[CBSE] Q 3 Adjustments in Preparation of Financial Statement Solution TS Grewal Class 11 (2023-24)
Solution of Question number 3 of the Adjustments in Preparation of Financial Statements of TS Grewal Book class 11, 2023-24?
Following Trial Balance has been extracted from the books of Prasad as on 31st March, 2023:
| Particulars | Dr. (₹) | Particulars | Cr. (₹) |
| Machinery Cash at Bank Cash in Hand Wages Purchases Stock on 1st April, 2021 Sundry Debtors Rent Commission General Expenses Salaries | 4,00,000 1,00,000 50,000 1,00,000 8,00,000 6,00,000 7,30,000 45,000 25,000 80,000 50,000 | Capital Sales Sundry Creditors Interest Received | 9,00,000 16,00,000 4,50,000 30,000 |
| 29,80,000 | 29,80,000 |
Additional Information:
(i) Outstanding Salaries were ₹ 45,000.
(ii) Depreciate Machinery at 10%.
(iii) Wages outstanding were 5,000.
(iv) Rent prepaid ₹ 10,000.
(v) Provide for interest on capital @ 5% per annum.
(vi) Stock on 31st March, 2022 ₹ 8,00,000.
Prepare Trading and Profit & Loss Account for the year ended 31st March, 2023 and Balance Sheet as at that date.
[Gross Profit – ₹ 8,95,000; Net Profit – ₹ 6,05,000; Balance sheet Total – ₹ 20,50,000.]
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