commercemine.com

11th | Adjustments in Preparation of Financial Statements | Question No. 1 and 2 | Ts Grewal Solution 2022-2023

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

 

 

 

 

 

Click below for more Questions

Ts Grewal Solution 2022-2023

Class 11th

Click on below links for 

11th TS Grewal’s Accountancy Solutions

Ts Grewal Solution 2022-2023

Ts Grewal Solution 2021-2022

Ts Grewal Solution 2020-2021