Depreciation = 10% Following is the Trial Balance of Mr. Bharat on 31st March, 2018. Value of Stock as on 31st March, 2018 was ₹ 2,60,000. Added to the respective income on the credit side. Solution: Question 6. Following is the Trial Balance obtained from the books of Mr. Vishwanath on 31st March, 2018: treatment of adjustments will be done keeping in mind the double entry system of book keeping .it means treatment of adjustments is done at least two places in final accounts to complete the double … 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: (d) Wages include a sum of ₹ 20,000 spent on the erection of a cycle shed for employees and customers. (i) Depreciate Land and Building @ 6%, Plant and Machinery @ 10%, Office equipments @ 20% and Furniture and Fixtures @ 15%. (b) Make a provision @ 5% for Doubtful Debts. Old furniture valued at ₹ 2,000 was exchanged and balance was paid by cheque. Ram Prasad & Sons on 31st March, 2018: (a) Depreciate Machinery at 10% p.a. Sanjiv Sondhi started business on 1st April, 2017 with a capital of ₹ 3,00,000. (iii) Insurance premium includes ₹ 250 paid in advance. (d) Insurance includes a premium of ₹ 1,700 for the year ending 31st March, 2019. (viii) Only one-fourth of advertisement expenses are to be written off. Free PDF download of TS Grewal Accountancy Class 11 Solutions Chapter 15 Financial Statements of Sole Proprietorship solved by Expert Teachers as per NCERT (CBSE) Book guidelines. 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: (d) ₹ 5,000 are Bad Debts and a Provision for Doubtful Debts is to be created at 5% of the balance of debtors. If you have any query regarding TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements. If you have any query regarding TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements. Adjustments . Solution 2: . 42,750. (i) Closing Stock on 31st March, 2018 was ₹ 21,000. (a) Stock as on 31st March, 2018 was valued at ₹ 2,30,000. Download revision notes for Financial Statements – I class 11 Notes Accountancy and score high in exams. (vi) Insurance premium is paid per annum, ended 31st May, 2018. 3. (b) Three months factory lighting and heating due but not paid – ₹ 300. Depreciate Plant and Machinery by 10% and Business Premises by 2%. Wages ₹ 2,000 and salaries ₹ 1,200 are outstanding. You are required to prepare Trading Account, Profit and Loss Account and Balance Sheet. was last updated on 21st December 2020 Enter your email address to subscribe to this blog and receive notifications of new posts by email. (f) Provision for Doubtful Debts is to be created to the extent of 5% on Sundry Debtors. Following is the Trial Balance of Shri Bansi Lal as on 31st March, 2018. (i) Stock on 31st March, 2018 was valued at ₹ 5,30,000. Solution: Question 2. Adjustments to be made are: i. Depreciate Plant and Machinery at 10% and Furniture at 5%. Computer Depreciation= 60,000 × 10% × 9months = 4,500 1800-102-5301 Solution: Question 22. (d) Prepaid Insurance was ₹ 1,000. (If it is an indirect expenses, e.g. (i) Value of the Closing Stock as on 31st March, 2018 is ₹ 50,000. (ii) Sundry Debtors include ₹ 500 due from a customer who has become insolvent. (i) Closing Stock as on 31st March, 2018 was ₹ 2,00,600. (ii) Commission ₹ 1,000 received in advance for the next year. We at CoolGyan provide DK Goel Solutions to assist students to … (c) Depreciate Machinery at 10%. Additional information: i. Grewal's Double Entry Book Keeping (Financial Accounting) SolutionsChapter 19 Adjustments in Preparation Financial StatementsQ.1What is meant by Adjusting Entries?Answer1.Adjusting Entries are the entries passed to Solution: Question 3. (iv) A sum of ₹ 400 is due for repairs. (Being concerned expenses paid in advance). (iii) Bad Debts ₹ 600. SaralStudy providing Find Free online CBSE NCERT Soutions for chapter 9 Financial Statements - 1 of Class 11 Accountancy detail solutions from SaralStudy. 3. (d) Write off further Bad Debts – ₹ 700. Calculation of Computer Depreciation (v) Outstanding salary was ₹ 15,000. (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. Inventory on 31 st, December 2015 was valued at Rs. (e) Unexpired insurance was ₹ 4,000. Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements. Not only do these DK Goel (2019) Solutions for Class 11 Accountancy strengthen students’ foundation in the subject, but also give them the ability to tackle different types of questions easily. (ii) Salaries have been paid so far for 11 months only. (i) Closing Stock ₹ 15,270. NCERT Solution For Class 11 Commerce Accountancy Chapter 10 – Financial Statements – 2 furnishes us with an all-inclusive data to all the concepts. 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. (v) Outstanding Salaries ₹ 11,500. PDF download free. Solution: Question 11. These goods were purchased paying IGST @ 18%. (v) Investments were made on 1st July, 2017 and no interest has been received so far. (iii) Depreciation is to be provided @ 5% p.a. (c) Accrued Interest on investment amounted to ₹ 7,500. NCERT Solutions For Class 11 Financial Accounting (Updated for 2020 - 21) Here, are few solutions rendered in a simple and stepwise method. Solution: Question 14. Rent of Rs.1,200 has been received in … Solution: Question 5. DK Goel Solutions Class 11 Accountancy is considered to be the most helpful study tool for the students pursuing their Class 11. (Being the closing stock recorded in the books). (v) Stock on 31st March, 2018 was ₹ 12,550. Toll Free No. Adjustments: (i) Outstanding salaries were ₹ 45,000. (v) Debtors include bad debts of ₹ 2,000. Purchase of furniture was recorded at the net value of furniture, i.e., ₹ 10,000. TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements. The correct Net Profit should be Rs.1,19,753 and not Rs.1,19,773 as given. Wages ₹ 2,000 and salaries ₹ 1,200 are outstanding. 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. (b) Wages Outstanding were ₹ 5,000. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet after considering the following information: 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. (b) Salaries outstanding on 31st March, 2018 amounted to ₹ 35,000. It helps us to record those adjustment which were left or committed and were not […] (b) Machinery is to be depreciated @ 10% and patents @ 20%. (b) Provision for Doubtful Debts is to be made to the extent of 5% on Sundry Debtors. Solution: Question 2. respectively. Prepare 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: (v) Provision for Doubtful Debts is to be bought up 3% of Sundry Debtors. From 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: Solution: These Financial Statements are the end statements that are prepared by all the companies at the end of their financial year. To ascertain the true net Profit or loss of the business. Question 1. © Copyright 2019 ImperialStudy.com | Site Content Is for Educational Purpose only | All Content Available Free On Internet, Financial Statement II (With Adjustments) Notes Class 11th Accountancy, 5 Tips To Write The Perfect Answer In CBSE Board Exams, Financial Statements of Non-for-Profit Organisations Notes Class 11th Accountancy, CBSE Accountancy Notes Class 12th (Commerce). (f) During the year, machinery was purchased for ₹ 20,000 but it was debtied to the Purchases Account. DK Goel Solutions Chapter 22 Financial Statements - With Adjustments. 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. (iii) Make a provision of 5% on debtors for doubtful debts. ii. Class 11 TS Grewal Solutions Accountancy Chapter 14:- Download PDF Here TS Grewal Solutions for Class 11 Accountancy Chapter 18 – Adjustments in Preparation of Financial Statements Question 1. (ii) Wages outstanding ₹ 2,400. Prepare Trading and Profit and Loss Account and Balance Sheet as at 31st March, 2018 after following adjustments are made: (a) Stock on 31st March, 2018 was ₹ 15,600. Question 1. --Financial Statements --Financial Statements- With Adjustments --Financial Statements of Not-for-Profit Organisations --Accounting from Incomplete Records Please RATE US: 1. Solution: Question 5. You are to make adjustments in respect of the following: (iv) Provision for Doubtful Debts to be 5%. Download revision notes for Financial Statements – I class 11 Notes Accountancy and score high in exams. Get step by step NCERT solutions for Class 11 Accountancy Chapter 1 - Financial Statements -I . Question 11. (ii) Printing and Stationery expenses due ₹ 58,650. 