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T. S. Grewal Solution for Class 11 Commerce Accountancy Chapter 19 - Adjustments in Preparation of Financial Statements

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T. S. Grewal Solution for Class 11 Commerce Accountancy Chapter 19 - Adjustments in Preparation of Financial Statements Page/Excercise 19.60

Solution PQ 1

 

Trading Account

for the year ended March 31, 2018

Dr.

 

Cr.

Particulars

Rs. 

Particulars

Rs. 

To Opening Stock

16,000

By Sales

42,000

To Purchases

20,000

By Closing Stock

16,000

To Wages

8,000

 

 

To Manufacturing Expenses

1,500

 

 

To Carriage

1,600

 

 

To Gross profit c/d

10,900

 

 

 

58,000

 

58,000

 

 

Profit and Loss Account

for the year ended March 31, 2018

Dr.

 

Cr.

Particulars

 

Rs. 

Particulars

 

 Rs. 

To Salaries

 

8,000

By Gross Profit b/d

 

10,900

To Repairs

1,900

By Net Loss c/d

 

24,900

To Rent

4,500

 

 

 

 

 

Add: Unpaid Rent

500

5,000

 

 

 

To Bad Debts

 

5,000

 

 

 

To Depreciation On:

 

 

 

 

 

 

Plant and Machinery

12,000

 

 

 

 

 

Delivery Vehicle

3,900

15,900

 

 

 

 

 

 

 

 

 

 

 

35,800

 

 

35,800

 

 

Balance sheet as on March 31, 2018

 

 

 

Liabilities

 

Rs. 

Assets

 

Rs. 

Capital

1,90000

 

Fixed Assets:

 

 

 

Less: Drawings

(7,000)

 

Plant and Machinery

1,20,000

 

 

Less: Net-Loss

(24,900)

1,58,100

 

Less:10% dep.

(12,000)

1,08,000

 

 

 

Delivery Vehicle

26,000

 

Current Liabilities

 

 

 

Less:15% dep.

(3,900)

22,100

Sundry Creditors

 

26,000

 

 

 

Bills Payable

 

23,500

Current Assets

 

 

Unpaid Rent

 

500

Closing Stock

 

16,000

 

 

 

Sundry Debtors

 

36,000

 

 

 

Cash at Bank

 

26,000

 

 

 

 

 

 

 

 

2,08,100

 

 

2,08,100

 

 

 

T. S. Grewal Solution for Class 11 Commerce Accountancy Chapter 19 - Adjustments in Preparation of Financial Statements Page/Excercise 19.61

Solution PQ 2

 

 

 

Trading Account

for the year ended March 31, 2018

Dr.

 

 

 

 

Cr.

Particulars

 

Rs. 

Particulars

 

Rs. 

To Opening Stock

 

20,000

By Sales

1,64,000

 

To Purchases

1,05,000

 

 

Less: Return Inward

(3,000)

1,61,000

 

Less: Return Outward

(5,000)

1,00,000

By Closing Stock

 

14,500

To Wages

 

50,000

By Gross Loss c/d (Balancing Fig.)

 

5,000

To Manufacturing Expenses

 

8,000

 

 

 

To Carriage

 

1,500

 

 

 

To Fuel And Power

 

1,000

 

 

 

 

 

 

 

 

 

 

 

1,80,500

 

 

1,80,500

 

 

Profit and Loss Account

for the year ended March 31, 2018

Dr.

 

Cr.

Particulars

 

Rs. 

Particulars

 

Rs. 

To Gross Loss b/d

 

5,000

 

 

 

To Repairs

500

 

By Net Loss c/d (Balancing Fig.)

 

27,900

 

Add: Outstanding

400

900

 

 

 

To Rent

 

4,000

 

 

 

To Miscellaneous Expenses

 

7,000

 

 

 

To Bad Debts

2,000

 

 

 

 

 

Add: Additional Bad Debts

5,000

7,000

 

 

 

To Depreciation On:

Plant And Machinery

 

4,000

 

 

 

 

 

 

 

 

 

 

 

27,900

 

 

27,900

 

 

Balance Sheet as on March 31, 2018

 

 

 

Liabilities

 

Rs. 

Assets

 

Rs. 

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

 

 

 

 

 

Solution PQ 3

 

Financial statement of M/s. Ram Prasad and Sons

Trading Account

for the year ended March31, 2018

Dr.

 

 

 

 

Cr.

Particulars

 

Rs. 

Particulars

 

Rs. 

To Opening Stock

 

6,00,000

By Sales

 

16,00,000

To Wages

1,00,000

 

By Closing stock

 

8,00,000

 

Add: Outstanding Wages

5,000

1,05,000

 

 

 

To Purchases

 

8,00,000

 

 

 

To Gross Profit c/d (Balancing Fig.)

 

8,95,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

24,00,000

 

 

24,00,000

 

 

Profit and Loss Account

for the year ended March 31, 2018

Dr.

 

Cr.

Particulars

 

Rs. 

Particulars

 

Rs. 

