[ISC] Q 13 Accounts from Incomplete Records TS Grewal Solution Class 11 (2023-24)

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Solution to Question number 13 Accounts from Incomplete Records TS Grewal class 11 ISC 2023-24?

Kumaran, a trader, does not keep proper books of account, However, he furnishes you the following particulars:

1st April,
2022 (₹)
31st March,
2023 (₹)
Cash in Hand
Bank Overdraft
Stock-in-Trade
Sundry Debtors
Sundry Creditors
Bills Receivable
Building
Furniture
Bills Payable
5,350
45,000
59,350
42,400
38,600
30,200
53,000
4,600
62,000
5,400
40,000
62,200
40,800
37,200
29,800
53,000
4,600
58,000

Additional Information:

(a) Drawings during the year amounted to ₹ 11,000.

(b) Additional capital introduced ₹ 5,000.

(c) Depreciation is to be provided on building @ 2% and on furniture at 10%.

(d) Provision for Doubtful Debts at 2% on Sundry Debtors.

Prepare a Statement of profit or Loss showing Gross Profit and Net Profit for the year ended 31st March, 2023 and adjusted Statement of Affairs as at that date.

Solution:-

Working Notes:-

Below is the list of all the Practical problems

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