
| To purchases | 40,000 | Less: Returns | 3,000 | 1,57,000 | |
| Less: Returns | 800 | 39,200 | By Closing stock | 14,000 | |
| To carriage inward | 2,400 | ||||
| To Wages | 6,600 | ||||
| Add: Outstanding wages | 600 | 7,200 | |||
| To freight and Dock | 4,800 | ||||
| To Gross Profit (transferred to P & L A/c) | 1,01,400 | ||||
| 1,71,000 | 1,71,000 | ||||
| To carriage outwards | 5,000 | By Gross Profit b/d | 1,1,400 | ||
| To Salaries | 11,000 | By Apprenticeship premium | 3,000 | ||
| Add: Outstanding | 1,000 | 12,000 | Less: Advance | 2,000 | 1,000 |
| To Rent | 2,200 | 700 | By interest on drawings | 160 | |
| To Outstanding rent | 200 | 2,400 | By interest on investment accrued | 150 | |
| To fire insurance | 1,800 | 500 | By interest on loan | 700 | |
| Less: Prepaid insurance | 600 | 1,200 | |||
| To Bad debts | 4,200 | ||||
| To Discount | 1,000 | ||||
| To Printing and stationery | 500 | ||||
| Add: Outstanding | 60 | 560 | |||
| To Rates and Taxes | 700 | ||||
| To Travelling expenses | 300 | ||||
| To Trade expenses | 400 | ||||
| To Dep. on Business premises | 5,500 | ||||
| To Dep. on Furniture | 500 | ||||
| To Dep. on Machinery | 900 | ||||
| To Interest on capital | 5,000 | ||||
| To Net Profit (Transferred to capital) | 63,750 | ||||
| 1,03,410 | 1,03,410 | ||||
Balance Sheet of M/s Hariharan
AS 0n 31st Dec, 2020
| Liabilities | Amount | Assets | Amount | ||
| Capital | 1,00,000 | Business premises | 1,10,000 | ||
| Add: Net profit | 63,750 | Less: Depreciation | 5,500 | ||
| Add: interest on capital | 5000 | Furniture | 5,000 | ||
| Less: Drawing | 6,000 | Less: Depreciation | 500 | ||
| Less: Interest on drawings | 160 | 1,62,590 | Bills receivable | ||
| Bill Payable | 5,000 | Debtors | |||
| Creditors | 31,600 | Machinery | 9,000 | ||
| Outstanding Wages | 600 | Less: Depreciation | 900 | 8,100 | |
| Outstanding Salaries | 1,000 | Loan | 10,000 | ||
| Outstanding Rent | 200 | Investment | 6,000 | ||
| Outstanding stationery | 60 | Cash in hand | 500 | ||
| Advance Apprenticeship premium | 2,000 | Cash at bank | 7,000 | ||
| Prepaid insurance | 600 | ||||
| Accrued interest on loan | 700 | ||||
| Accrued interest on investment | 150 | ||||
| Closing stock | 14,000 | ||||
| 2,03,050 | 2,03,050 | ||||
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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