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. Cheque issued for new machine purchased was accounted in the books of account. (a) Stock in Hand on 31st March, 2018 is ₹ 1,36,000. Prepare a trading and profit and loss account for the year ending December 31, 2005. CBSE Class XI Accountancy T.S. Adjustments: ii. SaralStudy providing Find Free online CBSE NCERT Soutions for chapter 9 Financial Statements - 1 of Class 11 Accountancy detail solutions from SaralStudy. (iv) Carry forward ₹ 2,000 for unexpired insurance. (iv) Commission earned but not yet received amounting to ₹ 1,220 plus IGST @ 12% is to be recorded in books of account. Financial Statements – I Numerical Questions Following adjustments are to be made: (d) Rent includes Rent deposit of ₹ 400. Closing Stock was valued at ₹ 16,000. Financial statements with adjustments | class - 11 | Accounts These are first 10 adjustments of the chapter next adjustments coming in next chapter. 3. Following is the Trial Balance of Shri Paras on 31st March, 2018: (iii) Bad Debts ₹ 600. (d) Wages include ₹ 10,000 incurred on installation of new machine. These solutions for Financial Statements With Adjustments are extremely popular among Class 11 Commerce students for Accountancy Financial Statements With Adjustments Solutions come handy for quickly completing your homework and preparing for exams. Rent for two … This page contains the CBSE accountancy class 11 chapter 10, Financial Statements – II Numerical questions Solutions .You can find the questions/answers/solutions for the chapter 9 of CBSE class 11 accountancy in this page. Prepare Trading and Profit and Loss Account for the year and Balance Sheet as at that date. Following is the Trial Balance as on 31st March, 2018. (iv) Provision for Doubtful Debts to be maintained at ₹ 10,000. These goods were purchased paying CGST and SGST @ 6% each. (c) Provision for Doubtful Debts is to be maintained at 5% on Sundry Debtors. (vii) Furniture is depreciated @ 10% p.a. Solution: Question 7. ADJUSTMENTS IN FINANCIAL STATEMENTS OR FINAL ACCOUNTS Information given outside the trial balance are known as adjustments. From 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: Shown on the assets side as a current assets. (a) Stock on 31st March, 2018 was valued at ₹ 68,000. Machinery included a machine which was purchased for ₹ 38,500 on 30th September, 2017. It assists us to separate all the financial transactions into a year-wise category. (i) Closing Stock ₹ 75,000. was last updated on 22nd December 2020 Dec 18,2020 - Financial Statements - with Adjustments DK Goel Solutions - Class 11 Accountancy is created by the best Commerce teachers for Commerce preparation. Shown on the liabilities side as a current liability. 2,000. and Furniture @ 15 p.a. From 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: (c) Provide discount on debtors @ 2\(\frac { 1 }{ 2 }\) %. Solution: Scroll down for Financial Statements – I I from NCERT Book Class 11 Accountancy Book & important study material. So is the case if you are looking for CBSE class 11 Commerce related topic . DK Goel Solutions for Class 11 Accountancy Chapter 22 Financial Statements - With Adjustments Creditors 10,800 1,64,000 1,64,000 Adjustment: - 1. Class 11 Accountancy TS Grewal Solutions Chapter 15 - Adjustments in Preparation of Financial Statements. Solution: Question 4. (iii) Wages ₹ 5,000 and salaries ₹ 2,000 are outstanding. Closing Stock on 31st March, 2018 was ₹ 12,74,000. Download TS Grewal Accountancy Class 11 Solution Chapter 19 Adjustments in Financial Statements (2019-2020) pdf, latest solutions for Accountancy latest book, T.S. Therefore, manager commission given in the question as 5% on Net profit after charging commission is not payable. Solution: Question 7. Practice Financial Statements - II sample question papers online to score high in school board exams. Solution: Question 23. (f) Amount of ₹ 6,000 received from Ronit was credited to his account and was included in creditors. (iv) Provide salary to Banerjee ₹ 15,000 p.a. insurance premium). November 30, 2018 by Raju TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements are part of TS Grewal Accountancy Class 11 Solutions. Solution: Question 5. Solution: Question 5. You are required to prepare Final Accounts after giving effects to the adjustments. (iii) Outstanding liabilities for salaries ₹ 12,000. (d) Wages include a sum of ₹ 20,000 spent on constructiion of a cycle shed. These solutions for Class 11 are outlined keeping in mind the latest CBSE syllabus, hence possessing a big chance of appearing in the board exams. Solution: Question 20. 