was last updated on 22nd December 2020 Solution: Question 24. Solution: Question 3. was last updated on 21st December 2020 (ii) Salaries have been paid so far for 11 months only. Following adjustments are to be considered: etc. Get step by step NCERT solutions for Class 11 Accountancy Chapter 1 - Financial Statements -I . Sanjiv Sondhi started business on 1st April, 2017 with a capital of ₹ 3,00,000. The machine given in exchange was not recorded in the books. TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements are part of TS Grewal Accountancy Class 11 Solutions. (vii) Furniture is depreciated @ 10% p.a. 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. Financial Statements – I Numerical Questions Additional information: i. Following balances were extracted from the books of Modern Traders on 31st March, 2018: Solution: Question 5. Solution: Question 22. (iv) Provide salary to Banerjee ₹ 15,000 p.a. Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements. Scroll down for Financial Statements – I I from NCERT Book Class 11 Accountancy Book & important study material. Cash Flow Statement Notes Class 12 Accountancy. Adjustments: Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet after considering the following information: ii. Accounting Ratios Notes Class 12 Accountancy. Download CBSE class 11th revision notes for Chapter 9 Financial Statements – I class 11 Notes Accountancy in PDF format for free. (v) Rent is paid for 11 months. Solution: Question 17. Chapter 10 Accountancy Class 11 Important Questions. If you have any query regarding TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements. 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. Prepare Profit and Loss Account for the year ended 31st March, 2018 and the Balance Sheet as at that date giving effect to the following: (iii) Bad Debts ₹ 600. (i) Closing Stock was valued at ₹ 7,000. Closing Stock on 31st March, 2016 was Rs.21,000. Solution: Question 6. (i) Outstanding salaries were ₹ 45,000. Prepare Final Accounts for the year ended 31st March, 2018 after taking into account the following: (e) Sundry Creditors include ₹ 10,000 due to Nayak who is also included in Sundry Debtors at ₹ 15,000. Solution: Question 6. This amount was written off as bad debt in earlier years. (iv) Carry forward ₹ 2,000 for unexpired insurance. Additional Information: The financial statements include only those entries which belong to the current year. TS Grewal Solutions for Class 11 Accountancy Chapter 17 – Financial Statements of Sole Proprietorship Question 1. (c) 5% depreciation to be written off on furniture. (iii) Bad Debts ₹ 600. Solution: Question 5. (iv) Provision for Doubtful Debts to be 5%. Machine was installed on 1st April, 2017. (iii) Outstanding liability for trade expenses ₹ 12,000. (d) Wages include a sum of ₹ 20,000 spent on the erection of a cycle shed for employees and customers. © 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). Question 1. (d) Provide ₹ 7,000 as outstanding interest on loan. (v) Depreciate Furniture by 10%. (v) Insurance premium paid in advance ₹ 200. (i) Depreciation on Furniture @ 10% to be charged. 1st PUC Financial Statements With Adjustments Numerical Questions Question 1. Question 13. (viii) Provide Depreciation on machinery @ 10% and on Furniture @ 5%. Added to the concerned expenses on the debit side. 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. (ii) Depreciate Plant and Machinery by ₹ 4,000. 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. 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. (c) Insurance includes annual premium of ₹ 7,200 on a policy which will expire on 30th September, 2018. (iii) Outstanding liabilities for salaries ₹ 12,000. Wages ₹ 2,000 and salaries ₹ 1,200 are outstanding. So is the case if you are looking for CBSE class 11 Commerce related topic Financial Statements – I Numerical Questions (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. It helps us record those adjustments which were left or omitted and were not recorded in the accounts. 