[ISC] Q 14 Accounts from Incomplete Records TS Grewal Solution Class 11 (2023-24)

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Solution to Question number 14 Accounts from Incomplete Records TS Grewal class 11 ISC 2023-24?

Angad keeps his books on Single Entry System, He gives the following information:

1st April, 2021 (₹)31st March, 2022 (₹)
Stock in Hand
Debtors
Creditors
Bills Receivable
Bills Payable
Furniture
Building
Bank Balance
18,700
12,000
9,000
4,000
1,000
600
12,000
4,350
23,400
14,000
1,500
5,000
200
600
12,000
3,350 (Cr.)

You are also given the following information:

(a) A provision of ₹ 1,450 is required for doubtful debts.

(b) Depreciation @ 5% is to be written off on building and furniture.

(c) Wages outstanding ₹ 3,000, salaries outstanding ₹ 1,200.

(d) Prepaid insurance has been provided to the extent of ₹ 250.

(e) Legal expenses outstanding ₹ 700.

(f) Drawings of Angad during the year were ₹ 7,520.

You are required to find out the profit/loss for the year ended 31st March,

Solution:-

Below is the list of all the Practical problems

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14Question – 14
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