[ISC] Q 15 Solution Final Accounts with adjustments TS Grewal Class 11 (2022-23)
Are you looking for the Question number 15 solution of Final Accounts with adjustments TS Grewal class 11 Accountancy ISC Board 2022-23?
From the following Trial Balance of Pawan, prepare Trading, Profit & Loss Account for the year ending 31st March, 2022 and a Balance Sheet as on that date:
| Heads of Accounts | Dr. | Cr. |
| Drawings Capital Plant and Machinery Debtors Creditors Returns Inward Returns Outward Discount Allowed Discount Received Commission Interest on Bank Loan Furniture Provision for Doubtful Debts Wages Salaries Advertisment Expenses Rent and Taxes Purchases Sales Stock on 1st April, 2021 Carriage Inwards Land and Building Cash in Hand Cash at Bank 10% Bank Loan as on 1st April, 2021 | 15,000 – 2,05,000 50,000 – 8,000 – 7,000 15,000 12,000 55,000 – 50,000 45,000 15,000 13,000 2,60,000 – 70,000 5,000 98,000 8,000 20,000 – | – 3,50,000 – – 25,000 – 7,000 – 6,000 – – – 13,000 – – – – – 4,00,000 – – – – – 1,50,000 |
| Total | 9,51,000 | 9,51,000 |
Adjustments:
(i) The cost of stock on 31st March, 2022 was ₹ 37,000. However, its market value was ₹ 35,000.
(ii) Wages outstanding were ₹ 6,000 and slaries outstanding were ₹ 5,000 on 31st March, 2022.
(iii) Depreciate: Land and Building @ 2 and 1/2%, Plant and Machinery @ 10% p.a. and Furniture @ 15% p.a.
(iv) Amount of Purchases includes purchase of machinery for ₹ 10,000 on 1st October, 2021.
(v) Debtors include bad debts of ₹ 2,000. Maintain a provision for doubtful debts @ 10% on Debtors.
(vi) One-third of advertisement expenses are to be written off.
Solution:-
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