Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date. Extramarks offers notes & NCERT solutions of Financial Statements - II for CBSE Class 11. Solution: Question 6. (ii) Depreciate Plant and Machinery @ 10% and Delivery Vehicle @ 15%. (vii) Provide Manager’s Commission at 10% on net profit after charging such commission. ii. Depreciation = 10% is to be provided on all fixed assets except building. was last updated on 22nd December 2020 3. 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: (iii) Interest ₹ 2,100 is to be received on Deposits and Interest and Bank Loan ₹ 3,000 is to be paid. (f) Unexpired premium amount to ₹ 6,800 is to be carried forward to the next year. (iv) Commission earned during the year but not received was ₹ 2,100. Financial statements with adjustments | Class - 11 | Accountancy | This is the second part of the video...!! (b) All debtors are considered good for recovery. (c) Provide discount on debtors @ 2\(\frac { 1 }{ 2 }\) %. TS Grewal Solutions for Class 11 Accountancy Chapter 15 - Adjustments in Preparation of Financial Statements The solution can be presented as follows N.B: Closing stock is taken to be at the market value or the book value whichever is less as per the prudence concept, NCERT Solution For Class 11 Commerce Accountancy Chapter 10 – Financial Statements – 2 furnishes us with an all-inclusive data to all the concepts. Solution: Question 30. ii. and Computers @ 20% p.a. (Being concerned expenses paid in advance). From the following Trial Balance of Mahesh, prepare his Final Accounts for the year ended 31st March, 2018: SaralStudy providing Find Free online CBSE NCERT Soutions for chapter 10 Financial Statements - 2 of Class 11th accountancy detail solutions from SaralStudy. (iii) Unexpired insurance is ₹ 1,000. (iii) Depreciate Machinery and Furniture @ 10% and 15% p.a. Question 1. Taj & Co. as on 31st March, 2018 was as follows:​ Shown on the assets side under current assets. 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. Closing Stock was valued at ₹ 16,000. Solution: Shown on the liabilities side as a current liability. All Financial Statements of Sole Proprietorship Exercise Questions with Solutions to help you to revise complete Syllabus and Score More marks. (b) Outstanding Wages ₹ 5,000. Solution: Question 24. We at CoolGyan provide DK Goel Solutions to assist students to comprehend all the theories in particular. Grewal Solutions, Accountancy Class 11 Financial Statements with Adjustments Solutions Here you can read Chapter 10 of Class 11 Accountancy NCERT Book. (If it is an indirect expenses, e.g. Insurance company conveyed acceptance of claim of ₹ 7,500 on 10th April, 2018. (e) The value of stock on 31st March, 2018 was ₹ 1,49,200. 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. Financial Statement II (With Adjustments) Needs for Adjustments in Preparing the Final Accounts 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. (c) Provision for Doubtful Debts is to be maintaind at 5% of the Sundry Debtors. NCERT Solutions For Class 11 Financial Accounting (Updated for 2020 - 21) Solution: Question 4. (c) Depreciate Machinery at 10%. SaralStudy providing Find Free online CBSE NCERT Soutions for chapter 9 Financial Statements - 1 of Class 11 Accountancy detail solutions from SaralStudy. Note: There’s a misprint in the book. We are always in the look out on how to improve our apps. Solution: Question 5. respectively. Solution: Question 7. (ii) Rent of ₹ 1,200 has been received in advance. 2. You are required to prepare Trading Account, Profit and Loss Account and Balance Sheet. (b) Three months factory lighting and heating due but not paid – ₹ 300. (c) Create Provision for Doubtful Debts @ 5%. (iv) Provision for Doubtful Debts to be 5%. (a) Depreciate Machinery at 10% p.a. (vi) Stock on 31st March, 2018 ₹ 8,00,000. (v) Insurance premium paid in advance ₹ 200. 3. (b) Provision for Doubtful Debts is to be created to the extent of 5% on Debtors. Following balances were extracted from the books of Modern Traders on 31st March, 2018: A proper recording of adjusting entries assists us to separate all the financial transactions into a year-wise category. Machine was installed on 1st April, 2017. (i) Closing Stock ₹ 15,270. Solution: Question 12. So is the case if you are looking for CBSE class 11 Commerce related topic Financial Statements – I Numerical Questions Additional Information: Therefore, will increase the Plant and Machinery Account and Capital Account balance by Rs.50,000. 