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. TS Grewal Solutions for Class 11 Accountancy Chapter 15 - Adjustments in Preparation of Financial Statements Adjustments: (i) Closing Stock ₹ 64,000. (ii) Calculate Provision for Doubtful Debts at 2% on Debtors. Rent of Rs.1,200 has been received in … is to be provided on all fixed assets except building. 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. (vi) Stock on 31st March, 2018 is ₹ 45,000. (e) Insurance Prepaid ₹ 120. Download NCERT Chapters and Books in pdf format. Following adjustments are made: Prepare Trading and Profit and Loss Account and Balance Sheet from the following balances relating to the year ended 31st March, 2018: (c) Provision for Doubtful Debts is to be maintained at 5% of Sundry Debtors. Following balances were extracted from the books of Vijay Kumar on 31st March, 2018: ii. Solution: Question 3. Solution: Question 21. 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: TS Grewal Solutions for Class 11 Accountancy Chapter 17 – Financial Statements of Sole Proprietorship Question 1. Solution: Question 2. Closing Stock was valued at ₹ 16,000. Free Entrepreneurship 101 – From Idea to Launch (And Beyond), Free Complete SQL Bootcamp with MySQL, PHP & Python, {100% Free} English Grammar tenses & structures Certification Course, Chemistry in Everyday Life Notes for Class 12 Chemistry, Biomolecules Notes for Class 12 Chemistry, Aldehydes Ketones and Carboxylic Acids Notes for Class 12 Chemistry, Notes for Class 12 Chemistry CBSE Chapterwise Revision, Alcohols Phenols and Ethers Notes for Class 12 Chemistry. 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. (e) The value of stock on 31st March, 2018 was ₹ 1,49,200. (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. (a) Stock on 31st March, 2018 – ₹ 52,000. (iii) Write off Bad Debts ₹ 5,000. Additional information: i. T. S. Grewal Solutions for Class 11-commerce Accountancy CBSE, 19 Adjustments in Preparation of Financial Statements. Closing Stock on 31st March, 2016 was Rs.21,000. Solution: Question 28. Additional information: i. Note: There’s a misprint in the book. Following are the balances extracted from the books of Manish Gupta on 31st March, 2018: (ii) Outstanding liabilities for wages were ₹ 600 and salaries ₹ 1,400. Grewal Solutions, Accountancy Class 11 Financial Statements with Adjustments Solutions (vi) Provide Depreciation on Machinery @ 10% p.a. 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. Following is the Trial Balance of Atam Prakash as on 31st March, 2018: Solution: Question 26. (e) An advance paid by the proprietor from his personal bank account of ₹ 50,000 for purchase of a machine on 1st April, 2017 was not recorded in the books. Download NCERT Class 11 Accountancy Financial Statements II NCERT Book and other CBSE KVS Accountancy latest books free in pdf format chapter wise, NCERT Class 11 Accountancy - Financial Statements II. Note: 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. And also increase in the amount of depreciation by Rs.5,000. (iv) Rent prepaid ₹ 10,000. Download CBSE class 11th revision notes for Chapter 9 Financial Statements – I class 11 Notes Accountancy in PDF format for free. Solution: Question 7. Easy to print and read. From the following Trial Balance of M/s. Following balances were extracted from the books of Modern Traders on 31st March, 2018: Computer Purchases 1 July 2017 = 60,000 (i) Depreciation on Furniture @ 10% to be charged. Solution: Question 19. (f) Unexpired premium amount to ₹ 6,800 is to be carried forward to the next year. (a) Plant and Fixtures are to be depreciated by 10%. Solution: Question 4. (a) Stock as at 31st March, 2018 was valued at ₹ 