[DK Goel] Q. 6 Financial Statements (with Adjustments) Solutions Class 11 CBSE (2025-26)
Solutions of Question number 6 of Chapter 20 Financial Statements (with Adjustments) DK Goel class 11 CBSE (2025-26)
From the following figures, prepare the Trading and Profit and Loss Account for the year ended 31st March, 2023 and the Balance Sheet as at that date:-
| Particulars | ₹ | Particulars | ₹ |
| Stock (1st April, 2022) | 75,000 | Sundry Debtors | 82,000 |
| Purchases | 8,00,000 | Loan from X | 10,000 |
| Sales | 12,00,000 | Interest on X Loan | 1,500 |
| Motor Car | 1,50,000 | Furniture | 20,000 |
| Car Expenses | 42,000 | Land and Building | 2,00,000 |
| Rent | 5,500 | Capital | 2,50,000 |
| Salaries | 35,200 | Sundry Creditors | 91,300 |
| Bad Debts | 1,500 | Returns Inward | 7,500 |
| Provision for bad debts | 8,100 | Returns Outward | 6,000 |
| Commission (Cr.) | 4,600 | Cash in Hand | 16,400 |
| Wages | 1,25,000 | ||
| Insurance | 8,400 |
Adjustments:
(i) Commission include ₹ 1,600 being commission received in advance.
(ii) Write off ₹ 2,000 as further Bad-debts and maintain Bad-debts provision at 5% on debtors.
(iii) Expenses paid in advance are : Wages ₹ 5,000 and Insurance ₹ 1,200.
(iv) Rent and Salaries have bee paid for 11 months.
(v) Loan from X has been taken at 18% p.a. interest.
(vi) Depreciate furniture by 15% p.a. and Motor Car by 20% p.a.
(vii) Closing Stock was valued at ₹ 60,000.
[Ans. G.P. ₹ 2,63,500; N.P. ₹ 1,38,700 and B/S Total ₹ 4,95,600.]
Hint: Net amount shown on the Cr. side of P & L A/c will be ₹ 600 calculated as follows: Old Provision ₹ 8,100 – Bad-debts ₹ 3,500 – New Provision ₹ 4,000.
Solution:-
