Question 6 Chapter No 17 – Class 11 Unimax

Question 6 Chapter No 17 – Class 11 Unimax


Question 6 Chapter No 17 – Class 11 Unimax

Khamis started a business on 1 April, 2019 with a capital of ₹ 12,00,000. At the end of the year his total assets were ₹ 30,00,000 and external liabilities were for ₹ 9,00,000. He further informs you during the year he withdrew ₹ 50,000 for household use. During the year he sold his personal investments of ₹ 2,00,000 at 20% profit and brought that money into the business as additional capital.

You are required to prepare a statement of Profit or Loss under account from incomplete records method.

The solution of Question 6 Chapter No 17 – Class 11 Unimax

External liabilities9,00,000Sundry assets30,00,000
Capital (Balance figure)21,00,000Bank balance2,00,000
 30,00,000 30,00,000 

Statement of Profit & Loss
For the year ending 31st March,2020

Closing Capital21,00,000
Add: Drawings50,000
Less: Additional capital introduced during the year2,40,000
Sales of personal investments 2,00,000 x120/10019,10,000
Less: opening capital12,00,000
Profit made during the year7,10,000

End of Solution

Check Out the Solution of all questions for this chapter:

The solutions to all questions of Chapter 17 – Accounts from Incomplete Records – Single Entry System Unimax – Class 11 are shown as follows, click on the image of the question to get the solution.

1. Comprehensive Solutions for All Chapters of Advanced Accountancy I Class 11 by Unimax 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.

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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