{"id":4252,"date":"2022-05-09T11:30:17","date_gmt":"2022-05-09T06:00:17","guid":{"rendered":"http:\/\/mcq-questions.com\/?p=4252"},"modified":"2022-05-06T15:53:33","modified_gmt":"2022-05-06T10:23:33","slug":"ts-grewal-accountancy-class-11-solutions-chapter-14","status":"publish","type":"post","link":"https:\/\/mcq-questions.com\/ts-grewal-accountancy-class-11-solutions-chapter-14\/","title":{"rendered":"TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements"},"content":{"rendered":"

TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements are part of TS Grewal Accountancy Class 11 Solutions<\/a>. Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements.<\/p>\n\n\n\n\n\n\n\n\n\n\n
Board<\/strong><\/td>\nCBSE<\/td>\n<\/tr>\n
Textbook<\/strong><\/td>\nNCERT<\/td>\n<\/tr>\n
Class<\/strong><\/td>\nClass 11<\/td>\n<\/tr>\n
Subject<\/strong><\/td>\nAccountancy<\/td>\n<\/tr>\n
Chapter<\/strong><\/td>\nChapter 14<\/td>\n<\/tr>\n
Chapter Name<\/strong><\/td>\nAdjustments in Preparation of Financial Statements<\/td>\n<\/tr>\n
Number of Questions Solved<\/strong><\/td>\n31<\/td>\n<\/tr>\n
Category<\/strong><\/td>\nTS Grewal Solutions<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements<\/h2>\n

Question 1.
\nFollowing are the balances extracted from the books of Manish Gupta on 31st March, 2018:
\n\"TS
\nPrepare Trading and Profit and Loss Account and Balance Sheet as at 31st March, 2018 after following adjustments are made:
\n(i) Closing Stock was \u20b9 16,000.
\n(ii) Depreciate Plant and Machinery @ 10% and Delivery Vehicle @ 15%.
\n(iii) Unpaid Rent amounted to \u20b9 500.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 2.
\nPrepare Trading and Profit and Loss Account and Balance Sheet from the following balances relating to the year ended 31st March, 2018:
\n\"TS
\nAdditional Information:
\n(i) Closing Stock was valued at \u20b9 14,500.
\n(ii) Depreciate Plant and Machinery by \u20b9 4,000.
\n(iii) Write off Bad Debts \u20b9 5,000.
\n(iv) A sum of \u20b9 400 is due for repairs.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 3.
\nFollowing Trial Balance has been extracted from the books of M\/s. Ram Prasad & Sons on 31st March, 2018:
\n\"TS
\nAdditional Information:
\n(i) Outstanding salaries were \u20b9 45,000.
\n(ii) Depreciate Machinery at 10%.
\n(iii) Wages outstanding were \u20b9 5,000.
\n(iv) Rent prepaid \u20b9 10,000.
\n(v) Provide for interest on capital 5% per annum.
\n(vi) Stock on 31st March, 2018 \u20b9 8,00,000.
\nPrepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 4.
\nFrom the following Trial Balance of M\/s. Shradha & Sons as on 31st March, 2018, prepare Trading and Profit and Loss Account and Balance Sheet.
\n\"TS
\nAdjustments:
\n(i) Closing Stock \u20b9 64,000.
\n(ii) Wages outstanding \u20b9 2,400.
\n(iii) Bad Debts \u20b9 600.
\n(iv) Provision for Doubtful Debts to be 5%.
\n(v) Rent is paid for 11 months.
\n(vi) Insurance premium is paid per annum, ended 31st May, 2018.
\n(vii) Loan from the bank was taken on 1st October, 2017.
\n(viii) Provide Depreciation on machinery @ 10% and on Furniture @ 5%.
\nSolution:
\n\"TS
\n\"TS
\n\"TS<\/p>\n