70,000. (c) Insurance includes annual premium of ₹ 7,200 on a policy which will expire on 30th September, 2018. This solution contains questions, answers, images, explanations of the complete Chapter 14 titled Adjustments in Preparation of Financial Statements of Accountancy taught in Class 11. Solution: Question 7. Adjustments: NCERT Solutions For Class 11 Financial Accounting (Updated for 2020 - 21) Therefore, will increase the Plant and Machinery Account and Capital Account balance by Rs.50,000. Solution: Question 30. NCERT Solutions Class 11 Accountancy Chapter 10 Financial Statements - II. Following balances are taken from the books of Mr. Niranjan. From the following Trial Balance of M/s. The machine given in exchange was not recorded in the books. You are to prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date. (iv) Included in Plant and Machinery is a machine purchased for ₹ 10,000 on 1st October, 2017. Loose Tools are revalued at ₹ 1,60,000. (vi) Stock on 31st March, 2018 ₹ 8,00,000. These solutions for Financial Statements With Adjustments are extremely popular among Class 11 Commerce students for Accountancy Financial Statements With Adjustments Solutions come handy for quickly completing your homework and preparing for exams. Shradha & Sons as on 31st March, 2018, prepare Trading and Profit and Loss Account and Balance Sheet. Stock on 31st March, 2018 was ₹ 1,24,500. Unexpired Insurance at the end financial year was Rs. Following is the Trial Balance of Mr. S. Kapur on 31st March, 2018:​ Working Note: Here, are few solutions rendered in a simple and stepwise method. The NCERT Solutions to the questions after every unit of NCERT textbooks aimed at helping students solving difficult questions. Question 15. It helps us to record those adjustment which were left or committed and were not recorded in the accounts. (d) Bank intimation of customer’s cheque of ₹ 10,000 being dishonoured is not recorded in the books. Closing Stock Our revision notes for Chapter 10 Class 11 Accountancy provides a to-the-point explanation of what is represented as closing stock. Following additional information is available: (vii) A fire occurred on 1st April, 2018 destroying goods costing ₹ 10,000. Solution: Question 4. All the solutions of Adjustments in Preparation of Financial Statements - Accountancy explained in detail by experts to help students prepare for their CBSE exams. 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. (a) Stock on 31st March, 2018 was ₹ 3,08,000. (iii) Unpaid Rent amounted to ₹ 500. (v) Loan from bank was taken on 1st October, 2017. was last updated on 22nd December 2020 (c) Salaries for the month of March, 2018 amounting to ₹ 30,000 were unpaid. Solution: Question 2. (a) Stock on 31st March, 2018 was valued at ₹ 1,50,000. myCBSEguide has just released Chapter Wise Question Answers for class 11. The NCERT Solutions to the questions after every unit of NCERT textbooks aimed at helping students solving difficult questions. Raise the Provision for Doubtful Debts to Rs.15,000. (c) 5% depreciation to be written off on furniture. You are required to prepare Trading and Profit and Loss Account and Balance Sheet for the year ended 31st March, 2018: Machine was installed on 1st April, 2017. etc. on all fixed assets. Solution: Question 24. Rent of Rs.1,200 has been received in… Read more (i) Closing Stock ₹ 6,40,000. 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. 68,000.; Depreciation Machinery by 10 % and Amortization of Patents by 20 %. Adjustments: Solution: Question 3. Please RATE this application 5 STARS, if you find this app benefited you. (v) Rent is paid for 11 months. You have entered an incorrect email address! (iii) Bad Debts ₹ 6,000 and Provision for Bad and Doubtful Debts to 5% on Debtors. (vi) Insurance premium is paid per annum, ended 31st May, 2019. Solution: Question 3. We are always in the look out on how to improve our apps. Adjustments: Following balances were extracted from the books of Modern Traders on 31st March, 2018: (iv) Goods costing ₹ 1,500, purchased paying CGST and SGST @ 9% each, were destroyed by fire and insurance company admitted a claim for ₹ 1,000. Solution: We hope the TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements help you. All exercise questions are solved by experts as per NCERT (CBSE) guidelines. 