[CBSE] Q 13 Solutions Adjustments in Preparation of Financial Statements TS Grewal Class 11 (2022-23)

Solution of Question number 13 of the Adjustments in Preparation of Financial Statements of TS Grewal Book class 11, CBSE (2022-23)?

Following is the Trial Balance of Indramani as on 31st March, 2022:

Prepare Trading and Profit & Loss Account for the year ending 31st March, 2022 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, 2022, 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:-

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One comment

1. Anurag Pathak

corrected loss by fire in the Trading account. sorry for the inconvenience.

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