To Commission 

 

25,000

 

 

 

To Rent

45,000

 

By Gross Profit b/d

 

8,95,000

 

Less: Prepaid Rent

(10,000)

35,000

By Interest Received

 

30,000

To General Expenses

 

80,000

 

 

 

To Depreciation On:

Machinery

 

40,000

 

 

 

To Salaries

50,000

 

 

 

 

 

Add: Outstanding Salaries

45,000

95,000

 

 

 

To Interest on Capital 5%

 

45,000

 

 

 

To Net Profit c/d

(Balancing Fig.)

 

6,05,000

 

 

 

 

 

 

 

 

 

 

 

9,25,000

 

 

9,25,000

 

 

Balance sheet as on March 31, 2018

 

 

 

Liabilities

 

Rs. 

Assets

 

Rs. 

Capital

9,00,000

 

Fixed Assets

 

 

Add: Interest on Capital 

45,000 

 

 

 

 

 

Add: Net profit

6,05,000

15,50,000

Machinery

4,00,000

 

 

 

 

Less: 10% Depreciation

(40,000)

3,60,000

Current Liabilities

 

 

 

 

 

Sundry Creditors

 

4,50,000

Current Assets

 

 

Outstanding Salary

 

45,000

Closing Stock

 

8,00,000

Outstanding Wages

 

5,000

Sundry Debtors

 

4,40,000

 

 

 

Prepaid Rent

 

10,000

 

 

 

Cash At Bank

 

1,00,000

 

 

 

Bills Receivable

 

2,90,000

 

 

 

Cash In Hand

 

50,000

 

 

20,50,000

 

 

20,50,000

 

 

 

 

T. S. Grewal Solution for Class 11 Commerce Accountancy Chapter 19 - Adjustments in Preparation of Financial Statements Page/Excercise 19.62

Solution PQ 4

 

 

 

Financial statement of M/s. Shradha and Sons

Trading Account

for the year ended March31, 2018

Dr.

 

 

 

 

Cr.

Particulars

 

Rs. 

Particulars

 

Rs. 

To Opening Stock

 

42,000

By Sales

 

1,55,000

To Purchase

82,600

 

By Closing Stock

 

64,000

 

Less: Return Outwards

(1,600)

81,000

 

 

 

To Carriage Inwards

 

1,200

 

 

 

To Wages

4,000

 

 

 

 

 

Add: Outstanding Wages

2,400

6,400

 

 

 

To Power

 

6,000

 

 

 

To Gross Profit c/d

(Balancing Fig.)

 

82,400

 

 

 

 

 

 

 

 

 

 

 

2,19,000

 

 

2,19,000

 

 

Profit and Loss Account

for the year ended March 31, 2018

Dr.

 

Cr.

Particulars

 

Rs. 

Particulars

 

Rs. 

To Salary

 

15,000

 

 

 

To Rent

22,000

 

By Gross Profit b/d

 

82,400

 

Add: O/s For One Month

2,000

24,000

 

 

 

 

(22,000/11) 

 

 

 

 

 

To O/s Interest On Bank Loan

 

1,000

 

 

 

(25,000 × 8% × 6/12) 

 

 

 

 

 

To Bad Debts

600

 

 

 

 

Add: Provision For Doubtful Debts

1,000

1,600

 

 

 

To Insurance

3,600

 

 

 

 

Less: Prepaid 2 Month

(600)

3,000

 

 

 

(3,600 × 2/12) 

 

 

 

 

 

To Depreciation On:

 

 

 

 

 

 

Machinery

5,000

 

 

 

 

 

Furniture

700

5,700

 

 

 

 

 

 

 

 

 

To Net Profit c/d

(Balancing Fig.)

 

32,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

82,400

 

 

82,400

 

 

Balance sheet as on March 31, 2018

 

 

 

Liabilities

 

Rs. 

Assets

 

Rs. 

Capital

80,000

 

Fixed Assets

 

 

 

Add: Net Profit

32,100

 

Machinery

50,000

 

 

Less: Drawings

(18,000)

94,100

Less: 10% Depreciation

(5,000)

45,000

8% Bank Loan

25,000

 

Furniture

14,000

 

Add: Outstanding Interest

1,000

26,000

Less: Depreciation

(700)

13,300

Current Liabilities

 

 

Current Assets

 

 

Creditors

 

18,900

Closing Stock

 

64,000

Outstanding Wages

 

2,400

Debtors

20,600

 

Outstanding Rent

 

2,000

Less: Bad Debts

(600)

 

 

 

 

Less:5% Provision For Doubtful Debts

(1,000)

19,000

 

 

 

Prepaid Insurance

 

600

 

 

 

Cash In Hand

 

1,500

 

 

1,43,400

 

 

1,43,400

 

Solution PQ 5

 

Trading Account

for the year ended March 31, 2018

Dr.

 

 

Cr.

Particulars 

Amount

Rs. 

Particulars 

Amount

Rs. 

Opening Stock

25,000

Sales

2,27,800

 

Wages

12,000

 

Less: Returns

900

2,26,900

Add: Outstanding Wages

600

12,600

Closing Stock

7,000

Purchases

1,20,000

 

 

 

Less: Returns

1,000

1,19,000

 

 

Gross Profit

77,300

 

 

 

2,33,900

 

2,33,900

 

 

 

 

 

Profit and Loss Account

for the year ended March 31, 2018 

Dr.

