[ISC] Q 21 Solution Final Accounts with adjustments TS Grewal Class 11 (2023-24)

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Solution of Question number 21 solution of Final Accounts with adjustments TS Grewal class 11 Accountancy ISC Board 2023-24.

Following is the Trial Balance of Paras on 31st March, 2023:

ParticularsDr. (₹)ParticularsCr. (₹)
Sundry Debtors
Drawings
Insurance
Rent
General Expenses
Salaries
Patents and Patterns
Machinery
Freehold Land
Building
Stock (1st April, 2022)
Cash at Bank
Freight on Purchases
Carriage on Sales
Fuel and Power
Wages
Returns Inward
Purchases
Cash in Hand
Input IGST
1,45,000
53,450
6,000
10,000
20,000
1,50,000
75,000
2,00,000
1,00,000
3,00,000
57,600
26,300
20,400
32,000
47,000
1,04,800
19,000
4,06,750
5,400
40,000
Sundry Creditors
Capital A/c
Returns Outward
Sales
Output CGST
Output SGST
63,000
7,10,000
5,000
10,00,000
20,000
20,000
18,18,000

Following adjustments are made:

(a) Stock on 31st March, 2023 was valued at ₹ 68,000.

(b) Provision for Doubtful Debts is to be made to the extent of 5% on Sundry Debtors.

(c) Depreciate Machinery by 10%, patents by 20% and Building by 5%.

(d) Wages include a sum of ₹ 20,000 spent on construction of a cycle shed.

(e) Salaries for the months of February and March, 2023 were not paid.

(f) Insurance includes a premium of ₹ 1,700 on a policy expriring on 30th September, 2023.

(g) General Manager is entitled to a commission of 10% on the profit after charging his commission.

You are required to prepare Final Accounts after giving effects to the adjustments.

Solution:-

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
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