[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:-
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