 

 

Cr.

Particulars 

Amount

Rs 

Particulars 

Amount

Rs 

Bad Debts

1,000

Gross Profit

77,300

Salaries

20,000

 

Commission

500

Add: Outstanding Salaries

1,400

21,400

 

 

Insurance Premium

1,500

 

 

 

Less: Prepaid

200

1,300

 

 

Electricity Charges

1,200

 

 

Telephone Charges

2,400

 

 

General Expenses

3,000

 

 

Postage Expenses

1,800

 

 

Depreciation on:

 

 

 

Furniture

400

 

 

 

Plant and Machinery

7,250

7,650

 

 

Net Profit

38,050

 

 

 

77,800

 

77,800

 

 

 

 

 

Balance Sheet

as on March 31, 2018

Dr.

 

 

Cr.

Liabilities 

Amount

Rs. 

Assets 

Amount

Rs. 

Creditors

40,000

Furniture

8,000

 

Outstanding Wages

600

Less: Depreciation

400

7,600

Outstanding Salaries

1,400

Plant and Machinery

1,50,000

 

Capital

1,50,000

 

Less: Depreciation

7,250

1,42,750

Add: Net Profit

38,050

1,88,050

Debtors

30,000

 

 

Cash in Hand

2,500

 

 

Cash at Bank

40,000

 

 

Closing Stock

7,000

 

 

Prepaid Insurance

200

 

 

 

 

 

2,30,050

 

2,30,050

 

 

 

 

 

 

 

T. S. Grewal Solution for Class 11 Commerce Accountancy Chapter 19 - Adjustments in Preparation of Financial Statements Page/Excercise 19.63

Solution PQ 6

 

Trading Account

for the year ended March 31, 2018

Dr.

 

 

Cr.

Particulars 

Amount

Rs. 

Particulars 

Amount

Rs. 

Opening Stock

2,20,000

Sales

15,00,000

 

Purchases

11,00,000

Less: Returns

20,000

14,80,000

Carriage on Purchases

18,000

Closing Stock

2,00,600

Gross Profit

3,42,600

 

 

 

 

 

 

 

 

 

 

 

16,80,600

 

16,80,600

 

 

 

 

 

Profit and Loss Account

for the year ended March 31, 2018 

Dr.

 

 

Cr.

Particulars 

Amount

Rs. 

Particulars 

Amount

Rs. 

Provision for Doubtful Debts

9,000

Gross Profit

3,42,600

Salaries

90,000

 

Rent from Tenants

10,000

Add: Outstanding Salaries

15,000

1,05,000

Discount

20,000

Insurance Premium

20,000

 

 

 

Less: Prepaid

2,000

18,000

 

 

Discount

16,000

 

 

General Expenses

40,000

 

 

Commission

22,000

 

 

Bad Debts Written Off

8,000

 

 

Depreciation on:

 

 

 

Furniture

2,500

 

 

 

Business Premises

3,000

5,500

 

 

Net Profit

1,49,100

 

 

 

3,72,600

 

3,72,600

 

 

 

 

 

Balance Sheet

as on March 31, 2018

Dr.

 

 

Cr.

Liabilities 

Amount

Rs. 

Assets 

Amount

Rs. 

Creditors 

1,38,000

Furniture and Fittings

26,000

 

Bank Overdraft

42,000

Less: Depreciation

2,500

23,500

Outstanding Salaries

15,000

Business Premises

2,00,000

 

Capital

3,00,000

 

Less: Depreciation

3,000

1,97,000

Less: Drawings

50,000

 

Debtors 

1,80,000

 

Add: Net Profit 

1,49,100

3,99,100

Less: Provision

9,000

1,71,000

 

 

Closing Stock

2,00,600

 

 

Prepaid Insurance

2,000

 

 

 

 

 

 

 

 

 

 

 

 

 

5,94,100

 

5,94,100

 

 

 

 

 

 

 

T. S. Grewal Solution for Class 11 Commerce Accountancy Chapter 19 - Adjustments in Preparation of Financial Statements Page/Excercise 19.64

Solution PQ 7

 

 

 

Financial statement of Mr. Niranjan

Trading Account

for the year ended March31, 2018

Dr.

 

 

 

 

Cr.

Particulars

 

Rs. 

Particulars

 

Rs. 

To Opening Stock

 

45,000

By Sales

4,35,000

 

To purchase

2,95,000

 

 

Less: Sales return

(7,000)

4,28,000

 

Less: purchase return

(4,000)

2,91,000

By Closing stock

 

75,000

 

 

 

 

 

 

To wages

40,000

 

 

 

 

 

Add: Outstanding wages

5,000

45,000

 

 

 

 

 

 

 

 

 

To Gross profit c/d (balancing amt.)

 

1,22,000

 

 

 

 

 

 

 

 

 

 

 

5,03,000

 

 

5,03,000

 

 

Profit and Loss Account

for the year ended March 31, 2018  

Dr.