[ISC] Q 16 Solution Final Accounts with adjustments TS Grewal Class 11 (2022-23)

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Solution of Question number 16 solution of Final Accounts with adjustments TS Grewal class 11 Accountancy ISC Board 2022-23?

On 31st March, 2022 the following Trial Balance was extracted from the books of Shyam:

ParticularsDr. (₹)ParticularsCr. (₹)
Drawings
Machinery
Furniture
Sundry Debtors
Purchases
Wages
Cash at Bank
Salary
Repairs
Opening Stock
Rent
Miscellaneous Expenses
Bad Debts
Carriage Inwards
Shiv Mohan
18,000
1,20,000
26,000
36,000
20,000
8,000
26,000
8,000
1,900
16,000
4,500
11,500
5,000
1,600
20,000
Sundry Creditors
Sales
Interest
Commission
Capital
40,000
42,000
13,500
17,000
2,10,000
3,22,5003,22,500

Prepare Trading and Profit & Loss Account for the year ending 31st March, 2022 and Balance Sheet as on that date after taking into account the following adjustments:

(i) Closing Stock was valued at ₹ 16,000 (At cost). its Net Realisable Value (Market Value) was determined at ₹ 20,000.

(ii) Depreciation is to be provided on machinery @ 10% and furniture @ 15%.

(iii) ₹ 1,500 are due for wages.

(iv) Prepaid rent ₹ 1,500.

(v) Accrued interest ₹ 1,500.

(vi) Commission Received in Advance ₹ 2,000.

(vii) Further Bad Debts ₹ 2,000.

(viii) Provide Manager’s Commission at 10% on net profit before charging such commission.

(ix) Remuneration of ₹ 20,000 paid to Shiv Mohan, a temporary employee, stands debited to his Personal Account and it is to be corrected.

Solution:-

Here is the list of all solutions of Practical Problems below

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1Question – 1
2Question – 2
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5Question – 5
6Question – 6
7Question – 7
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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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