Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Commerce: Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

The document Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce is a part of the Commerce Course DK Goel Solutions - Class 11 Accountancy.
All you need of Commerce at this link: Commerce

Page No 22.110:

Question 34:

From the following balances extracted from the books of Sharma, prepare the Trading and Profit & Loss Account for the year ended 31st March 2011 and Balance Sheet as at that date after taking into consideration the adjustments given below:
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Adjustments:

(i) Closing Stock was valued at ₹ 61,700.

(ii) Depreciate Furniture and Machinery @10% p.a. and Sale Van @20% p.a.

(iii) Outstanding Rent amounted to ₹ 900.

(iv) Bad Debts ₹ 200.

(v) Make a provision for Doubtful Debts @5% on Debtors.

(vi) Charge one-fourth of salaries and wages to the Trading Account.

(vii) A new machinery was purchased on credit and installed on 31st December 2010 costing ₹ 15,000. No entry for the same has yet been passed in the books.
ANSWER:
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Working Notes:

WN1: Calculation of Amount of Depreciation
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN2: Calculation of Provision for Doubtful Debts
Provision for Doubtful Debts 
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce 

Page No 22.111:

Question 35:
Prepare a trading and profit & loss account of M/s Green Club Ltd. for the year and a Balance Sheet as at that date from the following figures taken from their trial balance:
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Adjustments:-
(i) Depreciation charged on Machinery @ 5% p.a.
(ii) Further Bad-debts ₹ 1,500, provision for discount on debtors @ 5% and provision for Doubtful Debts on debtors @ 6%.
(iii) Wages prepaid ₹ 1,000.
(iv) Interest on investments @ 5% p.a.
ANSWER:
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Working Notes:
WN1Calculation of Amount of Depreciation

Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce 
WN2Calculation of Provision for Doubtful Debts 
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN3Calculation of Provision for Discount on Debtors 
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN4: Calculation of Accrued Interest on Investment
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Page No 22.112:

Question 36:
Below is given the Trial Balance of Mr. Ram as at 31st December, 2015. You are required to prepare Trading and Profit & Loss Account and Balance Sheet as at that date.
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Adjustments:-
1. Create a provision for Doubtful Debts @ 5% on Debtors and 2% for discount on Debtors.
2. Provide up-to-date interest on Investments.
3. Expenses for rent, wages, salaries and office expenses are uniform throughout the year and those for December, 2015 have not been paid.
4. Depreciate Plant by 10% p.a. and Furniture by 20% p.a.
5. Unearned Commission ₹ 1,500.
ANSWER:
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Working Notes:
WN1: Calculation of Amount of Depreciation

Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN2: Calculation of Provision for Doubtful Debts
Provision for Doubtful Debts 
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN3: Calculation of Provision for Discount on Debtors
Provision for Discounton Debtor
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN4: Calculation of Accrued Interest on Investments
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN5: Calculation of Prepaid Insurance
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

WN6: Calculation of Outstanding Expenses

Rent, Wages, Salariesand Office Expenses have been paid for 11 months.

Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Page No 22.113:

Question 37:
On 31st March, 2017 the following Trial Balance of Sh. Ajay Oswal was taken out. Prepare Trading and Profit & Loss Account for the year and Balance Sheet at that date after making the following adjustments:-
(i) Stock on 31st March, 2017 was valued ₹ 26,000.
(ii) General Manager is entitled to a Commission of 5% on Net Profits after charging such Commission.
(iii) ₹ 2,000 paid for Salary & Wages have been included in Sundry Debtors.
(iv) Increase Bad-debts by ₹ 800 and create provision for Doubtful Debts at 10%.
(v) General Expenses include insurance premium paid up to 30th June, 2017 @ ₹ 3,000 per annum.
(vi) ₹ 600 out of the Advertisement Expenses are to be carried forward to the next year
(vii) Charge one-fourth of 'Salaries and Wages' to Trading A/c.
(viii) Accrued Income ₹ 2,500.
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
ANSWER:
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Working Notes:
WN1: Calculation of Provision for Doubtful Debts
Provision for Doubtful Debts
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN2: Calculation of Accrued Interest on Loan to Malik
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN3: Calculation of Pre-paid Insurance
Annual Insurance Premium=3,000 
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - CommerceWN4: Calculation of Manager’s Commission
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Page No 22.114:

Question 38:
Prepare Trading and Profit & Loss Account and Balance Sheet as at 31st March, 2017, from the following balances:
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Adjustments:-
1. Stock on hand on 31st March, 2017 was ₹ 80,000.
2. Further Bad-debts written off ₹ 2,000 and Create a provision of 5% of Sundry Debtors.
3. Rent has been paid up to 31st May, 2017.
4. Manufacturing wages include ₹ 10,000 of a new Machinery purchased on 1st October, 2016.
5. Depreciate Plant and Machinery by 10% p.a. and Fixtures and Fittings by 20% p.a.
6. Commission earned but not received ₹ 1,000.
7. Interest on Loan for the last two months is not paid.
8. Goods worth ₹ 4,000 were distributed as free samples.
ANSWER:
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

 Working Notes:
WN1: Calculation of Amount of Depreciation

Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN2Calculation of Prepaid Rent
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN3Calculation of Provision for Doubtful Debts
Provision for Doubtful Debts 
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN4Calculation of Interest on Loan
Interest on Loan Outstanding Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN5: Calculation of Prepaid Insurance
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Page No 22.114:

Question 39:

From the following Trial Balance extracted from the books of Mr. Karuna Sagar, prepare a Trading and Profit & Loss A/c for the year ended 31st March, 2014 and a Balance Sheet as at that date:
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Informations:-
(i) Goods Costing ₹ 2,000 were taken away by the proprietor for his personal use and goods costing ₹ 1,500 were given away as charity.
(ii) Expenses for wages, rent and salaries are uniform throughout the year and those for March have not been paid.
(iii) Provide 10% depreciation on Furniture and 20% on Motor Car.
(iv) Provide for Manager's Commission at 10% on Net Profit after charging such Commission.
ANSWER:
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Working Notes:

WN1: Calculation of Amount of Depreciation
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

WN2: Calculation of Outstanding Expenses
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN3Calculation of Manager’s Commission
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Page No 22.115:

Question 40:
From the following Trial Balance of Sh. Parveen Kumar, prepare Trading and Profit & Loss Account for the year ending 31st March, 2014 and a Balance Sheet as at that date:
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Informations:-

(1) Closing Stock was valued at ₹ 60,000. You are informed that goods valued ₹ 12,000 were sold and despactched on 29th March, 2014, but no entry was passed to this effect.
(2) Insurance Premium include ₹ 1,200 paid on 1st October, 2013 to run for one year from Oct. 1, 2013 to Sept. 30, 2014.
(3) Loan from Mr. Naresh was taken on 1st July, 2013. Interest has not been paid so far.
(4) Create provision for Doubtful Debts at 5% on Sundry Debtors after writing off ₹ 600 as Bad-debts during the year.
(5) A bill of ₹ 3,200 for advertisement in newspaper remained unpaid at the end of the year.
(6) Purchases include Furniture costing ₹ 5,000 purchased on 1st April, 2013.
(7) Charge 10% p.a. depreciation on Furniture and write off 15th15th of patents.
ANSWER:
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Working Notes:
WN1: Calculation of Amount of Depreciation
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN2: Calculation of Prepaid Insurance
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN3: Calculation of Provision for Doubtful Debts
Provision for Doubtful Debts =
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN4: Calculation of Outstanding Interest on Loan
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN5: Calculation of Rent Received in Advance
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Page No 22.116:

Question 41:

The following Trial Balance was extraced from the books of Mr. Gupta as at 31st March, 2014:
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Adjustments:- 
(i) Goods costing ₹ 20,000 were purchased and included into stock but no entry was passed to record the purchase.
(ii) Loan from Mr. Yadav was taken on 1st June, 2013.
(iii) Sundry Debtors include an amount of ₹ 2,000 due from a customer who has become insolvent and nothing is recoverable from his estate.
(iv) Create a provision of 5% for Doubtful Debts and 2% for discount on Debtors.
(v) Three months lighting and heating bill due but not paid ₹ 3,000.
(vi) Rent is paid for 11 months but is received for 13 months.
(vii) Stock amounted to ₹ 90,000 on 31st March, 2014.
Prepare Trading and Profit & Loss Account for the year ended 31st March, 2014 and a Balance Sheet as at that date.
ANSWER:
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Working Notes:
WN1: Calculation of Outstanding Interest on Loan

Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN2: Calculation of Provision for Doubtful Debts
Provision for Doubtful Debts
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN3: Calculation of Provision for Discount on Debtors

Provision for Discount on Debtors 
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce 
WN4: Calculation of Advance Rent Received
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN5: Calculation of Outstanding Rent
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Question 42:

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:
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Adjustments:- 

(i) Closing Stock amounted to ₹ 50,000.

(ii) Goods costing ₹ 8,000 were sent to a customer on sale or return basis for ₹ 10,000 on 30th March, 2017 and had been recorded in the books as actual sales.

(iii) Allow 8% interest on Capital and charge ₹ 3,000 as interest on drawings.

(iv) Depreciate: Business premises by 5%; Furniture and Fixtures by 20% and Packing Machinery by 10%. Tools are to be revalued at ₹ 12,000.

(v)  Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce for discounts is to be provided on Debtors.

(vi) ₹ 1,500 is to be provided for Bad and Doubtful Debts.
ANSWER:


Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Working Notes: 
WN1: Calculation of Amount of Depreciation
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN2: Calculation of Provision for Discount on Debtors
Provision for Discount on Debtors
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN3: Calculation of Accrued Interest
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Page No 22.118:

Question 43:

The following balances were extracted from the books of Mr. Din Dayal as at 31st March, 2014:
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Prepare Trading and Profit & Loss Account for the year and a Balance Sheet as at 31st March, 2014, after taking into account the following:

(1) Stock was valued at ₹ 75,000 on 31st March, 2014. You are informed that a fire occurred on 28th March, 2014 in the godown and stock of the value of ₹ 10,000 was destroyed. Insurance Company admitted a claim of 75%.

(2) One-third of the commission received is in respect of work to be done next year.

(3) Create a provision of 5% for Doubtful Debts.

(4) 50% of Printing and Advertising is to be carried forward as a charge in the following year.

(5) ₹ 900 is due for interest on loan.

(6) Provide for manager's Commission at 10% on Net Profit before charging such commission.
ANSWER:
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Working Notes:
WN1: Calculation of Provision for Doubtful Debts

Provision for Doubtful Debts
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
WN2: Calculation of Manager’s Commission
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Question 44:
From the following information prepare financial Statements of M/s Raj & Bros, for the year ending March 31, 2017.
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Additional Information:- 

(i) Depreciation on Plant and Machinery @ 10% p.a., a Machine has been purchased on July 01, 2016 for ₹ 12,000.

(ii) The manager is entitled to a commission of 10% of the net profit before charging such commission.

(iii) Closing stock in trade is valued at ₹ 6,000 (cost); ₹ 6,200 (Market Price).

(iv) Rent outstanding ₹ 5,000.

ANSWER:
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

Working Notes:
WN1: Calculation of Amount of Depreciation

Depreciation on Machinery
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

WN2: Calculation of Outstanding Interest on Bank Loan
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

WN3: Calculation of Manager’s Commission
Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce

The document Financial Statements with Adjustments (Part - 4) Notes | Study DK Goel Solutions - Class 11 Accountancy - Commerce is a part of the Commerce Course DK Goel Solutions - Class 11 Accountancy.
All you need of Commerce at this link: Commerce

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