Double Entry Book
Keeping Ts Grewal 2022-2023
Class 11 Commerce Accountancy
Chapter 19 -
Adjustments In Preparation Of Financial Statements
Question 1:
Following are the balances extracted from the books of Manish on 31st March, 2022:
|
|
` |
|
` |
|
Capital |
1,90,000 |
Cash
at Bank |
26,000 |
|
Drawing |
7,000 |
Salaries |
8,000 |
|
Plant
and Machinery |
1,20,000 |
Repairs |
1,900 |
|
Delivery
Vehicle |
26,000 |
Stock
on 1st April, 2018 |
16,000 |
|
Sundry
Debtors |
36,000 |
Rent |
4,500 |
|
Sundry
Creditors |
26,000 |
Manufacturing
Expenses |
1,500 |
|
Purchases |
20,000 |
Bills
Payable |
23,500 |
|
Sales |
42,000 |
Bad
Debts |
5,000 |
|
Wages |
8,000 |
Carriage |
1,600 |
Prepare Trading and Profit and Loss Account and Balance Sheet as at 31st March,
2022 after following adjustments are made:
(i)
Closing Stock was ` 16,000.
(ii)
Depreciate Plant and Machinery @ 10% and Delivery Vehicle @ 15%.
(iii)
Unpaid Rent amounted to `
500.
Answer:
|
Trading Account for
the year ended March 31, 2022 |
|||||
|
Dr. |
|
Cr. |
|||
|
Particulars |
(`) |
Particulars |
(`) |
||
|
Opening stock |
16,000 |
Sales |
42,000 |
||
|
Purchases |
20,000 |
Closing Stock |
16,000 |
||
|
Wages |
8,000 |
|
|
||
|
Manufacturing Expenses |
1,500 |
|
|
||
|
Carriage |
1,600 |
|
|
||
|
Gross Profit (Balance Figure) |
10,900 |
|
|
||
|
|
58,000 |
|
58,000 |
||
|
|
|
|
|
||
|
Profit and Loss Account for the year ended March 31, 2022 |
||||||
|
Dr. |
|
Cr. |
||||
|
Particulars |
(`) |
Particulars |
(`) |
|||
|
Salaries |
8,000 |
Gross Profit |
10,900 |
|||
|
Repairs |
1,900 |
Net Loss (Balancing Figure) |
24,900 |
|||
|
Rent |
4,500 |
|
|
|
||
|
Add: Unpaid Rent |
500 |
5,000 |
|
|
||
|
Bad Debts |
5,000 |
|
|
|||
|
Depreciation on: |
|
|
|
|||
|
Plant and machinery |
12,000 |
|
|
|
||
|
Delivery Vehicle |
3,900 |
15,900 |
|
|
||
|
|
|
|
|
|||
|
|
35,800 |
|
35,800 |
|||
|
|
|
|
|
|||
|
Balance Sheet as
on March 31, 2022 |
|||||
|
Liabilities |
(`) |
Assets |
(`) |
||
|
Capital |
1,90,000 |
|
Fixed Assets |
|
|
|
Less: Drawings |
(7,000) |
|
Plant and Machinery |
1,20,000 |
|
|
Less: Net Loss |
(24,900) |
|
Less:10% Deprecation |
(12,000) |
1,08,000 |
|
|
1,58,100 |
Delivery Vehicle |
26,000 |
|
|
|
|
|
Less:15% Depreciation |
(3,900) |
22,100 |
|
|
Current Liabilities |
|
|
|
||
|
Sundry Creditors |
26,000 |
Current Assets |
|
||
|
Bills Payable |
23,500 |
Closing Stock |
16,000 |
||
|
Unpaid Rent |
500 |
Sundry Debtors |
36,000 |
||
|
|
|
Cash at Bank |
26,000 |
||
|
|
2,08,100 |
|
2,08,100 |
||
|
|
|
|
|
||
Question 2:
Prepare Trading and Profit and Loss Account and Balance Sheet from the following balances, relating to the year ended 31st March, 2022:
|
|
` |
|
` |
|
Capital |
1,00,000 |
Wages |
50,000 |
|
Creditors |
12,000 |
Bank |
10,000 |
|
Returns
Outward |
5,000 |
Repairs |
500 |
|
Sales |
1,64,000 |
Stock
on 1st April, 2018 |
20,000 |
|
Bills
Payable |
5,000 |
Rent |
4,000 |
|
Plant
and Machinery |
40,000 |
Manufacturing
Expenses |
8,000 |
|
Sundry
Debtors |
24,000 |
Trade
Expenses |
7,000 |
|
Drawings |
10,000 |
Bad
Debts |
2,000 |
|
Purchases |
1,05,000 |
Carriage |
1,500 |
|
Returns
Inward |
3,000 |
Fuel
and Power |
1,000 |
Additional Information:
(i)
Closing Stock was valued at ` 14,500.
(ii)
Depreciate Plant and Machinery by ` 4,000.
(iii)
Write off Bad Debts `
5,000.
(iv)
` 400 is due for repairs.
Answer:
|
Trading Account for
the year ended March 31, 2022 |
|||||||
|
Dr. |
|
Cr. |
|||||
|
Particulars |
(`) |
Particulars |
(`) |
||||
|
Opening stock |
20,000 |
Sales |
1,64,000 |
|
|||
|
Purchases |
1,05,000 |
|
Less: Return Inwards |
(3,000) |
1,61,000 |
||
|
Less: Return out words |
(5,000) |
1,00,000 |
Closing Stock |
14,500 |
|||
|
Wages |
50,000 |
Gross Loss (Balancing Figure) |
5,000 |
||||
|
Manufacturing Expenses |
8,000 |
|
|
||||
|
Carriage |
1,500 |
|
|
||||
|
Fuel and Power |
1,000 |
|
|
||||
|
|
1,80,500 |
|
1,80,500 |
||||
|
|
|
|
|
||||
|
Profit and Loss Account for
the year ended March 31, 2022 |
||||||
|
Dr. |
|
Cr. |
||||
|
Particulars |
(`) |
Particulars |
(`) |
|||
|
Gross Loss |
5,000 |
|
|
|||
|
Repairs |
500 |
|
|
|
||
|
Add: outstanding |
400 |
900 |
|
|
||
|
Rent |
4,000 |
|
|
|||
|
Miscellaneous Expenses |
7,000 |
|
|
|||
|
Bad Debts |
2,000 |
|
Net Loss (Balancing Figure) |
27,900 |
||
|
Add: Additional bad debts |
5,000 |
7,000 |
|
|
||
|
Depreciation on Plant and Machinery |
4,000 |
|
|
|||
|
|
27,900 |
|
27,900 |
|||
|
|
|
|
|
|||
|
Balance Sheet as
on March 31, 2022 |
|||||
|
Liabilities |
(`) |
Assets |
(`) |
||
|
Capital |
1,00,000 |
|
Fixed Assets |
|
|
|
Less: Drawings |
(10,000) |
|
Plant and Machinery |
40,000 |
|
|
Less: Net Loss |
(27,900) |
62,100 |
Less: Depreciation |
(4,000) |
36,000 |
|
Current Liabilities |
|
Current Assets |
|
||
|
Creditors |
12,000 |
Closing Stock |
14,500 |
||
|
Bills Payable |
5,000 |
Sundry Debtors |
24,000 |
|
|
|
Outstanding Repairs |
400 |
Less: Further Bad Debts |
(5,000) |
19,000 |
|
|
|
|
Bank |
10,000 |
||
|
|
79,500 |
|
79,500 |
||
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Class 11th
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