[CBSE] Q 17 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 17 of the Adjustments in Preparation of Financial Statements of TS Grewal Book class 11, 2022-23?

From the following Trial Balance and additional information of Bharat, a proprietor. prepare Trading and Profit & Loss Account for the year ending 31st March, 2022 and the Balance Sheet as at that date:

Heads of AccountsL.F.Dr. (₹)Cr. (₹)
Opening Stock
Purchases
Sales
Wages
Wages Outstanding (at the end)
Carriage Inwards
Salaries
Insurance
General Expenses
Prepaid General Expenses
Machinery
Debtors
Creditors
Cash in Hand
Cash at Bank
Capital
Drawings
Input CGST
Input SGST
Input IGST
Output CGST
Output SGST
Output IGST
90,000
4,50,000

60,000

15,000
51,000
3,000
8,100
20,000
75,000
45,000

15,000
15,500

15,000
2,500
2,500
4,500




6,00,000

20,000







62,100


1,80,000




35,00
35,00
30,00

Additional Information:

(i) Salaries outstanding for the month of March 2022 is ₹ 7,500.

(ii) Prepaid Insurance is ₹ 900.

(iii) Deprecate Machinery @ 15% p.a.

(iv) Value of Closing Stock is ₹ 1,11,000.

(v) Bharat took goods of ₹ 2,000 for personal use which was not recorded (Ignore GST)

[Gross Profit – ₹ 98,000; Net Profit – ₹ 18,050; Balance sheet Total – ₹ 2,71,650; Input CGST of ₹ 500 will be shown in the Assets side and output SGST of ₹ 1,000 will be shown in the Liabilities Side of Balance Sheet.]

Solution:-

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17Question – 17
18Question – 18
19Question – 19
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