[ISC] Q 12 Solution Accounts from Incomplete Records TS Grewal Class 11 (2022-23)

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Solution of Question number 12 Accounts from Incomplete Records TS Grewal class 11 ISC 2022-23?

X, a retailer, has not kept proper books of account but it has been possible to obtain the following details:

Previous Year (₹)Current Year (₹)
Trade Creditors
Loan from Naresh
Stock
Cash in Hand
Shop Fittings
Trade Debtors
Bank Balance
6,270
5,000
12,350
570
7,250
5,280
3,990
5,890
5,000
11,980
650
7,800
4,560
4,130

Calculate profit/loss for the current year and draft statement of Affairs at the end of the year after noting that:

(a) Shop Fittings are to be depreciated by ₹ 780.

(b) X has drawn ₹ 100 per week for his own use.

(c) Included in the Trade Debtors is an irrecoverable balance of ₹ 270.

(d) Interest at 5% p.a. is due on the loan from Naresh, but has not been paid for the year.

Solution:-

Working Notes:-

Below is the list of all the Practical problems

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