Question 5.
\nTrial Balance of a business as at 31st March, 2018 is given below:
\n\"TS
\nPrepare 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:
\n(i) Closing Stock was valued at \u20b9 7,000.
\n(ii) Outstanding liabilities for wages were \u20b9 600 and salaries \u20b9 1,400.
\n(iii) Depreciation is to be provided @ 5% p.a. on all fixed assets.
\n(iv) Included in Plant and Machinery is a machine purchased for \u20b9 10,000 on 1st October, 2017.
\n(v) Insurance premium paid in advance \u20b9 200.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 6.
\n\u200bFollowing are the balances extracted from the books of Narain Lal on 31st March, 2018:\u200b
\n\"TS
\nAdditional Information:
\n(i) Closing Stock as on 31st March, 2018 was \u20b9 2,00,600.
\n(ii) Depreciate: Business Premises by \u20b9 3,000 and Furniture and Fittings by \u20b9 2,500.
\n(iii) Make a provision of 5% on debtors for doubtful debts.
\n(iv) Carry forward \u20b9 2,000 for unexpired insurance.
\n(v) Outstanding salary was \u20b9 15,000.
\nPrepare Trading and Profit and Loss Account for the year and Balance Sheet as at that date.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 7.
\nFollowing balances are taken from the books of Mr. Niranjan. You are required to prepare Trading and Profit and Loss Account and Balance Sheet for the year ended 31st March, 2018:
\n\"TS
\nAdjustments:
\n(i) Closing Stock \u20b9 75,000.
\n(ii) Depreciate Machinery by 10% and Furniture by 20%.
\n(iii) Wages \u20b9 5,000 and salaries \u20b9 2,000 are outstanding.
\n(iv) Write off \u20b9 5,000 as further Bad Debts and create 5% Provision for Doubtful Debts.
\n(v) Investments were made on 1st July, 2017 and no interest has been received so far.
\nSolution:
\n\"TS
\n\"TS
\n\"TS<\/p>\n

Question 8.
\nFrom the following Trial Balance of Mahesh, prepare his Final Accounts for the year ended 31st March, 2018:
\n\"TS
\n\"TS
\nAdditional Information:
\n(i) Closing Stock on 31st March, 2018 was \u20b9 21,000.
\n(ii) Rent of \u20b9 1,200 has been received in advance.
\n(iii) Outstanding liability for trade expenses \u20b9 12,000.
\n(iv) Commission earned during the year but not received was \u20b9 2,100.
\n(v) Goods costing \u20b9 2,000 were taken by the proprietor for his personal use but no entry has been passed in the books of account.
\nSolution:
\n\"TS
\n\"TS
\n\"TS<\/p>\n

Question 9.
\nFollowing balances were extracted from the books of Vijay Kumar on 31st March, 2018:
\n\"TS
\nPrepare 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:
\n(a) Stock as on 31st March, 2018 was valued at \u20b9 2,30,000.
\n(b) Write off further \u20b9 1,800 as Bad Debts and maintain the Provision for Doubtful Debts at 5%.
\n(c) Depreciate Machinery at 10%.
\n(d) Provide \u20b9 7,000 as outstanding interest on loan.
\nSolution:
\n\"TS
\n\"TS
\n\"TS<\/p>\n

Question 10.
\nFollowing Trial Balance has been extracted from the books of Shri Sunder Lal on 31st March, 2018:
\n\"TS
\n\"TS
\nClosing Stock on 31st March, 2018 was \u20b9 12,74,000. 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:
\n(a) Depreciate Plant and Machinery @ 10% and Furniture @ 5%.
\n(b) Provision for Doubtful Debts to be maintained at \u20b9 1,50,000.
\n(c) Insurance includes annual premium of \u20b9 7,200 on a policy which will expire on 30th September, 2018.
\n(d) Purchases include a computer costing \u20b9 60,000 purchased on 1st July, 2017 and is subject to depreciation @ 10% p.a.
\nSolution:
\n\"TS
\n\"TS
\n\"TS
\nWorking Note:
\nCalculation of Computer Depreciation
\nComputer Purchases 1 July 2017 = 60,000
\nDepreciation = 10%
\nComputer Depreciation= 60,000 \u00d7 10% \u00d7 9months = 4,500
\nNote: As per this Question correct Net Profit is Rs.1,86,200, while, as per the book solution is Net Profit Rs.1,82,600.<\/p>\n

Question 11.
\nSanjiv Sondhi started business on 1st April, 2017 with a capital of \u20b9 3,00,000. Following Trial Balance was drawn up from his books at t he end of the year:
\n\"TS
\nValue of Stock as on 31st March, 2018 was \u20b9 2,60,000. 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:
\n(a) Plant and Fixtures are to be depreciated by 10%.
\n(b) Salaries outstanding on 31st March, 2018 amounted to \u20b9 35,000.
\n(c) Accrued Interest on investment amounted to \u20b9 7,500.
\n(d) \u20b9 5,000 are Bad Debts and a Provision for Doubtful Debts is to be created at 5% of the balance of debtors.
\nSolution:
\n\"TS
\n\"TS
\n\"TS<\/p>\n

