Question 9 Chapter No 17 – Class 11 Unimax

Question 9 Chapter No 17 – Class 11 Unimax


Question 9 Chapter No 17 – Class 11 Unimax

Kunal commenced business on 1st April, 2019 with a capital of ₹ 3,00,000. On the same date he bought furniture which cost ₹ 60,000 and made purchases of goods worth ₹ 70,000. He kept his books on single entry basis. On 31st March, 2020 stock was valued at ₹ 1,00,000. There were book debts amounting to ₹ 45,000 of which ₹ 5,000 represented debts which were irrecoverable. Creditors amounted to ₹ 50,000 and cash balance of ₹ 1,50,000. Panwar withdrew two time from business for his private expenses, each time he withdrew ₹ 20,000 and in addition he used ₹ 25,000 wroth of goods from his shop. He took ₹ 30,000as loan from his wife on 1st October, 2019 @ 10%p.a. but had paid no interest. He gave ₹ 15,000 to his son from business, which he omitted to enter. You are required to prepare a statement showing profit or Loss in the business for the ending 31st March, 2020 from the above information.

The solution of Question 9 Chapter No 17 – Class 11 Unimax

Statement of Affairs
As at 31st March 2020

Creditors  50,000Cash 1,50,000
Loan from wife30,000 Stock 1,00,000
Add. Interest outstanding1,50031,500Debtors45,000 
Capital (Balance figure) 2,68,500Less: Bad debts5,00040,000
   Furniture 60,000
  3,50,000  3,50,000

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

Closing Capital as on 31st March, 2020 2,68,500
Add: Drawings during the year:  
Drawings in cash: 20,000 x 240,000 
Drawings in Goods25,000 
Drawings in cash (to son)15,00080,000
Less: opening capital 3,00,000
Profit for the year 48,500

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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