[ISC] Q 12 Solution Final Accounts with adjustments TS Grewal Class 11 (2023-24)

Solution of Question number 12 solution of Final Accounts with adjustments TS Grewal class 11 Accountancy ISC Board 2023-24.

The Trial Balance of Shyam for the year ended 31st March, 2023 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, 2023 and a Balance Sheet as on that date.

Solution:-

Here is the list of all solutions of Practical Problems below

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
21	Question – 21
22	Question – 22