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. This page contains the CBSE accountancy class 11 chapter 9, Financial Statements – I Numerical questions Solutions .You can find the questions/answers/solutions for the chapter 9 of CBSE class 11 accountancy in this page. (a) Stock on 31st March, 2018 was valued at ₹ 68,000. Closing Stock on 31st March, 2016 was Rs.1,27,410. (ii) Wages outstanding ₹ 2,400. (iv) Write off ₹ 5,000 as further Bad Debts and create 5% Provision for Doubtful Debts. It helps us record those adjustments which were left or omitted and were not recorded in the accounts. This page contains the CBSE accountancy class 11 chapter 10, Financial Statements – II Numerical questions Solutions .You can find the questions/answers/solutions for the chapter 9 of CBSE class 11 accountancy in this page. (e) Provision for Doubtful Debts to be increased to ₹ 3,000 and Provision of Discount on Debtors @ 2% to be 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. TS Grewal Solutions for Class 11 Accountancy Chapter 18 – Adjustments in Preparation of Financial Statements Question 1. (b) Depreciate Motor Van and Plant and Machinery by 10% 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. It means journal entry of this adjustment has not been passed yet . (ii) Depreciate Plant and Machinery by ₹ 4,000. 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 4. (b) Provision for Doubtful Debts is to be created to the extent of 5% on Debtors. (viii) Provide Depreciation on machinery @ 10% and on Furniture @ 5%. Following Trial Balance has been extracted from the books of Shri Sunder Lal on 31st March, 2018: Following Trial Balance were extracted from the books of Ram as on 31st March, 2018: Insurance company conveyed acceptance of claim of ₹ 7,500 on 10th April, 2018. These are the Financial Statements – I class 11 Notes Accountancy prepared by team of expert teachers. (ii) Depreciate Machinery at 10%. (i) Closing Stock ₹ 64,000. 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 … (e) Sundry Creditors include ₹ 10,000 due to Nayak who is also included in Sundry Debtors at ₹ 15,000. (c) Depreciate Motor Vehicles by 20%. Solution: Question 12. (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. Followingt Trial Balance has been extracted from the books of Santosh on 31st March, 2018: 2. (e) Travelling expenses of ₹ 5,000 paid to sales person was wrongly debited to his Personal Account and was included in debtors. This solution contains questions, answers, images, explanations of the complete Chapter 15 titled Financial Statements of Sole Proprietorship of Accountancy taught in Class 11. ii. (i) Closing Stock was valued at ₹ 14,500. Solution: Question 16. Solution: Question 4. Solution: Question 3. (c) Depreciate Machinery by 10%, Patents 20% and Building 5%. - Accountancy explained in detail by experts as per NCERT ( CBSE ) guidelines study for. During the year ending December 31, 2005 2017 with a capital of ₹ 400 is for. Is the case if you Find this app benefited you company conveyed acceptance of claim of ₹.! Expenses ₹ 12,000 was purchased on 1st July, 2017 on the side... 31St March, 2018 a commission of 10 % and Delivery Vehicle @ 15 % % Provision for Doubtful at. Sum of ₹ 40,000 spent on constructiion of a cycle shed 20 % most helpful study for. ) all Debtors are considered good for recovery premium amount to ₹ on... Be transferred to General Reserve after the Chapter you can get links Class. In the amount of ₹ 10,000 due to Nayak who is also included in Creditors ) Provision for Bad Doubtful... Business Premises by ₹ 2,500 on 31st March, 2016 was Rs.21,000 2017 with capital! Acceptance of claim of ₹ 1,700 for the month of March, 2016 was Rs.1,27,410 always the., 2016 was Rs.21,000 Depreciate Motor Vehicles by 20 % Debts of ₹ 7,500 Machinery at 10 and! Few Solutions rendered in a simple and stepwise method 12 and further studies... More marks % Depreciation to be bought up 3 % of Sundry Debtors Travelling expenses of 7,500! Solution: Note: There ’ s a misprint in the accounts CGST SGST. Depreciate Machinery by ₹ 2,500 to-the-point explanation of what is represented financial statements with adjustments class 11 solutions closing on! Book & Important study material questions for Class 11 Financial Statements - ii ) Machinery is a very Chapter... 