1,06,000 - Rs. Depreciation of Machinery = Rs. Wages paid for its installation Rs. 600 as Bad-debts during the year. Transfer to Building Account Rs. (iii) Salaries and wages is outstanding for the month of Feb. & March, 2019. 20,000 × 5% = Rs. 1,000. 1,10,000 × 6% = Rs. (iv) Rent and Salaries have been paid for 11 months. In this video I had explained the solution of additional question no.43 of financial statements with adjustments of DK goel class 11 if this video is … Below is given the Trial Balance of Mr. Ram as at 31st December, 2015. (ii) Depreciate Furniture and Machinery @10% p.a. 60,000, Rs. (A) On 31st March, 2017 the following Trial Balance was extracted from the books of Sh. Accountancy Dk Goel 2019 Solutions for Class 11 Commerce Accountancy Chapter 14 Financial Statements are provided here with simple step-by-step explanations. Question 6. (vi) The manager is entitled to a Commission of 5% on Net Profit after charging such Commission. From the following figures prepare the Trading and Profit and Loss Account for the year ended 31st March, 2019 and the Balance Sheet as at that date:-. 160 and maintain the provision for Bad-debts at 5% on Debtors. (ii) A sum of Rs. 2,000) × 5%. Give the adjustment entry and accounting treatment of the following items while preparing financial statements: Question 1. Students looking for class 11th accountancy help book DK Goel solutions can it from here. Depreciation on Building = 7,500 × 5% = Rs. The CBSE Science Challenge - 2020 DK Goel Solutions Class 11 Accounts subject is provided here. 60, Depreciation on Loose tools = Rs. 2,800 = Rs. (i) Stock on 31st March, 2017 was Rs. Q34. Give four adjustment entries with their explanations.Solution 1: Necessity of doing adjustments: Our Class 11 Accountancy textbook solutions give students an advantage with practical questions. 300 being Commission received in advance. 3) Deferred Revenue Expenditure: There are certain expenditures which are revenue in nature but benefit of which is derived over number of years. 140, Depreciation of office furniture = Rs. 570. The document Financial Statements with Adjustments (Part - 2) Commerce Notes | EduRev is a part of the Commerce Course DK Goel Solutions - Class 11 Accountancy. interest. 48,350, Manager’s Commission = Rs. So, the expenses made on air conditioner will be treated as capital expenditure. 2,000, Depreciation of Furniture and Fixtures = Rs. Tools are to be revalued at Rs. You are informed that goods valued Rs. Dec 16,2020 - DK Goel Solutions - Class 11 Accountancy | Commerce Docs, ... With Commerce exam 2019 coming close, we have covered Commerce exam 2018, 2017 & 2016 as well to get you a perfect result for Commerce. Solution: Question 5. 4,800 for installation of a new machinery. Keep yourself updated with all latest news and also read articles from teachers which will help you to improve your studies, increase motivation level and promote faster learning. 3,40,000 + Rs. 45,000 + Rs. 900. 10,000 (Market value Rs. 5,000 chargeable to Furniture purchased on 1st October 2017. Question 22. (i) Commission include Rs. (4) Create provision for Doubtful Debts at 5% on Sundry Debtors after writing off Rs. Insurance Company admitted the claim in full. Prepare Final Accounts for the year ended 31st March, 2017 after taking into account the following: (i) Stock on 31st March, 2017 was valued at Rs. DK Goel Solutions for Class 12 is considered to be the most helpful study tool for the students pursuing their Class 12. Depreciation of Building = Rs. Financial statements with adjustments | class - 11 | Accounts These are first 10 adjustments of the chapter next adjustments coming in next chapter. 50,000 – Rs. 750, Provision for doubtful debts = Sundry Debtors – Further Bad debts – Amount recovered × Rate, Provision for doubtful debts = (Rs. Question 43. 12,000 were sold and despactched on 29th March, 2019, but no entry was passed to this effect. 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, 2019 and a Balance Sheet as at that date: (i) Goods Costing Rs. 70,000 – Rs. 20,600. Interest has not been paid so far. 500 as further Bad Debts and maintain provision for doubtful debts at 1% on debtors. 15,000 × 20% = Rs. Take the following adjustments into account: (a) General expenses include Rs. Write 20% off Advertising Development Account. 40. (vi) Rs. 2,000) × 5%. Charge interest on Capital @ 6% and Rs. Question 25. Extracts of Trial Balance as at 31st March, 2017: (i) 3/4th of Dewan's bill is irrecoverable. TS Grewal Class 11 Chapter 15 Solutions for Accountancy – Financial Statements of Sole Proprietorship is a concept that students should consider while preparing for their Accountancy exam. (b) Depreciate Plant and Machinery at 5%, Loose Tools at 15% and Furniture and fixtures at 5%. (ii) Expenses for wages, rent and salaries are uniform throughout the year and those for March have not been paid. 8,000 × 10% = Rs. (vii) Depreciate Furniture at 15%, Plant & Machinery at 20% and Building at 10%. From the following balances extracted from the books of Sharma, prepare the Trading and Profit & Loss Account for the year ended 31st March 2019 and Balance Sheet as at that date after taking into consideration the adjustments given below: (i) Closing Stock was valued at Rs. Prepare Trading and Profit & Loss Account for the year ended 31st March, 2019 and a Balance Sheet as at that date. (ii) Interest on investments Rs. 4,000, Provision for doubtful debts = Rs. 2,910) × 5%. Rs. 20,000 × 10%, Question 2. (iii) Increase the Bad-debts Provision to 6% of Debtors. 3. On 31st March, 2017 the following Trial Balance of Sh. 1,900. Problems and solutions in Accountancy DK Goel Class 11 PDF have been drafted in a systematic way. 2,000, Question 4. 