[CBSE] Q 20 Solutions Financial Statements of Sole Proprietorship TS Grewal Class 11 (2022-23)

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Are you looking for the solution of Question number 20 of the Financial Statements of Sole Proprietorship of TS Grewal Book class 11, 2022-23?

The folllowing is the Trial Balance of Atul as at 31st March, 2022:

Head of AccountsL.F.Dr. (₹)Cr. (₹)
Capital
Drawings
Debtors
Creditors
Adjusted Purchases
Sales
Sales Return
Bank Loan
Interest on Loan
Cash in Hand
Cash In Hand
Cast at Bank
Miscellaneous Income
Wages
Furniture
Carriage Outwards
Carriage Inwards
Salaries
Rent
Bad Debts
Discount Allowed
Discount Received
Bills Receivable
Bills Payable
Insurance
Commission
Closing Stock

10,000
24,000

75,700

1,500

300
3,000
7,500

6,000
33,900
4,500
5,000
12,000
18,000
600
5,000

10,000

2,000

15,000
50,000


16,000

1,31,000

10,000



1,000








2,600

8,000

15,400
Total2,34,0002,34,000

Prepare Trading and Profit & Loss Account for the year ending on 31st March, 2022 and Balance Sheet as on that date.

[Gross Profit – ₹ 42,800; Net Profit – ₹ 19,400; Balance Sheet Total – ₹ 93,400.]

[Hint: As Closing Stock is given in the Trial Balance, it will be shown only in the Balance Sheeet as an asset.]

Solution:-

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