[CBSE] Q 8 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 8 of the Adjustments in Preparation of Financial Statements of TS Grewal Book class 11, 2022-23?

Following balances are taken from the books of Niranjan. Prepare Trading and Profit & Loss Account for the year ended 31st March, 2022 and Balance Sheet as on that date:

ParticularsParticulars
Capital
Opening Stock
Furniture
Sales
Purchases Return
Rent
Salaries
Bad Debts
Sundry Debtors
Bills Payable
Advertisement Expenses
Patents
12,00,000
4,50,000
15,000
43,50,000
40,000
50,000
2,40,000
10,000
4,00,000
8,000
60,000
48,000
Drawings
Plant and Machinery
Purchases
Insurances
Sales Return
Trade Expenses
Wages
6% Investments
Sundry Creditors
Cash
Miscellaneous Income
2,10,000
2,40,000
29,50,000
15,000
70,000
20,000
4,00,000
5,00,000
1,90,000
1,22,000
12,000

Adjustments:

(i) Closing Stock ₹ 7,50,000.

(ii) Depreciate Machinery by 10% and Furniture by 20%.

(iii) Wages ₹ 50,000 and salaries ₹ 20,000 are outstanding.

(iv) Write off ₹ 50,000 as further Bad Debts and create 5% Provision for Doubtful Debts. Also, create Provision for Discount on Debtors @ 2%.

(v) Investments were made on 1st July, 2021 and no interest has been received so far.

[Gross Profit – ₹ 12,20,000; Net Profit – ₹ 7,38,350; Balance Sheet Total – ₹ 19,96,350.]

Solution:-

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19Question – 19
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