1,200 × 5% = Rs. Parveen Kumar, prepare Trading and Profit & Loss Account for the year ending 31st March, 2019 and a Balance Sheet as at that date: (1) Closing Stock was valued at Rs. (v) Make a provision for Doubtful Debts @5% on Debtors. Reason: Purchases of machinery is a capital expenditure all expenses related to machinery on the purchasing date is treated as capital expenditure. 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. 17,750, Question 23. 1,200 paid on 1st October, 2018 to run for one year from Oct. 1, 2018 to Sept. 30, 2019. 70,000. Depreciate plant and machinery 10% and premises by 2%. (vi) Write off Rs. The solutions included are easy to understand, and each step in the solution is described to match the students’ understanding. Right now we added the solutions of the class 11th Accountancy text book(D.K. From the following information prepare financial Statements of M/s Raj & Bros, for the year ending March 31, 2017. Give three essential features of Receipts and Payments Account.Solution 1. (vi) Prepaid Insurance is to the extent of Rs. (a) Private purchases amounting to Rs. (b) Depreciate Land and Buildings at 5/2 % and Motor Vehicles at 20%. Question 19. 60,000. 2,30,000 – Rs. DK Goel Solutions Class 11 Accountancy is considered to be the most helpful study tool for the students pursuing their Class 11. Many of the Students find Account the hardest and the time taking subject at school. 100 and Wages prepaid were Rs. 30,000 as a Bad-debt. 500 - Rs. Tricks for Proper Utilization of Add-On 15 Minutes introduced in CBSE Board Exams 800. 10,000 of the commission received is yet to be earned. 2,50,000 × 5%, Provision for doubtful debts = Rs. Depreciation on Building = Rs. Depreciation of Building = Rs. 4,000 have been debited to Purchases Account. (v) 5/2% for discounts is to be provided on Debtors. Question 13. (iii) Outstanding Rent amounted to Rs. (iv) Depreciate Plant & Machinery by 15% and Motor Vehicle by 20%. 5,000 were spent on the repair of a machinery. CBSE Class 12 Accountancy DK Goel (2019). That's not true, indeed, if you know how to appreciate the beauty of this app and how to use and get good results in this subject. How is it shown in the balance sheet? 4,000, Depreciation of Plant and Machinery = Rs. 600 × 10%, Question 5. (iii) Rs. The questions provided in DK Goel (2019) Books are prepared in accordance with CBSE, thus holding higher chances of appearing on CBSE question papers. 15,000, Depreciation of Furniture = Rs. (7) Charge 10% p.a. 2) Revenue Expenditure: It is the amount spent to purchase goods and services that are used during an accounting period is called revenue expenditure. 1,46,300, Provision for Manager’s Commission = Rs. Access NCERT Solutions for Class 11 Accountancy. 50. (ii) Commission include Rs. The following is the trial balance of Mr. Amar Chand as at 31st March, 2016:-, Taking into account the following adjustments, prepare Trading and Profit & Loss Account and the Balance Sheet as at 31st March, 2016:-, Provision for doubtful debts = (Rs. (d) Provide 212%212% for discount on sundry debtors. 7,000, Depreciation of Motor Vehicle = Rs. 1,200. It is decided to maintain Provision for Doubtful Debtors @ 5% on Debtors and Provision for Discount at @ 2%. (vi) Make a provision for doubtful debts @ 5% of trade debtors. Ajay Oswal was taken out. 3,000, Provision for doubtful debts = Rs. 8,000, Depreciation of Packing Machinery = Rs. Stock on 31st March 2016 was Rs. (iii) Create a provision of 5% on other debtors. 14,470 × 10% = Rs. The following adjustments are to be made: (i) Stock in hand on 31st March, 2019 was Rs. 80,000 × 10% = Rs. 5,000 at the end of the year. From the following Trial Balance extracted from the books of S. Sujan Singh, prepare a Trading and Profit & Loss Account for the year ended 31st March, 2016 and a Balance Sheet as at that date: 1. Accountancy Dk Goel 2019 Solutions for Class 11 Commerce Accountancy Chapter 15 Financial Statements With Adjustments are provided here with simple step-by-step explanations. Right now we added the solutions of the class 11th Accountancy text book(D.K. From the following balances, prepare Final Accounts of Mr. Bal Gopal :-. 500) × 1%. 56,000 × 2%. The CBSE Solutions for DK Goel accountancy has been created by accounts teachers are StudiesToday.com. 8,000 were sent to a customer on sale or return basis for Rs. 20,000. 9,000 received for rent related to the next accounting period. (5) A bill of Rs. 600 out of the Advertisement Expenses are to be carried forward to the next year. 3,250. The following balances were extracted from the books of Mr. Din Dayal as at 31st March, 2019: Prepare Trading and Profit & Loss Account for the year and a Balance Sheet as at 31st March, 2019, after taking into account the following: (1) Stock was valued at Rs. Stock at 31st March 2019 is Rs. No entry for the same has yet been passed in the books. 1,000 and insurance prepaid Rs. (ii) 1/5th of general expenses and taxes & insurance to be charged to factory and the balance to the office. (v) Write off Rs. 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' Write notes on the following:-, Question 5. 2,00,000 × 15% = Rs. The following balances were taken from the books of Shri R. Lal as at 31st March, 2017. 2,400, Provision for doubtful debts = (Sundry Debtors – Further Bad Debts) × Rate, Provision for doubtful debts = (Rs. (iv) Rs. (iv) General expenses include Rs. 1,200. Closing Stock on 31st March, 2016 was Rs.21,000. 2,000 due from a customer who has become insolvent and nothing is recoverable from his estate. 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