Question 7 Chapter No 17 – Class 11 Unimax

Question 7 Chapter No 17 – Class 11 Unimax


Question 7 Chapter No 17 – Class 11 Unimax

Aman maintains his books of accounts form incomplete records. His books provide the following information:

Bills receivable 40,000
Investment 80,000

He withdrew ₹ 1,000 per week for personal expenses. He sold her investments of ₹ 1,80,000 at 10% premium and introduced that amount into business.

You are required to prepare a statement of Profit & Loss for the year ending March 31st , 2020.

The solution of Question 7 Chapter No 17 – Class 11 Unimax

Statement of Affairs
As at April 01, 2019

Creditors 1,60,000Cash20,000
Capital (Balance figure)1,70,000Debtors1,00,000
 3,33,000 3,33,000

Statement of Affairs
As at March 31, 2020

Creditors 2,00,000Cash30,000
Capital (Balance figure)6,00,000Bills receivable40,000
 8,00,000 8,00,000

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

Capital at the end6,00,000
Add: Drawings (1,000 x52)52,000
Less: Additional capital introduced during the year1,98,000
Sales of personal investments 1,80,000 x110/1004,54,000
Less: Capital at the beginning1,70,000
Profit made during the year2,84,000


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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