[CBSE] Q 3 Adjustments in Preparation of Financial Statement Solution TS Grewal Class 11 (2023-24)

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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:

ParticularsDr. (₹)ParticularsCr. (₹)
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
29,80,00029,80,000

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.]

Solution:-

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