[ISC] Q 20 Solution Final Accounts with adjustments TS Grewal Class 11 (2022-23)

Are you looking for the Question number 20 solution of Final Accounts with adjustments TS Grewal class 11 Accountancy ISC Board 2022-23?

From the following Trial Balance of Gaurav and additional information given, prepare Trading and Profit & Loss Account for the year ended 31st March, 2022 and Balance Sheet as at that date:

Particulars	Dr.	Cr.
Opening Stock Capital Debtors Creditors Purchases Sales Carriage Inwards Wages and Salaries Commission Machinery Furniture Bad Debts Recovered Bills Receivable Bills Payable Land and Building Insurance 10% Bank Loan Interest on Bank Loan Bank Drawings Input CGST Input SGST Input IGST Output CGST Output SGST	62,500 – 75,000 – 5,00,000 – 10,000 31,250 – 1,38,750 25,000 – 37,500 – 5,00,000 21,250 – 3,000 24,500 62,500 15,000 15,000 10,000 – –	– 4,66,000 – 43,750 – 8,75,000 – – 16,750 – – 8,000 – 33,750 – – 50,000 – – – – – – 19,000 19,000
Total	15,31,250	15,31,250

Adjustments:

(i) Value of the Closing Stock as on 31st March, 2022 is ₹ 50,000.

(ii) Wages and Salaries outstanding are ₹ 12,500 and Insurance prepaid is ₹ 5,000.

(iii) Depreciate Machinery and Furniture @ 10% and 15% p.a. respectively. Machinery included a machine which was purchased for ₹ 38,500 on 30th September, 2021.

(iv) Goods costing ₹ 10,000 were taken by the proprietor for his personal use but no entry has been made in the books of account.

Solution:-

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