Question 12.
\nFollowing Trial Balance were extracted from the books of Ram as on 31st March, 2018:
\n\"TS
\nPrepare 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:
\n(a) Depreciation is to be written off as follows: Leasehold premises 5%. Plant and Machinery 10%.
\n(b) Write off \u20b9 5,000 as further Bad Debts and make a Provision for Doubtful Debts equal to \u20b9 5,000.
\n(c) Wages amounted to \u20b9 5,700 have become due but have not been paid.
\n(d) Wages include \u20b9 10,000 incurred on installation of new machine. Machine was installed on 1st April, 2017.
\n(e) The value of stock on 31st March, 2018 was \u20b9 1,49,200.
\n(f) Unexpired premium amount to \u20b9 6,800 is to be carried forward to the next year.
\nSolution:
\n\"TS
\n\"TS
\n\"TS
\nNote: Wages installation of machinery increases the value of machinery and reduces the value of wages.<\/p>\n

Question 13.
\nFrom the following Trial Balance of M\/s Arjun and Sons as on 31st March, 2018, prepare Trading and Profit and Loss Account and Balance Sheet:
\n\"TS
\nAdjustments:
\n(i) Closing Stock \u20b9 6,40,000.
\n(ii) Wages Outstanding \u20b9 24,000.
\n(iii) Bad Debts \u20b9 6,000 and Provision for Bad and Doubtful Debts to 5% on Debtors.
\n(iv) Rent is paid for 11 months.
\n(v) Loan from bank was taken on 1st October, 2017.
\n(vi) Provide Depreciation on Machinery @ 10% p.a.
\n(vii) Provide Manager’s Commission at 10% on net profit after charging such commission.
\nSolution:
\n\"TS
\n\"TS
\n\"TS
\n\"TS<\/p>\n

Question 14.
\nFrom the following Trial Balance and other information prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date:
\n\"TS
\nStock on 31st March, 2018 was \u20b9 1,24,500. Rent was unpaid to the extent of \u20b9 850 and \u20b9 1,500 were outstanding for General Expenses; \u20b9 4,000 are to be written off as bad debts out of the above debtors; and 5% is to be provided for doubtful debts. Depreciate Plant and Machinery by 10% and Business Premises by 2%.
\nManager is entitled to a commission of 5% on net profit after charging his commission.
\nSolution:
\n\"TS
\n\"TS
\nNote: During the year firm has incurred a loss of Rs. 42,750. Therefore, manager commission given in the question as 5% on Net profit after charging commission is not payable.<\/p>\n

Question 15.
\nFollowing is the Trial Balance of Mr. Bharat on 31st March, 2018.
\n\"TS
\n\"TS
\nFollowing adjustments are to be made:
\n(a) Stock on 31st March, 2018 – \u20b9 52,000.
\n(b) Three months factory lighting and heating due but not paid – \u20b9 300.
\n(c) 5% depreciation to be written off on furniture.
\n(d) Write off further Bad Debts – \u20b9 700.
\n(e) Provision for Doubtful Debts to be increased to \u20b9 3,000 and Provision of Discount on Debtors @ 2% to be made.
\n(f) During the year, machinery was purchased for \u20b9 20,000 but it was debtied to the Purchases Account.
\nYou are required to prepare Trading Account, Profit and Loss Account and Balance Sheet.
\nSolution:
\n\"TS
\n\"TS
\n\"TS<\/p>\n

Question 16.
\nFrom the following Trial Balance, prepare Trading Account, Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at the date:
\n\"TS
\nFollowing adjustments are to be considered:
\n(i) Closing Stock \u20b9 15,270.
\n(ii) Printing and Stationery expenses due \u20b9 58,650.
\n(iii) Outstanding liabilities for salaries \u20b9 12,000.
\n(iv) An old machine value at \u20b9 12,000 (Book Value of which was \u20b9 2,000) was given in exchange for a new machine purchased on 1st April, 2017. The machine given in exchange was not recorded in the books. Cheque issued for new machine purchased was accounted in the books of account.
\n(v) Depreciation @ 10% p.a. is to be provided on all fixed assets except building.
\nSolution:
\n\"TS
\n\"TS
\n\"TS<\/p>\n