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And also increase in the amount of depreciation by Rs.5,000. NCERT Solutions Class 11 Accountancy Chapter 9 Financial Statements - I. Following is the Trial Balance of Mr. Bharat on 31st March, 2018. (f) Provide Depreciation on Plant and Machinery @ 10% on cost and on Furniture @ 5%. Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements. Practice Financial Statements - II sample question papers online to score high in school board exams. 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. 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 (iv) Carry forward ₹ 2,000 for unexpired insurance. PDF download free. (viii) Only one-fourth of advertisement expenses are to be written off. Closing Stock on 31st March, 2016 was Rs.21,000. Solution: Question 5. It helps us record those adjustments which were left or omitted and were not recorded in the accounts. was last updated on 21st December 2020 Adjustments . Solution: Question 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. Download CBSE class 11th revision notes for Chapter 9 Financial Statements – I class 11 Notes Accountancy in PDF format for free. (a) Stock on 31st March, 2018 was ₹ 15,600. and Furniture @ 15 p.a. (ii) Commission ₹ 1,000 received in advance for the next year. (e) Salaries for the month of March, 2018 amounted to ₹ 15,000 were unpaid. TS Grewal Solutions for Class 11 Accountancy Chapter 18 – Adjustments in Preparation of Financial Statements Question 1. Stock on 31st March, 2018 was ₹ 1,24,500. Following is the Trial Balance of Atam Prakash as on 31st March, 2018: (b) Provision for Doubtful Debts is to be made to the extent of 5% on Sundry Debtors. Solution: Question 7. Followingt Trial Balance has been extracted from the books of Santosh on 31st March, 2018: It helps us record those adjustments which were left or omitted and were not recorded in the accounts. (i) Salaries ₹ 1,000 and Taxes ₹ 2,000 are outstanding but Insurance ₹ 500 is prepaid. Here we have given 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. (iii) Outstanding liabilities for salaries ₹ 12,000. Rent for two months at the rate of ₹ … Adjustments: Solution: We hope the TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements help you. (d) Wages include a sum of ₹ 20,000 spent on the erection of a cycle shed for employees and customers. Adjustments: T. S. Grewal Solutions for Class 11-commerce Accountancy CBSE, 19 Adjustments in Preparation of Financial Statements. Following adjustments are to be made: (a) Closing Stock was ₹ 1,50,000. Solution 2: . Purchase of furniture was recorded at the net value of furniture, i.e., ₹ 10,000. We hope the TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements help you. (i) Outstanding salaries were ₹ 45,000. (ii) Wages and Salaries outstanding are ₹ 12,500 and Insurance prepaid is ₹ 5,000. (b) Write off further ₹ 1,800 as Bad Debts and maintain the Provision for Doubtful Debts at 5%. (ii) Printing and Stationery expenses due ₹ 58,650. CBSE Class XI Accountancy T.S. Question 15. Depreciate Plant and Machinery by 10% and Business Premises by 2%. (v) Debtors include bad debts of ₹ 2,000. (iii) Wages outstanding were ₹ 5,000. Solution: Question 5. It assists us to separate all the financial transactions into a year-wise category. Value of Stock as on 31st March, 2018 was ₹ 2,60,000. Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as on that date. (iii) Wages ₹ 5,000 and salaries ₹ 2,000 are outstanding. Trial Balance of a business as at 31st March, 2018 is given below: (d) Depreciate Plant and Machinery by 10% and Furniture by 5% on Straight Line Method. Question 1. The correct Net Profit should be Rs.1,19,753 and not Rs.1,19,773 as given. Solution: Question 25. Following is the Trial Balance of Shri Paras on 31st March, 2018: 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 Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements are part of TS Grewal Accountancy Class 11 Solutions. NCERT Solutions for Class 11 Accountancy Part 2. (e) Unexpired insurance was ₹ 4,000. (iv) Provision for Doubtful Debts to be 5%. Additional information: i. (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. This solution contains questions, answers, images, explanations of the complete Chapter 15 titled Financial Statements of Sole Proprietorship of Accountancy taught in Class 11. Grewal