Solution: Question 20. Grewal Solutions, Accountancy Class 11 Financial Statements with Adjustments Solutions You are required to prepare Trading Account, Profit and Loss Account and Balance Sheet. Class 11 TS Grewal Solutions Accountancy Chapter 14:- Download PDF Here Solution: Question 7. Question 11. (v) Outstanding Salaries ₹ 11,500. Machine was installed on 1st April, 2017. (ii) Depreciate: Business Premises by ₹ 3,000 and Furniture and Fittings by ₹ 2,500. (ii) Wages Outstanding ₹ 24,000. From the following Trial Balance of Mr. Gaurav and additional information given, prepare Trading and Profit and Loss Account for the year ended 31st March,2018 and Balance Sheet as at 31st March, 2018:​ These solutions for Class 11 are outlined keeping in mind the latest CBSE syllabus, hence possessing a high chance of appearing in the board exams. And also increase in the amount of depreciation by Rs.5,000. TS Grewal Class 11 Solutions for Accountancy Chapter 1 4 TS Grewal Class 11 Solutions for Accountancy Chapter 14 – Adjustments in Preparation of Financial Statements is a concept that students should consider while preparing for their Accountancy exam. TS Grewal Solutions for Class 11 Accountancy Chapter 17 – Financial Statements of Sole Proprietorship Question 1. (i) Depreciate Land and Building @ 6%, Plant and Machinery @ 10%, Office equipments @ 20% and Furniture and Fixtures @ 15%. 2. Scroll down for Financial Statements – I I from NCERT Book Class 11 Accountancy Book & important study material. These are the Financial Statements – I class 11 Notes Accountancy prepared by team of expert teachers. Question 15. (i) Closing Stock ₹ 75,000. Followingt Trial Balance has been extracted from the books of Santosh on 31st March, 2018: in class 11 TS Grewal Solutions for Chapter 15 Accountancy, we will be providing different methods that can help you prepare a more precise financial statement … Rent for two months at the rate of ₹ … (iv) An old machine value at ₹ 12,000 (Book Value of which was ₹ 2,000) was given in exchange for a new machine purchased on 1st April, 2017. Following balances are taken from the books of Mr. Niranjan. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date. is to be provided on all fixed assets except building. Rent of Rs.1,200 has been received in … (v) Debtors include bad debts of ₹ 2,000. (d) Wages include ₹ 10,000 incurred on installation of new machine. Solution: Question 6. SaralStudy providing Find Free online CBSE NCERT Soutions for chapter 10 Financial Statements - 2 of Class 11th accountancy detail solutions from SaralStudy. Additional Information: You are required to prepare Final Accounts: (i) Value of the Closing Stock as on 31st March, 2018 is ₹ 50,000. Question 1. Following additional information is available: (a) Stock on 31st March, 2018 was valued at ₹ 1,50,000. Additional Information: Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date after taking into account the following: Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date after giving effect to the following adjustments: (c) Accrued Interest on investment amounted to ₹ 7,500. (f) Amount of ₹ 6,000 received from Ronit was credited to his account and was included in creditors. (vi) Provide Depreciation on Machinery @ 10% p.a. Solution: Question 28. TS Grewal Solutions for Class 11 Accountancy Chapter 15 - Adjustments in Preparation of Financial Statements Adjustments: (i) Closing Stock ₹ 64,000. Taj & Co. as on 31st March, 2018 was as follows:​ (v) Outstanding salary was ₹ 15,000. (f) Insurance includes a premium of ₹ 1,700 on a policy expiring on 30th September, 2018. Therefore, manager commission given in the question as 5% on Net profit after charging commission is not payable. Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements. Free PDF of TS Grewal Solution for Class 11 Accountancy Chapter 15 - Adjustments in Preparation of Financial Statements with solutions prepared by subject experts on Vedantu.com. Solution: Question 5. It means journal entry of this adjustment has not been passed yet . (e) Provision for Doubtful Debts to be increased to ₹ 3,000 and Provision of Discount on Debtors @ 2% to be made. Added to the respective income on the credit side. Solution: Question 2. Solution: Question 7. (e) Sundry Creditors include ₹ 10,000 due to Nayak who is also included in Sundry Debtors at ₹ 15,000. 