[ISC] Q 14 Solution Final Accounts with adjustments TS Grewal Class 11 (2022-23)

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Solution of Question number 14 solution of Final Accounts with adjustments TS Grewal class 11 Accountancy ISC Board 2022-23?

Following is the Trial Balance of Karman on 31st March, 2022:

ParticularsDr.Cr.
Capital Drawings
Opening Stock
Purchases
Freight on Purchases
Wages (11 months up to February, 2022)
Sales
Salaries
Postage and Courier
Printing and Stationery
Miscellaneous Expenses
Creditors
Investments
Discount Received
Debtors
Bad Debts
Provision for Doubtful Debts
Building
Machinery
Furniture
Commission on Sales
Interest on Investments
Insurance (up to 31st July, 2022)
Bank Balance

60,000
75,000
15,95,000
25,000
66,000

1,40,000
12,000
18,000
30,000

1,00,000
2,50,000
15,000

3,00,000
5,00,000
40,000
45,000

24,000
1,50,000
8,00,000





23,10,000




3,00,000

15,000


8,000




12,000

34,45,00034,45,000

Adjustments:

(i) Closing Stock ₹ 2,25,000.

(ii) Machinery of ₹ 45,000 purchased on 1st October, 2021 was shown as Purchases, Freight paid on the Machinery was ₹ 5,000, which is included in Freight on Purchases.

(iii) Commission is payable at 2 and 1/2% p.a. on sales.

(iv) Investments were sold at 10% profit, but the proceeds was credited to Sales Account.

(v) Write off further Bad Debts ₹ 10,000 and maintain Provision for Doubtful Debts at 5% of Debtors.

(vi) Depreciate Building by 2 and 1/2% p.a. and Machinery and Furniture at 10% p.a.

Prepare Trading and Profit & Loss Account for the year ended 31st March, 2022 and Balance Sheet as at that date.

Solution:-

Here is the list of all solutions of Practical Problems below

S.NSolutions
1Question – 1
2Question – 2
3Question – 3
4Question – 4
5Question – 5
6Question – 6
7Question – 7
8Question – 8
9Question – 9
10Question – 10
S.NSolutions
11Question – 11
12Question – 12
13Question – 13
14Question – 14
15Question – 15
16Question – 16
17Question – 17
18Question – 18
19Question – 19
20Question – 20
21Question – 21
22Question – 22
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