[DK Goel] Q. 28 Financial Statements (with Adjustments) Solutions Class 11 CBSE (2025-26)

Solutions of Question number 28 of Chapter 20 Financial Statements (with Adjustments) DK Goel class 11 CBSE (2025-26)

The following is the trial balance of Mr. Amar Chand as at 31st March, 2023:

	Dr. (₹)	Cr. (₹)
Stock on 1st April, 2022	62,000
Purchases and Sales	3,15,000	4,48,000
Returns	3,700	2,500
Sundry Debtors and Creditors	80,000	43,000
Bills Receivable and Payable	12,100	4,300
Drawings and Capital	30,000	2,00,000
Cash in Hand	24,800
Balance with Bank of Tokyo	32,800
Discount	2,600
Carriage on Purchases	7,500
Carriage on Sales	1,200
Bad-Debts	2,400
Bad-Debts Provision		3,000
Furniture on 1st April, 2022	10,000
New Furniture purchased on 1st January, 2023	6,000
Rent	10,000
Salaries	25,000
Commission		2,400
Repairs	2,300
Insurance (Annual Premium paid on 1st Jan, 2023)	3,600
Salaries Outstanding		5,000
Sales Van	75,000
Sales Van Expenses	6,000
	7,12,000	7,12,000

Taking into account the following adjustments, prepare Trading and Profit & Loss Account and the Balance Sheet as at 31st March, 2023:-

(1) Stock on 31st March, 2023 was valued at ₹ 46,000.

(2) Depreciate Furniture at 15% p.a. and Sales Van at 20% p.a.

(3) A sum of ₹ 200 is due for repairs.

(4) Write off ₹ 2,000 as further bad-debts and create a provision for doubtful debts @ 5% on Debtors. Also provide 2% for discount on Debtors.

(5) Rent is paid at the rate of ₹ 1,000 per month.

(6) Allow 8% interest on Capital and Charge ₹ 1,500 as interest on Drawings.

[Ans. Gross Profit ₹ 1,08,300; Net Profit ₹ 26,293; Balance Sheet Total ₹ 2,65,293.]

Solution:-

Below is the list of all solutions

S.N	Solutions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Solutions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20

S.N	Solutions
21	Question – 21
22	Question – 22
23	Question – 23
24	Question – 24
25	Question – 25
26	Question – 26
27	Question – 27
28	Question – 28
29	Question – 29
30	Question – 30

S.N	Solutions
31	Question – 31
32	Question – 32
33	Question – 33
34	Question – 34
35	Question – 35
36	Question – 36
37	Question – 37
38	Question – 38
39	Question – 39