3. (d) Remuneration of ₹ 20,000 paid to Shri B. Barua, a temporary employee, stands debited to his personal account and it is to be corrected. (ii) Wages outstanding ₹ 2,400. Solution: Question 4. (a) Stock as at 31st March, 2018 was valued at ₹ 70,000. (c) Create Provision for Doubtful Debts @ 5%. The following adjustments be taken care of: NCERT Solutions for Class 11 Accountancy Part 2. (ii) Depreciate Machinery by 10% and Furniture by 20%. Stock on 31st March, 2018 was ₹ 1,24,500. Calculation of Computer Depreciation Copies of these textbooks may be downloaded and used as textbooks or for reference. Closing Stock on 31st March, 2018 was ₹ 12,74,000. Adjustments: insurance premium). Following Trial Balance was drawn up from his books at t he end of the year: Chapter 1 Financial Statements. These Financial Statements are the end statements that are prepared by all the companies at the end of their financial year. Following is the Trial Balance of Shri Paras on 31st March, 2018: (a) Stock on 31st March, 2018 was ₹ 3,08,000. (viii) Provide Depreciation on machinery @ 10% and on Furniture @ 5%. It helps us record those adjustments which were left or omitted and were not recorded in the accounts. Solution: Question 5. Following is the Trial Balance of Shri Bansi Lal as on 31st March, 2018. Notify me of follow-up comments by email. Following adjustments are to be made: (ii) Sundry Debtors include ₹ 500 due from a customer who has become insolvent. (b) All debtors are considered good for recovery. (i) Closing Stock ₹ 15,270. You are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date after making the following adjustments: (b) Provision for Doubtful Debts to be maintained at ₹ 1,50,000. Sanjiv Sondhi started business on 1st April, 2017 with a capital of ₹ 3,00,000. (iv) Included in Plant and Machinery is a machine purchased for ₹ 10,000 on 1st October, 2017. (b) Three months factory lighting and heating due but not paid – ₹ 300. (f) New furniture for ₹ 12,000 was purchased on 1st April, 2017. (iv) Provision for Doubtful Debts to be 5%. (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. Prepare Trading and Profit and Loss Account and Balance Sheet from the following balances relating to the year ended 31st March, 2018: TopperLearning provides textbook solutions such as NCERT solutions, RD Sharma solutions, TR Jain and VK Okhri solutions and TS Grewal solutions.Our sample question papers, most important questions, revision notes and other study materials are ideal for CBSE Class 11 students.For theoretical subjects, students can read the answers from our NCERT solutions for revision. (b) Depreciate Motor Van and Plant and Machinery by 10% p.a. Solution: Question 2. (If it is an indirect expenses, e.g. Enter your email address to subscribe to this blog and receive notifications of new posts by email. If you are a student of Class 11 who is using TS Grewal Textbook to study Accountancy, then you must come across Chapter 14 Adjustments in Preparation of Financial Statements. and Computers @ 20% p.a. NCERT Solutions For Class 11 Financial Accounting (Updated for 2020 - 21) (i) Closing Stock as on 31st March, 2018 was ₹ 2,00,600. DK Goel Solutions Class 11 Accountancy Financial Statements With Adjustments Solution 1: . (vi) Stock on 31st March, 2018 ₹ 8,00,000. Financial statements with adjustments | Class - 11 | Accountancy | This is the second part of the video...!! The financial statements include only those entries which belong to the current year. The purpose of making various adjustments is to ensure that the final accounts must reveal the true profit or loss and true financial position of the business. (a) Stock in Hand on 31st March, 2018 is ₹ 1,36,000. (iv) Commission earned but not yet received amounting to ₹ 1,220 plus IGST @ 12% is to be recorded in books of account. The firm had purchased this furniture paying IGST @ 18%. (b) Wages Outstanding were ₹ 5,000. Solution: Question 4. You are to prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date. Following adjustments are made: In the previous chapter of TS Grewal Class 11 Solutions, you get to know about the importance of financial statements and how to find a sole proprietor company's financial statement. (f) Provision for Doubtful Debts is to be created to the extent of 5% on Sundry Debtors. myCBSEguide has just released Chapter Wise Question Answers for class 11. Cheque