[CBSE] Q 16 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 16 of the Adjustments in Preparation of Financial Statements of TS Grewal Book class 11, 2022-23?

The following is the Trial Balance of Ashok as on 31st March, 2022:

ParticularsDr. (₹)ParticularsCr. (₹)
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
6,00,0006,00,000

Prepare Trading and Profit & Loss Account for the year ended 31st March, 2022 and Balance Sheet as on that date after making the following adjustments:

(i) Salaries for the month of March, 2022 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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17Question – 17
18Question – 18
19Question – 19
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