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

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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 BalancesCredit 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
3,54,1603,54,160

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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19Question – 19
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