Question 54 Chapter No 16 – Class 11 Unimax

Question 54 Chapter No 16 – Class 11 Unimax

Trial Balance of Mr. Gopal Das as at 31st March, 2020 was as follows:

Prepare Trading and Profit and profit loss Account for the year ended 31st March, 2020 and balance sheet as at that date after taking into consideration the following information:

(1) Stock on 31st March 2020 was ₹ 62,750.
(2) Depreciation on furniture is to be charged @ 10%.
(3) Sundry debtors include an item of ₹ 2,500 due from a customer who has become insolvent.
(4) The remaining debtors are not consideration to be doubtful of recovery.
(5) Goods costing ₹ 7,500 plus IGST @ 12% were destroyed by fire and insurance company admitted a claim for ₹ 8,000.
(6) Received goods from Rahul & Co. of ₹ 6,000 plus IGST @ 12% on 27th March, 2020 but the invoice purchases was not recoded in the purchases book.

The solution of Question 54 Chapter No 16 – Class 11 Unimax

                                                    Trading and Profit & Loss A/c of Gopal Das
                                                            For the year ended 31st March, 2020

                                                             Balance Sheet of of Gopal Das
                                                                 AS 0n  31st March, 2020

1. Following entry will be passed to record omitted purchases:

2. Since the remaining debtors are not doubtful of recovery, balance in provision for doubtful debts is written back (creditors) to profit & loss account.
3. Input CGST, Input SGST and Input IGST shall be first adjusted against output CGST, output SGST, output IGST respectively. Thereafter, balance in Input CGST (₹ 1,000) shall be adjusted against Output IGST and balance (₹680) in Output IGST shall be adjusted against Input SGST leaving a balance of ₹ 320 in Input SGST Account.

End of Solution

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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.