(f) Provide Depreciation on Plant and Machinery @ 10% on cost and on Furniture @ 5%. Additional information: i. (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. (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 Solution: Question 28. Download CBSE class 11th revision notes for Chapter 9 Financial Statements – I class 11 Notes Accountancy in PDF format for free. (iv) Provision for Doubtful Debts to be 5%. CBSE Class XI Accountancy T.S. It helps us record those adjustments which were left or omitted and were not recorded in the accounts. (d) ₹ 5,000 are Bad Debts and a Provision for Doubtful Debts is to be created at 5% of the balance of debtors. (c) Salaries for the month of March, 2018 amounting to ₹ 30,000 were unpaid. 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. Financial Statements also is a very important chapter for class 12 and further higher studies with this subject. PDF download free. Followingt Trial Balance has been extracted from the books of Santosh on 31st March, 2018: T. S. Grewal Solutions for Class 11-commerce Accountancy CBSE, 18 Financial Statements of Sole Proprietorship. (d) Wages include a sum of ₹ 20,000 spent on constructiion of a cycle shed. insurance premium). 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. State whether the following expenses are capital or revenue in nature: (i) Expenses on whitewashing and painting of a building purchased to make it ready for use. The firm had purchased this furniture paying IGST @ 18%. Solution: Question 2. NCERT Solutions Class 11 Accountancy Chapter 10 Financial Statements - II. (d) Provide ₹ 7,000 as outstanding interest on loan. Maintain a provision for doubtful debts @ 10% on Debtors. Extramarks offers notes & NCERT solutions of Financial Statements - II for CBSE Class 11. Following Trial Balance were extracted from the books of Ram as on 31st March, 2018: (e) Salaries for the months of February and March, 2018 were not paid. (i) Closing Stock ₹ 6,40,000. TS Grewal Solutions for Class 11 Accountancy Chapter 18 – Adjustments in Preparation of Financial Statements Question 1. (iii) Write off Bad Debts ₹ 5,000. (g) General Manager is entitled to a commission of 10% on the net profit after charging his commission. Additional Information: We at BYJU’S provide DK Goel Solutions to assist students to comprehend all the theories in particular. (b) Outstanding Wages ₹ 5,000. and Computers @ 20% p.a. Shown on the assets side under current assets. TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements We hope the TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements help you. Solution: Question 11. (b) Provision for Doubtful Debts to be maintained at ₹ 1,50,000. Insurance company conveyed acceptance of claim of ₹ 7,500 on 10th April, 2018. 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. Calculation of Computer Depreciation Plant and Machinery was not debited in the books by the amount paid from firm. Following is the Trial Balance of Mr. Bharat on 31st March, 2018. Note: There’s a misprint in the book. (v) Provision for Doubtful Debts is to be bought up 3% of Sundry Debtors. 3. Shown on the assets side as a current asset. You are to prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date. (d) Rent includes Rent deposit of ₹ 400. 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. Prepare Trading and Profit and Loss Account for the year and Balance Sheet as at that date. Solution: Question 26. (g) A fire occurred on 27th March, 2018 destroying stock costing ₹ 10,000, which were purchased paying CGST and SGST @ 9% each. (c) Provision for Doubtful Debts is to be maintained at 5% of Sundry Debtors. (vi) Stock on 31st March, 2018 is ₹ 45,000. These Financial Statements are the end statements that are prepared by all the companies at the end of their financial year. Question 29. Additional Information: Question 1. Solution: Question 3. Raise the Provision for Doubtful Debts to Rs.15,000. Get step by step NCERT solutions for Class 11 Accountancy Chapter 1 - Financial Statements -I . (f) Insurance includes a premium of ₹ 1,700 on a policy expiring on 30th September, 2018. (d) Purchases include a computer costing ₹ 60,000 purchased on 1st July, 2017 and is subject to depreciation @ 10% p.a. NCERT Solutions Class 11 Accountancy Chapter 9 Financial Statements - I. Rent of Rs.1,200 has been received in … Machine was installed on 1st April, 2017. 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. (a) Stock in Hand on 31st March, 2018 is ₹ 1,36,000. Class 11 TS Grewal Solutions Accountancy Chapter 14:- Download PDF Here (b) Make a provision @ 5% for Doubtful Debts. So is the case if you are looking for CBSE class 11 Commerce related topic Financial Statements – I Numerical Questions (a) Stock on 31st March, 2018 was valued at ₹ 68,000. (vi) Insurance premium is paid per annum, ended 31st May, 2018. (c) Depreciate Machinery by 10%, Patents 20% and Building 5%. Solution: Question 22. (e) Travelling expenses of ₹ 5,000 paid to sales person was wrongly debited to his Personal Account and was included in debtors. Solution: Question 7. ii. Taking into account the following adjustments, prepare Trading and Profit and Loss Account and Balance Sheet: (i) Closing Stock ₹ 15,270. Solution: Question 30. 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: Free Online MCQs Questions for Class 11 Accountancy with Answers was Prepared Based on Latest Exam Pattern. Solution: Question 6. 