Solutions, Accountancy Class 11 Financial Statements with Adjustments Solutions So is the case if you are looking for CBSE class 11 Commerce related topic . Rent of Rs.1,200 has been received in… Read more 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: Students can solve NCERT Class 11 Accountancy Chapter 22 – Financial Statements with adjustments Multiple Choice Questions with Answers to know their preparation level on Success Roar Classes Website itself. (g) A fire occurred on 27th March, 2018 destroying stock costing ₹ 10,000, which were purchased paying CGST and SGST @ 9% each. (v) Depreciate Furniture by 10%. Following balances were extracted from the books of Vijay Kumar on 31st March, 2018: (c) Wages amounted to ₹ 5,700 have become due but have not been paid. Following is the Trial Balance as on 31st March, 2018. Following are the balances extracted from the books of Manish Gupta on 31st March, 2018: 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: Adjustments: (v) Outstanding salary was ₹ 15,000. Solution: Question 28. (vi) Insurance premium is paid per annum, ended 31st May, 2018. (f) Insurance includes a premium of ₹ 1,700 on a policy expiring on 30th September, 2018. The financial statements include only those entries which belong to the current year. (v) Loan from bank was taken on 1st October, 2017. (i) Closing Stock ₹ 75,000. Deducted from the concerned expenses on the debit side. (e) Provision for Doubtful Debts to be increased to ₹ 3,000 and Provision of Discount on Debtors @ 2% to be made. (g) Drawings included an amount of ₹ 2,000 being amount drawn in cash. So is the case if you are looking for CBSE class 11 Commerce related topic Financial Statements – I Numerical Questions 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. (b) Depreciation is to be charged on Plant and Machinery at 5% and Furniture and Fixtures at 6%. 3. 2,000. 2. We hope the TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements help you. You are to make adjustments in respect of the following: (b) Salaries outstanding on 31st March, 2018 amounted to ₹ 35,000. (d) Purchases include a computer costing ₹ 60,000 purchased on 1st July, 2017 and is subject to depreciation @ 10% p.a. From the following Trial Balance of M/s. The firm had purchased this furniture paying IGST @ 18%. (iv) Commission earned but not yet received amounting to ₹ 1,220 plus IGST @ 12% is to be recorded in books of account. Download CBSE class 11th revision notes for Chapter 9 Financial Statements – I class 11 Notes Accountancy in PDF format for free. (a) Stock as on 31st March, 2018 was valued at ₹ 2,30,000. 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. (ii) Outstanding liabilities for wages were ₹ 600 and salaries ₹ 1,400. Taking into account the following adjustments, prepare Trading and Profit and Loss Account and Balance Sheet: Download revision notes for Financial Statements – I class 11 Notes Accountancy and score high in exams. (viii) Provide Depreciation on machinery @ 10% and on Furniture @ 5%. Get step by step NCERT solutions for Class 11 Accountancy Chapter 1 - Financial Statements -I . Raise the Provision for Doubtful Debts to Rs.15,000. NCERT Solutions Class 11 Accountancy Chapter 10 Financial Statements - II. Chapter 1 Financial Statements. (b) Write off ₹ 5,000 as further Bad Debts and make a Provision for Doubtful Debts equal to ₹ 5,000. Following adjustments are to be made: (ii) Wages outstanding ₹ 2,400. Notify me of follow-up comments by email. 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. (iii) Write off Bad Debts ₹ 5,000. (d) Wages include a sum of ₹ 20,000 spent on constructiion of a cycle shed. (a) Stock as at 31st March, 2018 was valued at ₹ 70,000. Solution: Question 7. Enter your email address to subscribe to this blog and receive notifications of new posts by email. (c) Provision for Doubtful Debts is to be maintained at 5% of Sundry Debtors. Closing Stock on 31st March, 2016 was Rs.21,000. Solution: Question 9. 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: 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. 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 on 31st March, 2018 was valued at ₹ 68,000. (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. (i) Depreciate Land and Building @ 6%, Plant and Machinery @ 10%, Office equipments @ 20% and Furniture and Fixtures @ 15%. Solution: Question 6. 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