[CBSE] Q 16 Adjustments in Preparation of Financial Statement Solution TS Grewal Class 11 (2023-24)

Solution of Question number 16 of the Adjustments in Preparation of Financial Statements of TS Grewal Book class 11, 2023-24?

The following is the Trial Balance of Ashok as on 31st March, 2023:

Particulars	Dr. (₹)	Particulars	Cr. (₹)
Building Purchases (Adjusted) Salaries Bad Debts Wages Rent Prepaid Rent (At the end) Insurance Furniture (At cost) Drawings Sundry Debtors Closing Stock	1,50,000 2,90,000 5,000 2,000 10,000 5,000 3,000 5,000 60,000 5,000 25,000 40,000	Capital Sales Wages Outstanding (At the end) Provision for Depreciation on Furniture Apprentice Premium Sundry Creditors	30,000 5,29,500 8,000 12,000 500 20,000
	6,00,000		6,00,000

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

(i) Salaries for the month of March, 2023 of ₹ 1,000 were unpaid which are to be provided. Balance in the account included ₹ 800 paid in advance.

(ii) Insurance is prepaid to the extent of ₹ 2,000.

(iii) Depreciate Furniture by 10% on original cost and Building by 5%.

(iv) Stock of ₹ 1,500 was taken by Ashok for his personal use.

(v) Make a Provision for Doubtful Debts equal to 10% of Sundry Debtors.

[Gross Profit – ₹ 2,31,000; Net Profit – ₹ 2,00,300; Balance Sheet Total – ₹ 2,52,800.]

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