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. Sanjiv Sondhi started business on 1st April, 2017 with a capital of ₹ 3,00,000. Solution: Question 7. Download revision notes for Financial Statements – I class 11 Notes Accountancy and score high in exams. (v) Loan from bank was taken on 1st October, 2017. Prepare Trading and Profit and Loss Account and Balance Sheet as at 31st March, 2018 after following adjustments are made: You are required to prepare Trading Account, Profit and Loss Account and Balance Sheet. Solution: Question 16. 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: 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. Solution: Question 5. Following balances are taken from the books of Mr. Niranjan. (iv) Carry forward ₹ 2,000 for unexpired insurance. (vi) Stock on 31st March, 2018 ₹ 8,00,000. (c) Insurance includes annual premium of ₹ 7,200 on a policy which will expire on 30th September, 2018. Adjustments: Deducted from the concerned income on the credit side. DK Goel Solutions for Class 11 Accountancy Chapter 22 Financial Statements - With Adjustments Creditors 10,800 1,64,000 1,64,000 Adjustment: - 1. (b) Wages Outstanding were ₹ 5,000. NCERT Solutions for Class 11 Accountancy Part 2. Solution: Question 25. If you have any query regarding TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements. Solution: Question 31. Shradha & Sons as on 31st March, 2018, prepare Trading and Profit and Loss Account and Balance Sheet. ii. (e) Unexpired insurance was ₹ 4,000. Solution: Question 4. Solution: Question 2. Solution: Question 3. Following is the Trial Balance as on 31st March, 2018. Computer Purchases 1 July 2017 = 60,000 (c) Wages amounted to ₹ 5,700 have become due but have not been paid. (b) Depreciate Motor Van and Plant and Machinery by 10% p.a. Added to the respective income on the credit side. 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: (b) Write off further ₹ 1,800 as Bad Debts and maintain the Provision for Doubtful Debts at 5%. (iii) Unpaid Rent amounted to ₹ 500. ii. (a) Stock on 31st March, 2018 – ₹ 52,000. and Furniture @ 15 p.a. (ii) Calculate Provision for Doubtful Debts at 2% on Debtors. And also increase in the amount of depreciation by Rs.5,000. It helps us to record those adjustment which were left or committed and were not recorded in the accounts. Financial statements with adjustments | class - 11 | Accounts These are first 10 adjustments of the chapter next adjustments coming in next chapter. Solution: Question 6. (a) Depreciate Machinery at 10% p.a. (Being concerned expenses paid in advance). Plant and Machinery 10%. Solution: Question 24. 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 adjustments are to be made: (c) 5% depreciation to be written off on furniture. (iii) Bad Debts ₹ 600. (e) Provision for Doubtful Debts to be increased to ₹ 3,000 and Provision of Discount on Debtors @ 2% to be made. 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. (iv) A sum of ₹ 400 is due for repairs. (iii) Depreciation is to be provided @ 5% p.a. 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. (If it is an indirect expenses, e.g. 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. 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. Solution: Question 17. Additional information: i. TS Grewal Class 11 Solutions for Accountancy Chapter 1 4 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. NCERT Solutions Class 11 Accountancy Chapter 10 Financial Statements - II. Additional Information: The financial statements include only those entries which belong to the current year. (vi) 10% of the final profit is to be transferred to General Reserve. (If it is an indirect expenses, e.g. Grewal Solutions, Accountancy Class 11 Financial Statements with Adjustments Solutions The following adjustments be taken care of: (a) Stock as at 31st March, 2018 was valued at ₹ 70,000. Here we have given TS Grewal Accountancy Class 11 Solutions Chapter 14 Adjustments in Preparation of Financial Statements. Working Note: 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. (vii) Furniture is depreciated @ 10% p.a. It assists us to separate all the financial transactions into a year-wise category. (ii) Sundry Debtors include ₹ 500 due from a customer who has become insolvent. These are the Financial Statements – I class 11 Notes Accountancy prepared by team of expert teachers. 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: Rent for two … (a) Stock on 31st March, 2018 was ₹ 15,600. Solution: Question 5. 2. ii. (iv) Write off ₹ 5,000 as further Bad Debts and create 5% Provision for Doubtful Debts. (i) Depreciate Land and Building @ 6%, Plant and Machinery @ 10%, Office equipments @ 20% and Furniture and Fixtures @ 15%. (vi) Provide Depreciation on Machinery @ 10% p.a. Solution: Question 3. Solution: Question 20. DK Goel Solutions for Class 11 Accountancy Chapter 22 Financial Statements - With Adjustments Creditors 10,800 1,64,000 1,64,000 Adjustment: - 1. You are to make adjustments in respect of the following: From 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:​ Solution: Question 7. The financial statements include only those entries which belong to the current year. Stock on 31st March, 2018 was ₹ 1,24,500. (v) Outstanding Salaries ₹ 11,500. (i) Value of the Closing Stock as on 31st March, 2018 is ₹ 50,000. Closing Stock on 31st March, 2016 was Rs.21,000. Inventory on 31 st, December 2015 was valued at Rs. You are required to prepare Final Accounts: Solution: Question 23. (c) Provision for Doubtful Debts is to be maintaind at 5% of the Sundry Debtors. 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