3,000 has been admitted by Insurance Co. (vi) Bank Loan has been taken at 12% p.a. Problems and solutions in Accountancy DK Goel Class 11 PDF have been drafted in a systematic way. 3,200 for advertisement in newspaper remained unpaid at the end of the year. Depreciation of Plant = Rs. Question 30. Such incomes are known as accrued income. (iii) Sundry Debtors include an amount of Rs. 80,000 – Rs. 8,000, Provision for doubtful debts = Rs. 8,000 destroyed by fire and insurance company admitted a claim for Rs. (iii) Salaries and wages is outstanding for the month of Feb. & March, 2019. 6,200 (Market Price). (iii) Closing stock in trade is valued at Rs. Question 25. 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. From the following Trial Balance of Mr. Tarun Ghosh, prepare Trading and Profit and Loss A/c for the year ending 31st March, 2017 and a Balance Sheet as at that date: (i) Closing Stock amounted to Rs. 7,200 on 26th March, 2017 and had been recorded in the books as actual sales. 18,200 – Rs. 6,000 (cost); Rs. (iv) Make a provision at 5% on debtors for Bad-debts. DK Goel Solutions for Class 11 Accountancy Chapter 22 Financial Statements - With Adjustments Q.1 The following are the balances extracted from the books of Raghunath Ji as on 31st March, 2017. (ii) Rent receivable Rs. (v) Make a provision for Doubtful Debts @5% on Debtors. From these balances, prepare his Trading and Profit & Loss Account and Balance Sheet as at that date: Depreciation on Building = Rs. Rent was unpaid to the extent of Rs. 20,000 × 10%, Question 2. Ajay Oswal was taken out. Insurance Company admitted a claim of 75%. Reason: To enhance the working capacity of the assets if any expenditure is incurred once in a while, then it will be treated as capital expenditure. 500 as further bad debts. Scientific and technological developments contribute to progress and help improve our standards of living. december 17th, 2019 - class 12 dk goel npo financial statements of not for profit organisations solutions 2018 q 1 class 11 biology 11 class 11 d k goel solutions 2019 2 class 11 d k goel 2 class 11 up math 2 class 12 variations in psychological attributes 1 class 12 arts english 3' Provision for Doubtful Debts = Sundry Debtors × Rate, Provision for Doubtful Debts = Rs. 500) × 5%. How is it shown in the balance sheet? The following balances were taken from the books of Shri R. Lal as at 31st March, 2017. 750, Provision for doubtful debts = Sundry Debtors – Further Bad debts – Amount recovered × Rate, Provision for doubtful debts = (Rs. Example: Purchase of Machinery. (ii) The manager is entitled to a commission of 10% of the net profit before charging such commission. Here, are few solutions rendered in a simple and stepwise method. From these balances, prepare his Trading and Profit & Loss Account and Balance Sheet as at that date: Dr. (₹) Cr. Copyright © Question 42. Question 16. Give the adjustment entry and the treatment in Final Accounts of the following: Question 10. 6. Following are balances from the trial balance of Ritesh Traders as at 31st March 2019: Prepare Trading and Profit & Loss Account for the year ended 31st March 2019 and Balance Sheet as at that date after taking into account the following adjustments : (i) Closing Stock was valued at Rs. (iv) Commission earned but not received Rs. 10,000 given alongwith purchase order was wrongly recorded in purchases. 10,000, Depreciation of Furniture = Rs. You are informed that goods valued Rs. Right now we added the solutions of the class 11th Accountancy text book(D.K. From the following Trial Balance, extracted from the books of Raga Ltd., prepare a Profit and Loss Account for the year ended 31st March, 2019 and a Balance Sheet as at that date: The additional informations are as under: (i) Closing stock was valued at the end of the year at Rs. 20,000 were purchased and included into stock but no entry was passed to record the purchase. 81,000 × 5%, Provision for Discount on Debtors = 82,000 – 1,000 – 4,050 × 2%, Provision for Discount on Debtors = Rs. 600 – Rs. 60,000. From the following Trial Balance of Sh. Make a Provision of 5% on Sundry Debtors for Bad-debts. (4) Create provision for Doubtful Debts at 5% on Sundry Debtors after writing off Rs. Loose Tools are revalued at Rs. 20,600. 75,000 on 31st March, 2019. Accrued Income: It is quite common that certain items of income such as interest on securities, commission, rent etc., are earned during the current year but have not been actually received by the end of the current year. Prepare Trading and Profit & Loss Account for the year ended 31st March, 2017 and Balance Sheet as at that date, after making adjustments for the following matters: Depreciation of Land and Building = Rs. 6,50,000. 5,000 is yet to be received while Rs. 54,300 – Rs. (iii) Make a provision for discount on debtors at 3%. See category ranking history, ad creatives, keyword rankings & reviews of Account Class-11 Solutions (D K Goel) 2019 app on Play Store. 58,100 + Rs. 2,08,900 – Rs. 100 is prepaid. 160 and maintain the provision for Bad-debts at 5% on Debtors. TS Grewal Solutions Class 11 Chapter 18 – Adjustments in Preparation of Financial Statements furnish a wide range of solutions that certainly supports the students to analyse, learn and solve them. (c) Depreciation on Furniture and Fittings for the year is to be at the rate of 10% per annum. 2,000, Manager’s Commission = Rs. Calculation of drawings = Rs. Give Journal Entries for the following adjustments in final accounts: (b) Maintain the provision for doubtful debts @ 5% on debtors. (vii) Closing Stock was valued at Rs. 3,000, Provision for Discount on Debtors = (Sundry Debtors – Further Bad Debts) × Rate, Provision for Discount on Debtors = (Rs. (i) Stock on 31st March, 2017 was Rs. 100 and Wages prepaid were Rs. 5,000) × 2%, Question 36. On 31st March, 2017 the following Trial Balance of Sh. Features of Receipts and Payments Account: 1.) (A) From the following balances, prepare Trading, Profit and Loss A/c and a Balance Sheet as at 31st March 2018:-. (iii) An advance of Rs. (a) Stock on 31st March 2016 is Rs. 1,000 × 5%, Provision for doubtful debts = Rs. 6,600, Calculation of Provision for Doubtful debts:-, Provision for doubtful debts = Debtors – Further Bad debts × Rate, Provision for doubtful debts = Rs. (iv) Rs. Depreciate plant and machinery 10% and premises by 2%. Also prepare a balance sheet as at that date. 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