[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:
| 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 Bills Payable Bank Loan | 60,000 1,100 2,46,700 6,200 18,160 12,000 10,000 |
| 3,54,160 | 3,54,160 |
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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corrected loss by fire in the Trading account. sorry for the inconvenience.