Added to the concerned expenses on the debit side. (b) Depreciation is to be charged on Plant and Machinery at 5% and Furniture and Fixtures at 6%. (iii) Unexpired insurance is ₹ 1,000. (iv) Rent is paid for 11 months. Computer Depreciation= 60,000 × 10% × 9months = 4,500 (d) Insurance includes a premium of ₹ 1,700 for the year ending 31st March, 2019. (vi) Insurance premium is paid per annum, ended 31st May, 2018. Solution: Question 5. Class 11 Accountancy TS Grewal Solutions Chapter 15 - Adjustments in Preparation of Financial Statements. (iv) Carry forward ₹ 2,000 for unexpired insurance. Scroll down for Financial Statements – I I from NCERT Book Class 11 Accountancy Book & important study material. 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: Solution: Question 26. Solution: Question 5. (i) Salaries ₹ 1,000 and Taxes ₹ 2,000 are outstanding but Insurance ₹ 500 is prepaid. (ii) Depreciate Machinery at 10%. (iii) Depreciate Land and Building @ 2\(\frac { 1 }{ 2 }\) %, Plant and Machinery @ 10% p.a. SaralStudy providing Find Free online CBSE NCERT Soutions for chapter 9 Financial Statements - 1 of Class 11 Accountancy detail solutions from SaralStudy. NCERT Solutions Class 11 Accountancy Chapter 9 Financial Statements - I. (a) Stock on 31st March, 2018 was valued at ₹ 68,000. On 31st March, 2018 the following Trial Balance was extracted from the books of Mohan: Solution: Question 23. Question 29. It helps us to record those adjustment which were left or committed and were not recorded in the accounts. Plant and Machinery was not debited in the books by the amount paid from firm. It was used by Mohan for Purchase of stationery used in business. (a) Stock on 31st March, 2018 was ₹ 15,600. CBSE Class XI Accountancy T.S. Question 1. Following Trial Balance were extracted from the books of Ram as on 31st March, 2018: 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 . Following additional information is available: ii. (iii) Outstanding liability for trade expenses ₹ 12,000. 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. You are required to prepare Trading and Profit and Loss Account and Balance Sheet for the year ended 31st March, 2018: Solution: Question 19. Cheque issued for new machine purchased was accounted in the books of account. 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:​ Additional Information: (e) Unexpired insurance was ₹ 4,000. Machinery included a machine which was purchased for ₹ 38,500 on 30th September, 2017. (d) Provide ₹ 7,000 as outstanding interest on loan. Solution: Question 8. (iv) A sum of ₹ 400 is due for repairs. (f) Provide Depreciation on Plant and Machinery @ 10% on cost and on Furniture @ 5%. (i) Closing Stock ₹ 15,270. (i) Closing Stock ₹ 75,000. Cash Flow Statement Notes Class 12 Accountancy. We at BYJU’S provide DK Goel Solutions to assist students to comprehend all the theories in particular. (ii) Rent of ₹ 1,200 has been received in advance. Solution: T. S. Grewal Solutions for Class 11-commerce Accountancy CBSE, 18 Financial Statements of Sole Proprietorship. (a) Stock on 31st March, 2018 – ₹ 52,000. Easy to print and read. 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. Chapter 1 Financial Statements. was last updated on 22nd December 2020 salaries). Solution: Question 2. (ii) Wages Outstanding ₹ 24,000. myCBSEguide has just released Chapter Wise Question Answers for class 11. etc. Manager is entitled to a commission of 5% on net profit after charging his commission. Financial statements with adjustments | class - 11 | Accounts These are first 10 adjustments of the chapter next adjustments coming in next chapter. Download CBSE class 11th revision notes for Chapter 9 Financial Statements – I class 11 Notes Accountancy in PDF format for free. 1st PUC Financial Statements With Adjustments Numerical Questions Question 1. It means journal entry of this adjustment has not been passed yet . Solution: Question 14. 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