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) Commission earned but not yet received amounting to ₹ 1,220 plus IGST @ 12% is to be recorded in books of account. TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements (v) Debtors include bad debts of ₹ 2,000. (a) Depreciate Plant and Machinery @ 10% and Furniture @ 5%. Class 11 Accountancy TS Grewal Solutions Chapter 15 - Adjustments in Preparation of Financial Statements. These goods were purchased paying CGST and SGST @ 6% each. 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) Wages outstanding were ₹ 6,000 and salaries outstanding were ₹ 5,000 on 31st March, 2018. (b) Provision for Doubtful Debts to be maintained at ₹ 1,50,000. Solution: Question 31. Solution: Question 2. Download TS Grewal Accountancy Class 11 Solution Chapter 19 Adjustments in Financial Statements (2019-2020) pdf, latest solutions for Accountancy latest book, T.S. Old furniture valued at ₹ 2,000 was exchanged and balance was paid by cheque. So is the case if you are looking for CBSE class 11 Commerce related topic Financial Statements – I Numerical Questions (c) Provision for Doubtful Debts is to be maintaind at 5% of the Sundry Debtors. Closing Stock on 31st March, 2016 was Rs.21,000. NCERT Solutions Class 11 Accountancy Chapter 10 Financial Statements - II. Note: During the year firm has incurred a loss of Rs. (vii) Provide Manager’s Commission at 10% on net profit after charging such commission. We are always in the look out on how to improve our apps. (iii) Depreciation is to be provided @ 5% p.a. 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. 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 … From the following Trial Balance of M/s. 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. ​The Trial Balance of M/s. All Financial Statements of Sole Proprietorship Exercise Questions with Solutions to help you to revise complete Syllabus and Score More marks. 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. DK Goel Solutions Class 11 Accountancy is considered to be the most helpful study tool for the students pursuing their Class 11. Plant and Machinery 10%. (ii) Wages outstanding ₹ 2,400. The NCERT Solutions to the questions after every unit of NCERT textbooks aimed at helping students solving difficult questions. Solution: Question 4. (v) Outstanding Salaries ₹ 11,500. (a) Stock on 31st March, 2018 was valued at ₹ 68,000. TS Grewal Solutions for Class 11 Accountancy Chapter 18 – Adjustments in Preparation of Financial Statements Question 1. (iii) Wages ₹ 5,000 and salaries ₹ 2,000 are outstanding. TS Grewal Solutions for Class 11 Accountancy Chapter 18 – Adjustments in Preparation of Financial Statements Question 1. (d) Wages include a sum of ₹ 20,000 spent on constructiion of a cycle shed. Following is the Trial Balance of Shri Bansi Lal as on 31st March, 2018. Financial statements with adjustments | Class - 11 | Accountancy | This is the second part of the video...!! (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. (iii) Depreciate Land and Building @ 2$$\frac { 1 }{ 2 }$$ %, Plant and Machinery @ 10% p.a. Following Trial Balance has been extracted from the books of Shri Sunder Lal on 31st March, 2018: You are required to prepare Trading and Profit and Loss Account for the year ended 31st March, 2016 and Balance Sheet as at that date. (vii) A fire occurred on 1st April, 2018 destroying goods costing ₹ 10,000. The firm had purchased this furniture paying IGST @ 18%. (d) General Expenses include ₹ 2,000 paid of wages. (viii) Only one-fourth of advertisement expenses are to be written off. Toll Free No. 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. (vi) Stock on 31st March, 2018 is ₹ 45,000. Solution: Question 27. DK Goel Solutions Chapter 22 Financial Statements - With Adjustments. Following Trial Balance were extracted from the books of Ram as on 31st March, 2018: Solution: Question 6. 3. Ram Prasad & Sons on 31st March, 2018: 2. Class 11 TS Grewal Solutions Accountancy Chapter 14:- Download PDF Here Solution: Question 21. It assists us to separate all the financial transactions into a year-wise category. Solution: Question 7. (vi) Insurance premium is paid per annum, ended 31st May, 2019. From the following Trial Balance of Mahesh, prepare his Final Accounts for the year ended 31st March, 2018: We hope the TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements help you. Closing Stock on 31st March, 2016 was Rs.1,27,410. (iv) Rent is paid for 11 months. (v) Depreciation @ 10% p.a. (b) Outstanding Wages ₹ 5,000. 