[ISC] Q 13 Solution Final Accounts with adjustments TS Grewal Class 11 (2022-23)
Solution of Question number 13 solution of Final Accounts with adjustments TS Grewal class 11 Accountancy ISC Board 2022-23?
Following Trial Balance has been extracted from the books of Santosh on 31st March, 2022:
| Particulars | Dr. | Cr. |
| Drawings Plant and Machinery Furniture and Fixtures Capital A/c Sales Loose Tools Goodwill Opening Stock Returns Outward Discount Purchases Returns Inward Wages Sundry Creditors Provision for Doubtful Debts Carriage Inwards Salaries General Expenses and Insurance Rent Postage Sundry Debtors Barun Cash and Bank Balances | 20,000 10,00,000 1,20,000 – – 2,00,000 1,00,000 2,00,000 – – 21,20,000 80,000 10,00,000 – – 1,20,000 4,16,000 7,20,000 1,44,000 40,000 5,60,000 20,000 1,40,000 | – – 19,60,000 46,80,000 – – – 40,000 60,000 – – – 2,40,000 20,000 – – – – – – – – |
| Total | 70,00,000 | 70,00,000 |
Following additional information is available:
(a) Stock on 31st March, 2022 was ₹ 3,08,000.
(b) Depreciation is to be charged on Plant and Machinery @ 5% and Furniture and Fixtures @ 6%. Loose Tools are revalued at ₹ 1,60,000.
(c) Provision for Doubtful Debts is to be maintained at 5% on Sundry Debtors.
(d) Remuneration of ₹ 20,000 paid to Barun, a temporary employee, stands debited to his personal account and it is to be corrected.
(e) Unexpired Insurance was ₹ 4,000.
You are required Trading and Profit & Loss Account for the year ended 31st March, 2022 and Balance Sheet as at that date.
Solution:-
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