Question 17.
\nFollowing balances were extracted from the books of Modern Traders on 31st March, 2018:
\n\"TS
\nPrepare Final Accounts for the year ended 31st March, 2018 after taking into account the following:
\n(a) Stock on 31st March, 2018 was valued at \u20b9 1,50,000.
\n(b) Outstanding Wages \u20b9 5,000.
\n(c) Provision for Doubtful Debts is to be maintaind at 5% of the Sundry Debtors.
\n(d) Prepaid Insurance was \u20b9 1,000.
\n(e) An advance paid by the proprietor from his personal bank account of \u20b9 50,000 for purchase of a machine on 1st April, 2017 was not recorded in the books. Plant and Machinery was not debited in the books by the amount paid from firm.
\n(f) Provide Depreciation on Plant and Machinery @ 10% on cost and on Furniture @ 5%.
\nSolution:
\n\"TS
\n\"TS
\n\"TS
\nNote: 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. Therefore, will increase the Plant and Machinery Account and Capital Account balance by Rs.50,000. And also increase in the amount of depreciation by Rs.5,000.<\/p>\n

Question 18.
\nFrom 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:
\n\"TS
\n\"TS
\nThe following adjustments be taken care of:
\n(i) Depreciate Land and Building @ 6%, Plant and Machinery @ 10%, Office equipments @ 20% and Furniture and Fixtures @ 15%.
\n(ii) Calculate Provision for Doubtful Debts at 2% on Debtors.
\n(iii) Insurance premium includes \u20b9 250 paid in advance.
\n(iv) Provide salary to Banerjee \u20b9 15,000 p.a.
\n(v) Outstanding Salaries \u20b9 11,500.
\n(vi) 10% of the final profit is to be transferred to General Reserve.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 19.
\nFollowing is the Trial Balance as on 31st March, 2018. Prepare Trading and Profit and Loss Account and Balance Sheet:
\n\"TS
\nYou are to make adjustments in respect of the following:
\n(a) Depreciate Machinery at 10% p.a.
\n(b) Make a provision @ 5% for Doubtful Debts.
\n(c) Provide discount on debtors @ 2\\(\\frac { 1 }{ 2 }\\) %.
\n(d) Rent includes Rent deposit of \u20b9 400.
\n(e) Insurance Prepaid \u20b9 120.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 20.
\nFollowing is the Trial Balance obtained from the books of Mr. Vishwanath on 31st March, 2018:
\n\"TS
\nYou 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:
\n(a) Stock on 31st March, 2018 was \u20b9 15,600.
\n(b) Depreciate Motor Van and Plant and Machinery by 10% p.a. and Computers @ 20% p.a.
\n(c) Create Provision for Doubtful Debts @ 5%.
\n(d) General Expenses include \u20b9 2,000 paid of wages.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 21.
\nFollowingt Trial Balance has been extracted from the books of Santosh on 31st March, 2018:
\n\"TS
\n\"TS
\nFollowing additional information is available:
\n(a) Stock on 31st March, 2018 was \u20b9 3,08,000.
\n(b) Depreciation is to be charged on Plant and Machinery at 5% and Furniture and Fixtures at 6%. Loose Tools are revalued at \u20b9 1,60,000.
\n(c) Provision for Doubtful Debts is to be maintained at 5% on Sundry Debtors.
\n(d) Remuneration of \u20b9 20,000 paid to Shri B. Barua, a temporary employee, stands debited to his personal account and it is to be corrected.
\n(e) Unexpired insurance was \u20b9 4,000.
\nYou are to prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 22.
\nPrepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date from the following Traial Balance:
\n\"TS
\nAdjustments:
\n(i) Salaries \u20b9 1,000 and Taxes \u20b9 2,000 are outstanding but Insurance \u20b9 500 is prepaid.
\n(ii) Commission \u20b9 1,000 received in advance for the next year.
\n(iii) Interest \u20b9 2,100 is to be received on Deposits and Interest and Bank Loan \u20b9 3,000 is to be paid.
\n(iv) Provision for Doubtful Debts to be maintained at \u20b9 10,000.
\n(v) Depreciate Furniture by 10%.
\n(vi) Stock on 31st March, 2018 is \u20b9 45,000.
\n(vii) A fire occurred on 1st April, 2018 destroying goods costing \u20b9 10,000. These goods were purchased paying CGST and SGST @ 6% each.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 23.
\n\u200bThe Trial Balance of M\/s. Taj & Co. as on 31st March, 2018 was as follows:\u200b
\n\"TS
\nPrepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet after considering the following information:
\n(i) Depreciation on Furniture @ 10% to be charged.
