[ISC] Q 12 Solution Final Accounts with adjustments TS Grewal Class 11 (2022-23)
Solution of Question number 12 solution of Final Accounts with adjustments TS Grewal class 11 Accountancy ISC Board 2022-23?
The Trial Balance of Shyam for the year ended 31st March, 2022 is given below:
| Heads of Accounts | Dr. (₹) | Cr. (₹) |
| Furniture Building Machinery Cash Debtors Creditors Sales Purchase Return Bad Debts Provision for Doubtful Debts Opening Stock Bank Overdraft Capital Purchaes Sales Return Advertisement Interest Commission Insurance General Expenses Salary | 64,000 7,50,000 6,25,000 65,000 3,80,000 – – – 12,500 – 3,46,000 – – 5,47,500 20,000 45,000 11,800 – 1,25,000 78,200 3,30,000 | – – – – – 2,50,000 15,45,000 12,500 – 20,000 – 2,85,000 12,50,000 – – – – 37,500 – – – |
| Total | 34,00,000 | 34,00,000 |
Adjustments to be taken into account:
(i) Closing stock is valued at ₹ 3,25,000 against its purchase cost of ₹ 3,35,000.
(ii) Interest of ₹ 8,500 is due on bank overdraft.
(iii) Depreciation on building is to be provided @ 5%, furniture @ 10% and machinery @ 20%.
(iv) Salary Outstanding is ₹ 30,000 and tax outstanding is ₹ 12,000.
(v) Prepare insurance is ₹ 10,000 and one-third of commission has been received in advance.
(vi) Purchase include furniture of ₹ 10,000.
(vii) Remaining debtors are goods.
Prepare Trading and Profit & Loss Account for the year ended 31st March, 2022 and a Balance Sheet as on that date.
Solution:-
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