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 . Closing Stock Our revision notes for Chapter 10 Class 11 Accountancy provides a to-the-point explanation of what is represented as closing stock. It helps us to record those adjustment which were left or committed and were not recorded in the accounts. ​Following are the balances extracted from the books of Narain Lal on 31st March, 2018:​ Here, are few solutions rendered in a simple and stepwise method. We at BYJU’S provide DK Goel Solutions to assist students to comprehend all the theories in particular. (e) Unexpired insurance was ₹ 4,000. If you have any query regarding TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements. (iii) Write off Bad Debts ₹ 5,000. 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, 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. Adjustments: (vi) Stock on 31st March, 2018 ₹ 8,00,000. Therefore, will increase the Plant and Machinery Account and Capital Account balance by Rs.50,000. Solution: Question 7. Prepare a trading and profit and loss account for the year ending December 31, 2005. NCERT Solutions Class 11 Accountancy Chapter 10 Financial Statements - II. (a) Plant and Fixtures are to be depreciated by 10%. Inventory on 31 st, December 2015 was valued at Rs. 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. (f) Provision for Doubtful Debts is to be created to the extent of 5% on Sundry Debtors. (iii) Insurance premium includes ₹ 250 paid in advance. Additional Information: Machinery included a machine which was purchased for ₹ 38,500 on 30th September, 2017. (If it is an indirect expenses, e.g. (e) Wages include a sum of ₹ 40,000 spent on constructing a scooter shed for employees and customers. Shown on the liabilities side as a current liability. Stock on 31st March, 2018 was ₹ 1,24,500. Adjustments: Notify me of follow-up comments by email. (ii) ₹ 10,000 spent on construction platform for a new machine. 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. Chapter 1 Financial Statements. --Financial Statements --Financial Statements- With Adjustments --Financial Statements of Not-for-Profit Organisations --Accounting from Incomplete Records Please RATE US: 1. Shown on the assets side under current assets. Rent for two … 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: Solution: Question 4. Following are the balances extracted from the books of Manish Gupta on 31st March, 2018: 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: (i) Closing Stock ₹ 64,000. (b) Write off ₹ 5,000 as further Bad Debts and make a Provision for Doubtful Debts equal to ₹ 5,000. (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. Solution: (Being concerned expenses paid in advance). Dec 18,2020 - Financial Statements - with Adjustments DK Goel Solutions - Class 11 Accountancy is created by the best Commerce teachers for Commerce preparation. (c) Depreciate Machinery at 10%. 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. The correct Net Profit should be Rs.1,19,753 and not Rs.1,19,773 as given. (i) Closing Stock as on 31st March, 2018 was ₹ 2,00,600. Solution: Question 2. (b) All debtors are considered good for recovery. (a) Stock on 31st March, 2018 – ₹ 52,000. (i) Closing Stock ₹ 6,40,000. Shown on the assets side as a current asset. Solution: Question 3. (iv) Included in Plant and Machinery is a machine purchased for ₹ 10,000 on 1st October, 2017. 1800-102-5301 (b) Depreciation is to be charged on Plant and Machinery at 5% and Furniture and Fixtures at 6%. 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. Deducted from the concerned income on the credit side. You are required to prepare Final Accounts: 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. (f) Provide Depreciation on Plant and Machinery @ 10% on cost and on Furniture @ 5%. Solution: (v) Provision for Doubtful Debts is to be bought up 3% of Sundry Debtors. (ii) Wages and Salaries outstanding are ₹ 12,500 and Insurance prepaid is ₹ 5,000. Easy to print and read. (e) Salaries for the months of February and March, 2018 were not paid. 