[ISC] Q 16 Solution Final Accounts with adjustments TS Grewal Class 11 (2023-24)

Solution of Question number 16 solution of Final Accounts with adjustments TS Grewal class 11 Accountancy ISC Board 2023-24.

On 31st March, 2023 the following Trial Balance was extracted from the books of Shyam:

Particulars	Dr. (₹)	Particulars	Cr. (₹)
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
	3,22,500		3,22,500

Prepare Trading and Profit & Loss Account for the year ending 31st March, 2023 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

S.N	Solutions
1	Question – 1
2	Question – 2
3	Question – 3
4	Question – 4
5	Question – 5
6	Question – 6
7	Question – 7
8	Question – 8
9	Question – 9
10	Question – 10

S.N	Solutions
11	Question – 11
12	Question – 12
13	Question – 13
14	Question – 14
15	Question – 15
16	Question – 16
17	Question – 17
18	Question – 18
19	Question – 19
20	Question – 20
21	Question – 21
22	Question – 22