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Q.20 From the following balances of Anand, prepare Trading Account, Profit and Loss Account, and
Balance Sheet as at 31st March, 2019:
Credit Balances: ? Debit Balances (Contd.): ?
Capital 3,60,000 Postage 2,730
Creditors 87,200 Bad Debts 2,870
Bills Payable 25,270 Interest 12,950
Sales 7,81,820 Insurance 4,170
Bad Debts
Recovered
1,750 Machinery 1,00,000
Loan 1,20,000 Stock (Opening) 99,450
Debit Balances: Purchases 6,20,920
Debtors 38,850 Wages 43,000
Salaries 40,000 Building 2,37,800
Discount 10,000 Selling Expenses 1,750
Fixtures and Fittings 1,61,550
Value of goods on hand (31st March, 2019) was ? 1,43,000.
The solution can be presented as follows
Page 2
Q.20 From the following balances of Anand, prepare Trading Account, Profit and Loss Account, and
Balance Sheet as at 31st March, 2019:
Credit Balances: ? Debit Balances (Contd.): ?
Capital 3,60,000 Postage 2,730
Creditors 87,200 Bad Debts 2,870
Bills Payable 25,270 Interest 12,950
Sales 7,81,820 Insurance 4,170
Bad Debts
Recovered
1,750 Machinery 1,00,000
Loan 1,20,000 Stock (Opening) 99,450
Debit Balances: Purchases 6,20,920
Debtors 38,850 Wages 43,000
Salaries 40,000 Building 2,37,800
Discount 10,000 Selling Expenses 1,750
Fixtures and Fittings 1,61,550
Value of goods on hand (31st March, 2019) was ? 1,43,000.
The solution can be presented as follows
Page 3
Q.20 From the following balances of Anand, prepare Trading Account, Profit and Loss Account, and
Balance Sheet as at 31st March, 2019:
Credit Balances: ? Debit Balances (Contd.): ?
Capital 3,60,000 Postage 2,730
Creditors 87,200 Bad Debts 2,870
Bills Payable 25,270 Interest 12,950
Sales 7,81,820 Insurance 4,170
Bad Debts
Recovered
1,750 Machinery 1,00,000
Loan 1,20,000 Stock (Opening) 99,450
Debit Balances: Purchases 6,20,920
Debtors 38,850 Wages 43,000
Salaries 40,000 Building 2,37,800
Discount 10,000 Selling Expenses 1,750
Fixtures and Fittings 1,61,550
Value of goods on hand (31st March, 2019) was ? 1,43,000.
The solution can be presented as follows
Q.21 From the following balances, prepare Final Accounts of M/s Raja & Sons for the year ended 31st
March, 2019:
Salary ? 5,400; Insurance ? 2,500; Cash ? 400; Purchases ? 84,170; Rent Received ? 3,150; Drawings ?
2,100; Bills Payable ? 3,900; Debtors ? 38,080; Stock (1st April, 2018) ? 29,500; Bank Overdraft ? 9,700;
Carriage ? 2,200; Creditors ? 4,200; Trade Expenses ? 4,900; Sales Return ? 4,700; Machinery ? 12,000;
Wages ? 45,000; Sales ? 1,47,200; Purchases Return ? 3,900; Capital ? 58,900; Closing Stock (31st March,
2019) ? 36,200.
The solution can be presented as follows
Page 4
Q.20 From the following balances of Anand, prepare Trading Account, Profit and Loss Account, and
Balance Sheet as at 31st March, 2019:
Credit Balances: ? Debit Balances (Contd.): ?
Capital 3,60,000 Postage 2,730
Creditors 87,200 Bad Debts 2,870
Bills Payable 25,270 Interest 12,950
Sales 7,81,820 Insurance 4,170
Bad Debts
Recovered
1,750 Machinery 1,00,000
Loan 1,20,000 Stock (Opening) 99,450
Debit Balances: Purchases 6,20,920
Debtors 38,850 Wages 43,000
Salaries 40,000 Building 2,37,800
Discount 10,000 Selling Expenses 1,750
Fixtures and Fittings 1,61,550
Value of goods on hand (31st March, 2019) was ? 1,43,000.
The solution can be presented as follows
Q.21 From the following balances, prepare Final Accounts of M/s Raja & Sons for the year ended 31st
March, 2019:
Salary ? 5,400; Insurance ? 2,500; Cash ? 400; Purchases ? 84,170; Rent Received ? 3,150; Drawings ?
2,100; Bills Payable ? 3,900; Debtors ? 38,080; Stock (1st April, 2018) ? 29,500; Bank Overdraft ? 9,700;
Carriage ? 2,200; Creditors ? 4,200; Trade Expenses ? 4,900; Sales Return ? 4,700; Machinery ? 12,000;
Wages ? 45,000; Sales ? 1,47,200; Purchases Return ? 3,900; Capital ? 58,900; Closing Stock (31st March,
2019) ? 36,200.