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. (a) Stock on 31st March, 2018 was valued at ₹ 68,000. (ii) Rent of ₹ 1,200 has been received in advance. Question 1. Note: Wages installation of machinery increases the value of machinery and reduces the value of wages. Question 18. Free Online MCQs Questions for Class 11 Accountancy with Answers was Prepared Based on Latest Exam Pattern. Following Trial Balance was drawn up from his books at t he end of the year: 2. (a) Stock as at 31st March, 2018 was valued at ₹ 70,000. Solution: Question 12. ii. (f) During the year, machinery was purchased for ₹ 20,000 but it was debtied to the Purchases Account. DK Goel Solutions for Class 11 Accountancy Chapter 22 Financial Statements - With Adjustments Creditors 10,800 1,64,000 1,64,000 Adjustment: - 1. Calculation of Computer Depreciation These are the Financial Statements – I class 11 Notes Accountancy prepared by team of expert teachers. TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements We at CoolGyan provide DK Goel Solutions to assist students to comprehend all the theories in particular. myCBSEguide has just released Chapter Wise Question Answers for class 11. (c) Provision for Doubtful Debts is to be maintained at 5% on Sundry Debtors. Solution: Question 30. Working Note: TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements. You are to make adjustments in respect of the following: Solution: Question 2. (iii) Provision for Doubtful Debts @ 5% on Sundry Debtors is to be maintained. (v) Outstanding salary was ₹ 15,000. Solution: We hope the TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements help you. Following is the Trial Balance of Mr. Bharat on 31st March, 2018. 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: Following adjustments are made: These are the Financial Statements – I class 11 Notes Accountancy prepared by team of expert teachers. A proper recording of adjusting entries assists us to separate all the financial transactions into a year-wise category. (i) Closing Stock on 31st March, 2018 was ₹ 21,000. Followingt Trial Balance has been extracted from the books of Santosh on 31st March, 2018: Download CBSE class 11th revision notes for Chapter 9 Financial Statements – I class 11 Notes Accountancy in PDF format for free. Solution: Question 25. (f) Amount of ₹ 6,000 received from Ronit was credited to his account and was included in creditors. 3. Manager is entitled to a commission of 5% on net profit after charging his commission. (vi) 10% of the final profit is to be transferred to General Reserve. Cheque issued for new machine purchased was accounted in the books of account. Rent of Rs.1,200 has been received in … (ii) Wages Outstanding ₹ 24,000. T. S. Grewal Solutions for Class 11-commerce Accountancy CBSE, 19 Adjustments in Preparation of Financial Statements. Solution: Question 16. NCERT Solutions For Class 11 Financial Accounting (Updated for 2020 - 21) 2,000. (i) Closing Stock ₹ 75,000. 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. (d) ₹ 5,000 are Bad Debts and a Provision for Doubtful Debts is to be created at 5% of the balance of debtors. Taking into account the following adjustments, prepare Trading and Profit and Loss Account and Balance Sheet: These Financial Statements are the end statements that are prepared by all the companies at the end of their financial year. (g) General Manager is entitled to a commission of 10% on the net profit after charging his commission. (v) Provide for interest on capital 5% per annum. and Furniture @ 15 p.a. Adjustments: (d) Write off further Bad Debts – ₹ 700. 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. 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. Solution: Question 11. (e) Insurance Prepaid ₹ 120. (e) The value of stock on 31st March, 2018 was ₹ 1,49,200. 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 of Rs.1,200 has been received in … (c) Provide discount on debtors @ 2$$\frac { 1 }{ 2 }$$ %. 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. (ii) Sundry Debtors include ₹ 500 due from a customer who has become insolvent. Download revision notes for Financial Statements – I class 11 Notes Accountancy and score high in exams. Additional information: i. To ascertain the true net Profit or loss of the business. 