\n(ii) Sundry Debtors include \u20b9 500 due from a customer who has become insolvent.
\n(iii) Provision for Doubtful Debts @ 5% on Sundry Debtors is to be maintained.
\n(iv) Goods costing \u20b9 1,500, purchased paying CGST and SGST @ 9% each, were destroyed by fire and insurance company admitted a claim for \u20b9 1,000.
\n(v) Stock on 31st March, 2018 was \u20b9 12,550.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 24.
\nFrom 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:\u200b
\n\"TS
\nAdjustments:
\n(i) Value of the Closing Stock as on 31st March, 2018 is \u20b9 50,000.
\n(ii) Wages and Salaries outstanding are \u20b9 12,500 and Insurance prepaid is \u20b9 5,000.
\n(iii) Depreciate Machinery and Furniture @ 10% and 15% p.a. respectively. Machinery included a machine which was purchased for \u20b9 38,500 on 30th September, 2017.
\n(iv) Goods costing \u20b9 10,000 were taken by the proprietor for his personal use but no entry has been made in the books of account. These goods were purchased paying IGST @ 18%.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 25.
\nFollowing is the Trial Balance of Shri Bansi Lal as on 31st March, 2018. You are required to prepare Final Accounts:
\n\"TS
\nFollowing adjustments are to be made:
\n(a) Stock on 31st March, 2018 was valued at \u20b9 68,000.
\n(b) Provision for Doubtful Debts is to be created to the extent of 5% on Debtors.
\n(c) Depreciate Machinery by 10% and Patents by 20%.
\n(d) Wages include a sum of \u20b9 20,000 spent on the erection of a cycle shed for employees and customers.
\n(e) Salaries for the month of March, 2018 amounted to \u20b9 15,000 were unpaid.
\n(f) Insurance includes a premium of \u20b9 1,700 on a policy expiring on 30th September, 2018.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 26.
\nFrom the following Trial Balance of M\/s. Ram Lal and Sons, prepare Trading, Profit and Loss Account for the year ending 31st March, 2018 and a Balance Sheet as on that date:\u200b
\n\"TS
\n\"TS
\nAdjustments:
\n(i) The cost of stock on 31st March, 2018 was \u20b9 37,000. However, its market value was \u20b9 35,000.
\n(ii) Wages outstanding were \u20b9 6,000 and salaries outstanding were \u20b9 5,000 on 31st March, 2018.
\n(iii) Depreciate Land and Building @ 2\\(\\frac { 1 }{ 2 }\\) %, Plant and Machinery @ 10% p.a. and Furniture @ 15 p.a.
\n(iv) Purchase includes purchase of machinery for \u20b9 10,000 on 1st October, 2017.
\n(v) Debtors include bad debts of \u20b9 2,000. Maintain a provision for doubtful debts @ 10% on Debtors.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 27.
\nFollowing is the Trial Balance of Mr. S. Kapur on 31st March, 2018:\u200b
\n\"TS
\n\"TS
\nTaking into account the following adjustments, prepare Trading and Profit and Loss Account and Balance Sheet:
\n(a) Stock in Hand on 31st March, 2018 is \u20b9 1,36,000.
\n(b) Machinery is to be depreciated @ 10% and patents @ 20%.
\n(c) Salaries for the month of March, 2018 amounting to \u20b9 30,000 were unpaid.
\n(d) Insurance includes a premium of \u20b9 1,700 for the year ending 31st March, 2019.
\n(e) Wages include a sum of \u20b9 40,000 spent on constructing a scooter shed for employees and customers.
\n(f) Provision for Doubtful Debts is to be created to the extent of 5% on Sundry Debtors.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 28.
\nFollowing is the Trial Balance of Shri Paras on 31st March, 2018:
\n\"TS
\nFollowing adjustments are made:
\n(a) Stock on 31st March, 2018 was valued at \u20b9 68,000.
\n(b) Provision for Doubtful Debts is to be made to the extent of 5% on Sundry Debtors.
\n(c) Depreciate Machinery by 10%, Patents 20% and Building 5%.
\n(d) Wages include a sum of \u20b9 20,000 spent on constructiion of a cycle shed.
\n(e) Salaries for the months of February and March, 2018 were not paid.
\n(f) Insurance includes a premium of \u20b9 1,700 on a policy expiring on 30th September, 2018.
\n(g) General Manager is entitled to a commission of 10% on the net profit after charging his commission.
\nYou are required to prepare Final Accounts after giving effects to the adjustments.
\nSolution:
\n\"TS
\n\"TS
\nNote: There’s a misprint in the book. The correct Net Profit should be Rs.1,19,753 and not Rs.1,19,773 as given.<\/p>\n