The solution can be presented as follows
Q.22 From the following balances, prepare Final Accounts of M/s Mangal & Sons for the year ended 31st
March,2019:
Opening Stock ? 12,500; Bills Receivable ? 2,000; Sales ? 70,000; Purchases ? 37,500; Creditors ? 20,000;
Salaries ? 3,850; Insurance ? 200; Debtors ? 32,500; Carriage ? 1,450; Commission ? 750; Interest ? 900;
Printing ? 250; Bills Payable ? 3,150; Returns In ? 1,300; Returns Out ? 500; Bank ? 5,250; Rent and Taxes
? 1,300; Furniture ? 1,000; Capital ? 7,100; Stock on 31st March, 2019 ? 15,000.
The solution can be presented as follows
Page 5
Q.20 From the following balances of Anand, prepare Trading Account, Profit and Loss Account, and
Balance Sheet as at 31st March, 2019:
Credit Balances: ? Debit Balances (Contd.): ?
Capital 3,60,000 Postage 2,730
Creditors 87,200 Bad Debts 2,870
Bills Payable 25,270 Interest 12,950
Sales 7,81,820 Insurance 4,170
Bad Debts
Recovered
1,750 Machinery 1,00,000
Loan 1,20,000 Stock (Opening) 99,450
Debit Balances: Purchases 6,20,920
Debtors 38,850 Wages 43,000
Salaries 40,000 Building 2,37,800
Discount 10,000 Selling Expenses 1,750
Fixtures and Fittings 1,61,550
Value of goods on hand (31st March, 2019) was ? 1,43,000.
The solution can be presented as follows
Q.21 From the following balances, prepare Final Accounts of M/s Raja & Sons for the year ended 31st
March, 2019:
Salary ? 5,400; Insurance ? 2,500; Cash ? 400; Purchases ? 84,170; Rent Received ? 3,150; Drawings ?
2,100; Bills Payable ? 3,900; Debtors ? 38,080; Stock (1st April, 2018) ? 29,500; Bank Overdraft ? 9,700;
Carriage ? 2,200; Creditors ? 4,200; Trade Expenses ? 4,900; Sales Return ? 4,700; Machinery ? 12,000;
Wages ? 45,000; Sales ? 1,47,200; Purchases Return ? 3,900; Capital ? 58,900; Closing Stock (31st March,
2019) ? 36,200.
The solution can be presented as follows
Q.22 From the following balances, prepare Final Accounts of M/s Mangal & Sons for the year ended 31st
March,2019:
Opening Stock ? 12,500; Bills Receivable ? 2,000; Sales ? 70,000; Purchases ? 37,500; Creditors ? 20,000;
Salaries ? 3,850; Insurance ? 200; Debtors ? 32,500; Carriage ? 1,450; Commission ? 750; Interest ? 900;
Printing ? 250; Bills Payable ? 3,150; Returns In ? 1,300; Returns Out ? 500; Bank ? 5,250; Rent and Taxes
? 1,300; Furniture ? 1,000; Capital ? 7,100; Stock on 31st March, 2019 ? 15,000.
The solution can be presented as follows
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FAQs on Adjustments in Preparation of Financial Statements - 2 - Accountancy Class 11 - Commerce
| 1. What are the key adjustments made during the preparation of financial statements? |  |
Ans. Key adjustments in the preparation of financial statements include accruals, deferrals, depreciation, amortization, and adjustments for uncollectible accounts. These adjustments ensure that revenues and expenses are recognized in the period they occur, aligning with the accrual basis of accounting.
| 2. Why are adjustments important in financial statements? | |
Ans. Adjustments are crucial because they provide a more accurate representation of a company's financial position and performance. They help comply with accounting principles, ensuring that the financial statements present a true and fair view of the company’s financial health.
| 3. How do accruals differ from deferrals in financial statements? | |
Ans. Accruals represent revenues and expenses that have been recognized but not yet received or paid, while deferrals involve cash transactions that are recorded before the related revenue or expense is recognized. For example, accrued revenue is recognized when the service is performed, even if payment is received later, whereas deferred revenue is recorded when cash is received before the service is completed.
| 4. What role does depreciation play in financial statements? | |
Ans. Depreciation is an adjustment that allocates the cost of tangible fixed assets over their useful lives. This process helps match the cost of the asset with the revenue it generates, providing a more accurate view of profitability and asset value on the balance sheet.
| 5. How can uncollectible accounts affect financial statements? | |
Ans. Uncollectible accounts, or bad debts, affect financial statements by reducing accounts receivable and recognizing an expense for the estimated uncollectible amounts. This adjustment ensures that the financial statements reflect the realistic collection potential of receivables, thus impacting net income and financial position.
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