[CBSE] Q 15 Solutions Adjustments in Preparation of Financial Statements TS Grewal Class 11 (2022-23)

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Are you looking for the solution of Question number 15 of the Adjustments in Preparation of Financial Statements of TS Grewal Book class 11, 2022-23?

From the following Trial Balance and information, prepare Trading and Profit & Loss Account of Rishabh for the year ended 31st March, 2022 and Balance Sheet as on that date:

Heads of AccountsL.F.Dr. (₹)Cr. (₹)
Capital
Drawings
Land and Building
Plant and Machinery
Furniture
Sales
Returns Outward
Debtors
Loan from Gajanand (Taken on 1st July, 2021, @ 6% p.a.)
Purchases
Returns Inward
Carriage Inwards
Sundry Expenses
Printing and Stationery
Insurance Expenses
Provision for Doubtful Debts
Provision for Discount on Debtors
Bad Debts
Opening Stock
Salaries and Wages
Carriage Outwards
Creditors
Trade Expenses
Cash at Bank
Cash in Hand
12,000
90,000
20,000
5,000


18,400


80,000
5,000
10,000
600
500
1000


400
21,300
15,500
3,000

800
4,600
1,280
1,00,000




1,40,000
6,000

30,000






1,000
380




12,000


Total2,89,3802,89,380

Additional Information:

(i) Value of Closing Stock on 31st March, 2022 at cost was ₹ 27,300 and its net realisable value (market value) was ₹ 30,000.

(ii) Fire occurred on 23rd March, 2022 and goods costing ₹ 10,000 were destroyed. Insurance company accepted claim of ₹ 6,000 only and paid the claim money on 10th April, 2022.

(iii) Bad Debts amounting to ₹ 400 are to be written off. Provision for Doubtful Debts is to be maintained at 5% and Provision for Discount on Debtors at 2%.

(iv) Received goods costing ₹ 6,000 on 27th March, 2022 but the purchases was not recorded.

(v) Rishabh took goods of ₹ 2,000 for his personal use but was not recorded.

(vi) Charge depreciation @ 2% on Land and Building, @ 20% on Plant and Machinery and @ 5% on Furniture.

[Gross Profit – ₹ 63,000; Net Profit – ₹ 29,538; Balance Sheet Total – ₹ 1,64,888.]

Solution:-

Here is the list of all Solutions.

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