issued for new machine purchased was accounted in the books of account. (c) Provide discount on debtors @ 2\(\frac { 1 }{ 2 }\) %. was last updated on 21st December 2020 Additional information: i. salaries). We hope the TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements help you. Closing Stock Our revision notes for Chapter 10 Class 11 Accountancy provides a to-the-point explanation of what is represented as closing stock. Plant and Machinery was not debited in the books by the amount paid from firm. (e) Travelling expenses of ₹ 5,000 paid to sales person was wrongly debited to his Personal Account and was included in debtors. We at BYJU’S provide DK Goel Solutions to assist students to comprehend all the theories in particular. (d) Provide ₹ 7,000 as outstanding interest on loan. DK Goel Accountancy Class 11 Solutions Chapter 22 Financial Statements – With Adjustments which is outlined by expert Accountancy teachers from the latest version of DK Goel Class 11 Accountancy textbooks. (ii) Calculate Provision for Doubtful Debts at 2% on Debtors. (d) Write off further Bad Debts – ₹ 700. Closing Stock on 31st March, 2016 was Rs.21,000. (vi) 10% of the final profit is to be transferred to General Reserve. was last updated on 22nd December 2020 The NCERT Solutions to the questions after every unit of NCERT textbooks aimed at helping students solving difficult questions. Machinery included a machine which was purchased for ₹ 38,500 on 30th September, 2017. It helps us record those adjustments which were left or omitted and were not recorded in the accounts. Solution: Question 26. (c) 5% depreciation to be written off on furniture. (i) Salaries ₹ 1,000 and Taxes ₹ 2,000 are outstanding but Insurance ₹ 500 is prepaid. (c) Depreciate Machinery by 10% and Patents by 20%. TS Grewal Solutions for Class 11 Accountancy Chapter 18 – Adjustments in Preparation of Financial Statements Question 1. (a) Stock on 31st March, 2018 was valued at ₹ 68,000. 2. Shown on the assets side as a current asset. (a) Stock on 31st March, 2018 – ₹ 52,000. Solution 2: . (i) Closing Stock ₹ 64,000. 68,000.; Depreciation Machinery by 10 % and Amortization of Patents by 20 %. Question 13. (i) Closing Stock was valued at ₹ 14,500. Solution: Question 3. Here on AglaSem Schools, you can access to NCERT Book Solutions in free pdf for Accountancy for Class 11 so that you can refer them as and when required. (iv) Provision for Doubtful Debts to be 5%. etc. From the following Trial Balance of M/s. Solution: Question 7. (c) Provision for Doubtful Debts is to be maintained at 5% of Sundry Debtors. (iv) Provide salary to Banerjee ₹ 15,000 p.a. Download the latest edition of TS Grewal textbook solutions for Class 11 Accountancy of All Chapters which helps you to Score More marks in your examinations. Additional information: i. TS Grewal Solutions Class 11 Chapter 18 – Adjustments in Preparation of Financial Statements is considered to be the most valuable study source for the students who are studying Class 11. Question 29. The correct Net Profit should be Rs.1,19,753 and not Rs.1,19,773 as given. (f) Provide Depreciation on Plant and Machinery @ 10% on cost and on Furniture @ 5%. Final accounts were prepared on 1st July, 2018. Solution: Question 16. Additional Information: (a) Depreciate Plant and Machinery @ 10% and Furniture @ 5%. 3. Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements. Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements. You are to make adjustments in respect of the following: ii. From the following Trial Balance of Shubdo Banerjee, prepare final accounts for the year ended in 31st March, 2018 and Balance Sheet as at that date: Rent of Rs.1,200 has been received in … Maintain a provision for doubtful debts @ 10% on Debtors. DK Goel Accountancy Class 11 Solutions Chapter 22 Financial Statements – With Adjustments which is outlined by expert Accountancy teachers from the latest version of DK Goel Class 11 Accountancy textbooks. NCERT Solution For Class 11 Commerce Accountancy Chapter 10 – Financial Statements – 2 furnishes us with an all-inclusive data to all the concepts. Taking into account the following adjustments, prepare Trading and Profit and Loss Account and Balance Sheet: (d) Prepaid Insurance was ₹ 1,000. Computer Purchases 1 July 2017 = 60,000 (c) Provision for Doubtful Debts is to be maintained at 5% on Sundry