Question 29.
\nFollowing is the Trial Balance of Atam Prakash as on 31st March, 2018:
\n\"TS
\nAdjustments:
\n(i) Stock on 31st March, 2018 was valued at \u20b9 5,30,000.
\n(ii) Salaries have been paid so far for 11 months only.
\n(iii) Unexpired insurance is \u20b9 1,000.
\n(iv) Commission earned but not yet received amounting to \u20b9 1,220 plus IGST @ 12% is to be recorded in books of account.
\n(v) Provision for Doubtful Debts is to be bought up 3% of Sundry Debtors.
\n(vi) Manager is to be allowed a commission of 10% on net profits after charging such commission.
\n(vii) Furniture is depreciated @ 10% p.a.
\n(viii) Only one-fourth of advertisement expenses are to be written off.
\nPrepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as on that date.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 30.
\nFollowing balances were extracted from the books of Modern Traders on 31st March, 2018:
\n\"TS
\nPrepare Profit and Loss Account for the year ended 31st March, 2018 and the Balance Sheet as at that date giving effect to the following:
\n(a) Closing Stock was \u20b9 1,50,000.
\n(b) Wages Outstanding were \u20b9 5,000.
\n(c) Provision for Doubtful Debts is to be maintained at 5% of Sundry Debtors.
\n(d) Depreciate Plant and Machinery by 10% and Furniture by 5% on Straight Line Method.
\n(e) Sundry Creditors include \u20b9 10,000 due to Nayak who is also included in Sundry Debtors at \u20b9 15,000.
\n(f) New furniture for \u20b9 12,000 was purchased on 1st April, 2017. Old furniture valued at \u20b9 2,000 was exchanged and balance was paid by cheque. Purchase of furniture was recorded at the net value of furniture, i.e., \u20b9 10,000. The firm had purchased this furniture paying IGST @ 18%.
\n(g) A fire occurred on 27th March, 2018 destroying stock costing \u20b9 10,000, which were purchased paying CGST and SGST @ 9% each. Insurance company conveyed acceptance of claim of \u20b9 7,500 on 10th April, 2018. Final accounts were prepared on 1st July, 2018.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

Question 31.
\nOn 31st March, 2018 the following Trial Balance was extracted from the books of Mohan:
\n\"TS
\n\"TS
\nPrepare 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:
\n(a) Stock as at 31st March, 2018 was valued at \u20b9 70,000.
\n(b) All debtors are considered good for recovery.
\n(c) Depreciate Motor Vehicles by 20%.
\n(d) Bank intimation of customer’s cheque of \u20b9 10,000 being dishonoured is not recorded in the books.
\n(e) Travelling expenses of \u20b9 5,000 paid to sales person was wrongly debited to his Personal Account and was included in debtors.
\n(f) Amount of \u20b9 6,000 received from Ronit was credited to his account and was included in creditors. This amount was written off as bad debt in earlier years.
\n(g) Drawings included an amount of \u20b9 2,000 being amount drawn in cash. It was used by Mohan for Purchase of stationery used in business.
\nSolution:
\n\"TS
\n\"TS<\/p>\n

We hope the TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements help you. 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements are part of TS Grewal Accountancy Class 11 Solutions. Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements. Board CBSE Textbook NCERT Class Class 11 Subject Accountancy Chapter Chapter 14 Chapter Name …<\/p>\n

TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements<\/span> Read More »<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":""},"categories":[4],"tags":[],"yoast_head":"\nTS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements - MCQ Questions<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mcq-questions.com\/ts-grewal-accountancy-class-11-solutions-chapter-14\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements - MCQ Questions\" \/>\n<meta property=\"og:description\" content=\"TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements are part of TS Grewal Accountancy Class 11 Solutions. 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