[ISC] Q 18 Solution Final Accounts with adjustments TS Grewal Class 11 (2023-24)

Share your love

Solution of Question number 18 solution of Final Accounts with adjustments TS Grewal class 11 Accountancy ISC Board 2023-24.

Prepare Trading and Profit & Loss Account for the year ended 31st March, 2023 and Balance Sheet as at that date from the following Trial Balance:

ParticularsDr. (₹)Cr. (₹)
Capital
Cash
Bank Loan
Purchases
Sales
Sales Return
Purchases Return
Establishment Expenses
Taxes and Insurance
Bad Debts
Provision for Doubtful Debts
Debtors
Creditors
Commission
Deposits
Opening Stock
Drawings
Furniture
Bills Receivable
Bills Payable
Input CGST
Input SGST
Output CGST
Output SGST
Output IGST

15,000

1,20,000

10,000

22,000
5,000
5,000

50,000


40,000
30,000
14,000
6,000
32,000

10,000
10,000


1,00,000

20,000

1,50,000

20,000



7,000

20,000
5,000





25,000


8,000
8,000
6,000

Adjustments:

(i) Salaries ₹ 1,000 and Taxes ₹ 2,000 are outstnading but insurance ₹ 5000 is prepaid.

(ii) Commission ₹ 1,000 received in advance for the next year.

(iii) Interest ₹ 2,100 is to be received on Deposits and Interest on Bank Loan ₹ 3,000 is to be paid.

(iv) Provision for Doubtful Debts to be maintained at ₹ 10,000.

(v) Depreciate Furniture by 10%.

(vi) Stock on 31st March, 2023 is ₹ 45,000.

(vii) A fire occurred on 1st April, 2023 destroying goods costing ₹ 10,000.

Solution:-

Working Notes:-

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
Share your love
Anurag Pathak
Anurag Pathak

Anurag Pathak is an academic teacher. He has been teaching Accountancy and Economics for CBSE students for the last 18 years. In his guidance, thousands of students have secured good marks in their board exams and legacy is still going on. You can subscribe his Youtube channel for free lectures

Articles: 6553

Leave a Reply

Your email address will not be published. Required fields are marked *

x