Debtors. Following are the balances extracted from the books of Manish Gupta on 31st March, 2018: Prepare Trading and Profit and Loss Account and Balance Sheet as at 31st March, 2018 after following adjustments are made: Solution: Question 6. Closing Stock on 31st March, 2016 was Rs.21,000. It assists us to separate all the financial transactions into a year-wise category. These goods were purchased paying IGST @ 18%. Prepare Trading and Profit and Loss Account and Balance Sheet as at 31st March, 2018 after following adjustments are made: (If it is an indirect expenses, e.g. NCERT Solutions Class 11 Accountancy Chapter 9 Financial Statements - I. Rent was unpaid to the extent of ₹ 850 and ₹ 1,500 were outstanding for General Expenses; ₹ 4,000 are to be written off as bad debts out of the above debtors; and 5% is to be provided for doubtful debts. Solution: Question 27. Insurance company conveyed acceptance of claim of ₹ 7,500 on 10th April, 2018. (ii) Printing and Stationery expenses due ₹ 58,650. If you have any query regarding TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements. 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TS Grewal Solutions for Class 11 Accountancy Chapter 18 – Adjustments in Preparation of Financial Statements Question 1. (i) The cost of stock on 31st March, 2018 was ₹ 37,000. (b) Outstanding Wages ₹ 5,000. (b) Machinery is to be depreciated @ 10% and patents @ 20%. (d) Insurance includes a premium of ₹ 1,700 for the year ending 31st March, 2019. If you have any query regarding TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements, drop a comment below and we will get back to you at the earliest. (a) Stock as on 31st March, 2018 was valued at ₹ 2,30,000. If you are a student of Class 11 who is using TS Grewal Textbook to study Accountancy, then you must come across Chapter 15 Financial Statements of Sole Proprietorship . Recording of adjusting entries provides us the room for making various provisions which are made at the end of year, after assessing the entire year’s performance. These are the Financial Statements – I class 11 Notes Accountancy prepared by team of expert teachers. (f) Insurance includes a premium of ₹ 1,700 on a policy expiring on 30th September, 2018. (c) Provision for Doubtful Debts is to be maintaind at 5% of the Sundry Debtors. Download revision notes for Financial Statements – I class 11 Notes Accountancy and score high in exams. (iii) Depreciation is to be provided @ 5% p.a. This solution contains questions, answers, images, explanations of the complete Chapter 15 titled Financial Statements of Sole Proprietorship of Accountancy taught in Class 11. (e) Unexpired insurance was ₹ 4,000. Following balances were extracted from the books of Modern Traders on 31st March, 2018: Solution: Question 31. It helps us to record those adjustment which were left or committed and were not recorded in the accounts. (vii) Provide Manager’s Commission at 10% on net profit after charging such commission. Additionally, with our Class 11 Accounts Chapter 10 Solutions, you will touch upon the purpose of adjustments and the items that require adjusting while preparing final accounts. Solution: Financial Statement II (With Adjustments). Note: Advance paid by proprietor for Purchased of Plant and Machinery 1st April 2016 out of his personal bank account but not recorded in the books. TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements ii. (v) Goods costing ₹ 2,000 were taken by the proprietor for his personal use but no entry has been passed in the books of account. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date after taking into account the following adjustments: You are required to prepare Mr. Vishwanath’s Trading and Profit and Loss Account for the year ended 31st March, 2018 and his Balance Sheet as at that date after taking into account the following adjustments: Solution: Question 4. Following Trial Balance were extracted from the books of Ram as on 31st March, 2018: (iii) Wages outstanding were ₹ 5,000. Solution: Question 14. Following are the balances extracted from the books of Manish Gupta on 31st March, 2018: Solution: We hope the TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements help you. (iii) Bad Debts ₹ 600. TS Grewal Class 11 Solutions for Accountancy Chapter 14 – Adjustments in Preparation of Financial Statements is a concept that students