[CBSE] Q 13 Adjustments in Preparation of Financial Statement Solution TS Grewal Class 11 (2023-24)

Solution of Question number 13 of the Adjustments in Preparation of Financial Statements of TS Grewal Book class 11, 2023-24?

Following is the Trial Balance of Indramani as on 31st March, 2023:

Debit Balances	₹	Credit Balances	₹
Building Machinery Furniture Goodwill Productive Wages Salaries Freight Inwards Freight Outwards Manufacturing Expenses Insurance General Expenses Debtors Opening Stock Purchases Returns Inward Commission Bad Debts Bank Charges Bank Balance Cash	27,000 16,500 6,300 27,142 31,790 15,040 2,470 2,000 11,000 3,000 6,630 67,360 29,170 95,015 3,128 989 1,300 460 7,145 721	Capital Returns Outward Sales Provision for Doubtful Debts Creditors Bank Loan	60,000 1,100 2,46,700 6,200 30160 10,000
	3,54,160		3,54,160

Prepare Trading and Profit & Loss Account for the year ending 31st March, 2023 and Balance Sheet as on that date after making the following adjustments:

(i) Value of Closing Stock ₹ 6,100.

(ii) Depreciate Machinery @ 10% p.a.

(iii) Create Provision for Doubtful Debts at 5% on debtors.

(iv) Commission payable to manager at 10% on net profit.

(v) On 25th March, 2023, goods costing ₹ 1,500 and furniture costing ₹ 3,000 were destroyed by fire, insurance company has accepted claims of ₹ 1,000 for goods and ₹ 2,000 for furniture.

[Gross Profit – ₹ 82,827; Net Profit – ₹ 48,264; Balance Sheet Total – ₹ 1,53,250.]

Solution:-

Here is the list of all Solutions.

S.N	Solutions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19