[CBSE] Q 6 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 6 of the Adjustments in Preparation of Financial Statements of TS Grewal Book class 11, 2022-23?

Prepare Trading and Profit & Loss Account for the year ended 31st March, 2022 and Balance Sheet as at that date from the following balances taken from the books of Vijay on 31st March, 2022 after giving effect to the following adjustments:

(i) Stock as on 31st March, 2022 was valued at ₹ 2,30,000.

(ii) Write off further ₹ 1,800 as Bad Debts and maintain the Provision for Doubtful Debts at 5%.

(iii) Depreciate Machinery at 10%.

(iv) Provide ₹ 7,000 as outstanding interest on loan.

ParticularsParticulars
Capital
Drawings
General Expenses
Building
Machinery
Stock on 1st April, 2021
Insurance
Wages
Debtors
Creditors
Bad Debts
2,45,000
20,000
47,400
1,10,000
93,400
1,62,000
13,150
72,000
62,800
25,000
5,500
Loan
Sales
Purchases
Motor Car
Provision for Doubtful Debts
Commission (Cr.)
Car Expenses
Bills Payable
Cash
Bank Overdraft
Charity
78,800
6,53,600
4,70,000
20,000
9,000
13,200
18,000
38,500
800
33,000
1,050

[Gross Profit – ₹ 1,70,600; Net Profit – ₹ 95,510; Balance sheet Total – ₹ 5,02,810.]

Solution:-

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