should consider while preparing for their Accountancy exam. Solution: Question 24. (b) Depreciation is to be charged on Plant and Machinery at 5% and Furniture and Fixtures at 6%. T. S. Grewal Solutions for Class 11-commerce Accountancy CBSE, 19 Adjustments in Preparation of Financial Statements. Grewal Solutions, Accountancy Class 11 Financial Statements with Adjustments Solutions (d) Depreciate Plant and Machinery by 10% and Furniture by 5% on Straight Line Method. Deducted from the concerned income on the credit side. All Financial Statements of Sole Proprietorship Exercise Questions with Solutions to help you to revise complete Syllabus and Score More marks. A proper recording of adjusting entries assists us to separate all the financial transactions into a year-wise category. DK Goel Accountancy Class 11 Solutions Chapter 22 Financial Statements – With Adjustments which is outlined by expert Accountancy teachers from the latest version of DK Goel Class 11 Accountancy textbooks. Solution: Question 11. You are required to prepare his Trading and Profit and Loss Account for the year ended 31st March 2018 and Balance Sheet as at that date after taking the following facts into account: (iv) Write off ₹ 5,000 as further Bad Debts and create 5% Provision for Doubtful Debts. (i) Closing Stock ₹ 6,40,000. (v) Insurance premium paid in advance ₹ 200. Wages ₹ 2,000 and salaries ₹ 1,200 are outstanding. (iii) Interest ₹ 2,100 is to be received on Deposits and Interest and Bank Loan ₹ 3,000 is to be paid. DK Goel Solutions for Class 11 Accountancy Chapter 22 Financial Statements - With Adjustments Creditors 10,800 1,64,000 1,64,000 Adjustment: - 1. Adjustments: Additional information: i. (a) Stock on 31st March, 2018 was ₹ 15,600. TS Grewal Solutions Class 11 Chapter 18 – Adjustments in Preparation of Financial Statements is considered to be the most valuable study source for the students who are studying Class 11. Solution: Question 7. (ii) Commission ₹ 1,000 received in advance for the next year. Adjustments: DK Goel Solutions Class 11 Accountancy is considered to be the most helpful study tool for the students pursuing their Class 11. Following is the Trial Balance as on 31st March, 2018. (b) Provision for Doubtful Debts is to be created to the extent of 5% on Debtors. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as on that date. (iii) Depreciate Land and Building @ 2\(\frac { 1 }{ 2 }\) %, Plant and Machinery @ 10% p.a. We at CoolGyan provide DK Goel Solutions to assist students to … (e) The value of stock on 31st March, 2018 was ₹ 1,49,200. Prepare a trading and profit and loss account for the year ending December 31, 2005. Adjustments: (a) Depreciate Machinery at 10% p.a. Therefore, will increase the Plant and Machinery Account and Capital Account balance by Rs.50,000. 3. (f) Unexpired premium amount to ₹ 6,800 is to be carried forward to the next year. (vii) A fire occurred on 1st April, 2018 destroying goods costing ₹ 10,000. 42,750. Solution: Question 30. Rent for two … Following Trial Balance has been extracted from the books of Shri Sunder Lal on 31st March, 2018: (d) Bank intimation of customer’s cheque of ₹ 10,000 being dishonoured is not recorded in the books. These goods were purchased paying CGST and SGST @ 6% each. (ii) ₹ 10,000 spent on construction platform for a new machine. TS Grewal Solutions for Class 11 Accountancy Chapter 18 – Adjustments in Preparation of Financial Statements Question 1. These solutions for Adjustments In Preparation Of Financial Statements are extremely popular among Class 11 Commerce students for Accountancy Adjustments In Preparation Of Financial Statements Solutions come handy for quickly completing your homework and preparing for exams. 5,000 as further Bad Debts and create 5 % for Free 2,000 paid of financial statements with adjustments class 11 solutions which to... 5 % on Sundry Debtors Balance has been extracted from the books by the amount from. 15,000 p.a Provide discount on Debtors Line method ’ s Provide dk Goel Solutions Class 11 Accountancy 18! Advance for the year ended 31st March, 2018 were not recorded in the books, Important Question Practice! Aimed at helping students solving difficult questions 5 % of the business assists us separate. Of Sole Proprietorship journal entry of this Adjustment has not been paid far. 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