FINANCIAL STATEMENTS (WITH ADJUSTMENTS) Chapter-19 T.S.Grewal Solution Question no-16 Class-11

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The following is the Trial Balance of Ashok as on 31st March, 2022:

Particulars

Dr. ()

Particulars

Building

1,50,000

Capital

Cr. (R)

Purchases (Adjusted)

30,000

Salaries

2,90,000 Sales

5,29,500

Bad Debts

8,000

Wages

5,000

Wages Outstanding (At the end)

2,000

Provision for Depreciation on Furniture

10,000

Apprentice Premium

12,000

Rent

500

Prepaid Rent (At the end)

5,000

Sundry Creditors

20,000

€3,000

Insurance

5,000

Furniture (At cost)

60,000

Drawings

Sundry Debtors

5,000

25,000

Closing Stock

40,000

Prepare Trading and Profit & Loss Account for the year ended 31st March, 2022 and Balance Sheet as on that date after making the following adjustments:

(i) Salaries for the month of March, 2022 of 1,000 were unpaid which are to be provided. Balance in the account included 800 paid in advance.

(ii) Insurance is prepaid to the extent of 2,000.

(iii) Depreciate Furniture by 10% on original cost and Building by 5%.

(iv) Stock of 1,500 was taken by Ashok for his personal use.

(v)

Make a Provision for Doubtful Debts equal to 10% of Sundry Debtors.

[Gross Profit-2,31,000; Net Profit-2,00,300; Balance Sheet Total- 2,52,800.
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