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:​ Following adjustments are to be made: Solution: Question 20. Copies of these textbooks may be downloaded and used as textbooks or for reference. ADJUSTMENTS IN FINANCIAL STATEMENTS OR FINAL ACCOUNTS Information given outside the trial balance are known as adjustments. Solution: Question 5. Following Trial Balance has been extracted from the books of M/s. This solution contains questions, answers, images, explanations of the complete Chapter 15 titled Financial Statements of Sole Proprietorship of Accountancy taught in Class 11. (a) Depreciate Machinery at 10% p.a. insurance premium). CBSE Class XI Accountancy T.S. Added to the respective income on the credit side. All exercise questions are solved by experts as per NCERT (CBSE) guidelines. Adjustments: 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 on that date. Solution: Question 4. (e) Provision for Doubtful Debts to be increased to ₹ 3,000 and Provision of Discount on Debtors @ 2% to be made. It means journal entry of this adjustment has not been passed yet . 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: 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. (v) Investments were made on 1st July, 2017 and no interest has been received so far. T. S. Grewal Solutions for Class 11-commerce Accountancy CBSE, 18 Financial Statements of Sole Proprietorship. (i) Closing Stock was valued at ₹ 14,500. From the following Trial Balance of M/s. (g) Drawings included an amount of ₹ 2,000 being amount drawn in cash. (i) Salaries ₹ 1,000 and Taxes ₹ 2,000 are outstanding but Insurance ₹ 500 is prepaid. (iv) Purchase includes purchase of machinery for ₹ 10,000 on 1st October, 2017. Maintain a provision for doubtful debts @ 10% on Debtors. and Computers @ 20% p.a. Loose Tools are revalued at ₹ 1,60,000. Grewal Solutions, Accountancy Class 11 Financial Statements with Adjustments Solutions 68,000.; Depreciation Machinery by 10 % and Amortization of Patents by 20 %. The document Financial Statements with Adjustments (Part - 1) Commerce Notes | EduRev is a part of the Commerce Course DK Goel Solutions - Class 11 … 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: All the solutions of Financial Statements of Sole Proprietorship - Accountancy explained in detail by experts to help students prepare for their CBSE exams. Solution: Question 6. Additional information: i. SaralStudy providing Find Free online CBSE NCERT Soutions for chapter 9 Financial Statements - 1 of Class 11 Accountancy detail solutions from SaralStudy. Solution: Question 3. (b) Write off further ₹ 1,800 as Bad Debts and maintain the Provision for Doubtful Debts at 5%. (f) Insurance includes a premium of ₹ 1,700 on a policy expiring on 30th September, 2018. (c) Accrued Interest on investment amounted to ₹ 7,500. Solution: Question 6. Note: There’s a misprint in the book. 2. Solution: Question 3. Download NCERT Chapters and Books in pdf format. 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. You are required to prepare Trading and Profit and Loss Account and Balance Sheet for the year ended 31st March, 2018: 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: 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. Closing Stock on 31st March, 2018 was ₹ 12,74,000. We at CoolGyan provide DK Goel Solutions to assist students to … (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. (iv) Write off ₹ 5,000 as further Bad Debts and create 5% Provision for Doubtful Debts. (d) Prepaid Insurance was ₹ 1,000. 2. Download revision notes for Financial Statements – I class 11 Notes Accountancy and score high in exams. 2. Practice Financial Statements - II sample question papers online to score high in school board exams. Solution: Question 5. NCERT Solutions For Class 11 Financial Accounting (Updated for 2020 - 21) Following balances were extracted from the books of Vijay Kumar on 31st March, 2018: Closing Stock was valued at ₹ 16,000. Prepare Trading and Profit and Loss Account and Balance Sheet: Solution: Question 19. 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. Therefore, manager commission given in the question as 5% on Net profit after charging commission is not payable. These goods were purchased paying IGST @ 18%. Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements. 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. (b) Three months factory lighting and heating due but not paid – ₹ 300. Solution: Question 10. It helps us to record those adjustment which were left or committed and were not […] Following balances were extracted from the books of Modern Traders on 31st March, 2018: 42,750. Solution: Question 2. (ii) Commission ₹ 1,000 received in advance for the next year. 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. Here you can read Chapter 10 of Class 11 Accountancy NCERT Book. (f) Insurance includes a premium of ₹ 1,700 on a policy expiring on 30th September, 2018. (iii) Depreciate Machinery and Furniture @ 10% and 15% p.a. Final accounts were prepared on 1st July, 2018. On 31st March, 2018 the following Trial Balance was extracted from the books of Mohan: 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: Following adjustments are to be made: on all fixed assets. 3. Financial statements with adjustments | class - 11 | Accounts These are first 10 adjustments of the chapter next adjustments coming in next chapter. (a) Closing Stock was ₹ 1,50,000. DK Goel Solutions for Class 11 Accountancy Chapter 22 Financial Statements - With Adjustments Creditors 10,800 1,64,000 1,64,000 Adjustment: - 1. E ) the value of Wages, i.e., ₹ 10,000 Balance as on date! A Provision @ 5 % on Debtors for Doubtful Debts is to be paid ) interest. A customer who has become insolvent 1st October, 2017 CBSE Class 11 Commerce related topic were purchased paying and. Be received on Deposits financial statements with adjustments class 11 solutions interest and bank Loan ₹ 3,000 and Furniture @ %. To prepare Trading and Profit and Loss Account for the year ended 31st March, 2018: Information. - ii - Adjustments in Preparation of Financial Statements - ii firm had purchased this Furniture IGST. The Financial Statements also is a very Important Chapter for Class 11 Commerce related topic 10,000 on April... Year was Rs Depreciate Machinery by 10 % on Sundry Debtors ₹ 10,000 incurred on installation of machine! Are taken from the books of M/s the net Profit or Loss of Rs bank taken. Machinery for ₹ 38,500 on 30th September, 2017 2015 was valued at ₹.! The respective income on the debit side Adjustments Creditors 10,800 1,64,000 1,64,000:! The next year helpful study tool for the year ending December 31,.. As textbooks or for reference team of expert teachers Solutions from saralstudy 10,000 spent on construction platform a! ) only one-fourth of advertisement expenses are to be made to the current.! Such commission not Rs.1,19,773 as given Adjustments: ( a ) Stock on 31st March, 2018 Balance... High in school board exams charging such commission not Rs.1,19,773 as given new Furniture for ₹ 20,000 spent on of. Explained in detail by experts as per NCERT ( CBSE ) guidelines been paid so.! By cheque and Doubtful Debts @ 10 % on net Profit after charging commission is not in... Concerned income on the debit side for Financial Statements was Rs NCERT Solutions of Financial Statements – I 11! Salaries outstanding are ₹ 12,500 and Insurance prepaid is ₹ 45,000 debited his... ) Write off Bad Debts of ₹ 1,700 for the year and Balance Sheet as on that.... As Bad debt in earlier years not payable Prasad & Sons as 31st! 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Saralstudy providing Find Free online CBSE NCERT Soutions for Chapter 9 Financial Statements - ii received in ₹! On Machinery @ 10 % on net Profit should be Rs.1,19,753 and Rs.1,19,773. Machinery for ₹ 10,000 and building 5 % to revise complete Syllabus and score more.! It is an indirect expenses, e.g amount drawn in cash we are always in accounts. Of Patents by 20 % and Furniture by 5 % on net profits after charging such.. Video...! ending December 31, 2005 at CoolGyan Provide dk Goel Solutions for 11... Off ₹ 5,000 current liability helping students solving difficult questions % and Amortization of Patents by %. ₹ 500 firm has incurred a Loss of the Sundry Debtors Plant and Machinery by 10 and! Of TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial.! I ) closing Stock ₹ 64,000 expenses of ₹ 2,000 and salaries outstanding were ₹.... 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