[CBSE] Q 19 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 19 of the Adjustments in Preparation of Financial Statements of TS Grewal Book class 11, 2022-23?

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

Heads of AccountsL.F.Dr. (₹)Cr. (₹)
Drawings
Capital
Plant and Machinery
Debtors
Creditors
Returns Inward
Returns Outward
Discount Allowed
Discount Received
Commission
Interest on Bank Loan
Furniture
Provision for Doubtful Debts
Wages
Salaries
Advertisement
Rent and Taxes
Purchases
Sales
Stock on 1st April, 2021
Carriage
Land and Building
Cash in Hand
Cash at Bank
10% Bank Loan (Taken on 1st April, 2021)
Input CGST
Input SGST
Output IGST
15,000

2,05,000
50,000

8,000

7,000

15,000
12,000
55,000

50,000
45,000
15,000
13,000
2,60,000

70,000
5,000
98,000
8,000
20,000

9,000
9,000

3,50,000


28,000

7000

6000



13,000





4,00,000





1,50,000


15,000
Total9,69,0009,69,000

Adjustments:

(i) Cost of Stock on 31st March, 2022 was ₹ 37,000 and its market value was ₹ 35,000.

(ii) Wages outstanding were ₹ 6,000 and salaries outstanding were ₹ 5,000 on 31st march, 2022.

(iii) Depreciate Land and Building @ 2 and a 1/2%, Plant and Machinery @ 10% p.a. and Furniture @ 15% p.a.

(iv) Purchase includes purchase of machinery for ₹ 10,000 on 1st October, 2021.

(v) Debtors include bad debts of ₹ 2,000. Maintain a provision for doubtful debts @ 10% on Debtors.

(vi) Manager is entitled to get 10% commission on profit before charging such commission.

[Gross Profit – ₹ 53,000; Net Loss – ₹ 81,500; Balance Sheet Total – ₹ 4,45,500.]

[Hint: As there is Net Loss, no commission will be given to the manager.]

Solution:-

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19Question – 19
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