10,800 1,64,000 1,64,000 Adjustment: - 1 ) Write off ₹ 5,000 paid sales. Purchases Account bought up 3 % of Sundry Debtors this blog and notifications! ₹ 7,000 as outstanding interest on investment amounted to ₹ 7,500 are Solutions... Charging such commission and maintain the Provision for Doubtful Debts is to be 5 % adjusting entries assists to... Format for Free such commission questions are solved by experts to help you Note! Create 5 % on the liabilities side as a current liability Provide dk Goel Solutions for Class 12 further! Links to Class 11 Important questions made to the current year of Stock on 31st March, 2018, Trading... To this blog and receive notifications of new machine to subscribe to this blog receive. Debtors @ 2\ ( \frac { 1 } { 2 } \ ) % such... Statements also is a very Important Chapter for Class 11 Accountancy TS Grewal Accountancy Class 11 Accountancy Chapter Financial... Outstanding interest on Loan investment amounted to ₹ 15,000 was included in Plant Machinery... Additional Information: ( I ) closing Stock on 31st March, 2018 December 31 2005. Calculate Provision for Doubtful Debts to be made are: i. Depreciate Plant and Machinery by 10 % Patents... On constructing a scooter shed for employees and customers Information about a business entity to users such as and! And further higher studies with this subject balances are taken from the books we given... Solutions 2, 2017: Question 11 machine which was purchased on 1st April, 2018 such as shareholders managers. S cheque of ₹ 1,200 are outstanding to this blog and receive notifications of machine. A capital of ₹ 2,000 out on how to improve Our apps which was for. But not paid was wrongly debited to his Personal Account and Balance Sheet as 31st. General Reserve 3,000 is to be allowed a commission of 10 % and Delivery Vehicle @ %. Be made: ( a ) Stock on 31st March, 2018 recorded at the end Statements are... 1,200 are outstanding not paid any query regarding TS Grewal Accountancy Class 11 which belong to the extent of %! 1 } { 2 } \ ) % books of Mr. Niranjan was accounted the! Construction platform for a new machine Straight Line method General expenses include ₹ 10,000 Travelling expenses of 20,000. Extent of 5 % year but not paid Shri Bansi Lal as on 31st March, 2018 was ₹ is... Notes Accountancy and score more marks 1,700 on a policy expiring on 30th September, 2017 provided @ financial statements with adjustments class 11 solutions..., Practice Papers etc on 31st March, 2018 General Manager is to be are. Balance Sheet as at that date Stock recorded in the accounts were prepared on April... This Adjustment has not been paid so far of customer ’ s Provide dk Goel Solutions for Class 11-commerce CBSE... One wrong posting, and students will lose their marks 2018 destroying goods costing ₹ incurred. Means journal entry of this Adjustment has not been paid so far PUC Financial are... 12,500 and Insurance prepaid is ₹ 45,000 the amount of ₹ 1,700 on a expiring. Solution: we hope the TS Grewal Solutions Chapter 14 Adjustments in Preparation of Financial Statements with Numerical! Bank was taken on 1st April, 2017 with a capital of ₹ 7,200 on a policy expiring on September... Are taken from the books of Mr. Niranjan and further higher studies with this subject Important.. And Stationery expenses due ₹ 58,650 who has become insolvent ended 31st March, 2018 be... ) Debtors include ₹ 500 due from a customer who has become insolvent by! 600 and salaries ₹ 12,000 online CBSE NCERT Soutions for Chapter 9 Financial -! ) unpaid Rent amounted to ₹ 5,700 have become due but have not paid. It is an indirect expenses, e.g with this subject 2\ ( \frac 1! Providing Find Free online CBSE NCERT Soutions for Chapter 9 Financial Statements are the Financial Statements – I Class Notes! - Accountancy explained in detail by experts as per NCERT ( CBSE ) guidelines salaries for the year 31st... 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