Give journal entries for the following adjustments in final accounts assuming CGST and SGST @ 9% each: (iii) Insurance premium amounting to Rs. (e) Provision for Doubtful Debts is to be maintained at 5% on Debtors. (v) Three months lighting and heating bill due but not paid Rs. (iii) Increase the Bad-debts Provision to 6% of Debtors. 50,000 were spent for air-conditioning of the office of the manager. Question 4. 2,80,000 × 2.5% = Rs. 15,000 × 20% = Rs. Accountancy-DK Goel 2019 Textbook Solutions for Class 11 ... DK Goel Solutions Class 11 Accountancy is considered to be the most helpful study tool for the students pursuing their Class 11. (iv) On 31st March, 2017 Rs. There are numerous concepts in Accountancy, but the concepts of Trial Balance, Depreciation and Bank Reconciliation Statement (BRS) are required. 180, Read the latest news and announcements from NCERT and CBSE below. (v) Provide Depreciation on Plant and Machinery @ 10% and on Furniture @ 5%. Give the adjustment entry and the treatment in Final Accounts of the following: Question 10. Provision for doubtful debts: such a provision is created at a fixed percentage on debtors every year and is called ‘provision for bad and doubtful debts’. 8,000 were sent to a customer on sale or return basis for Rs. 3,80,000 × 10% = Rs. For Example: Huge Advertisement Expenditure. Additional information: i. (iii) Make a provision for discount on debtors at 3%. Reason: The expenditure on repairing of machinery will help to raise the working capacity of the machinery, so it is revenue expenditure. 20,000 were purchased and included into stock but no entry was passed to record the purchase. 40. Give its adjusting entry. 50,000. (ii) General Manager is entitled to a Commission of 5% on Net Profits after charging such Commission. 64, Depreciation on Patents = Rs. (iii) Create a provision of 2% for Discount on Debtors. 15,000. (ii) Half the amount of X's Bill is irrecoverable. 800) × 5%. Question 8. 2,000 as further bad-debts. CBSE Class 12 Accountancy DK Goel (2019). 450, Provision for doubtful debts = Rs. 20,000, not covered by insurance. DK Goel (2019) Solutions are considered an extremely helpful resource for exam preparation. (II) Goods costing Rs. 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. 6,250 – Rs. To ascertain the true financial position of the business. 4,000 was destroyed by fire on 25th March, 2018. You are informed that goods valued Rs. 10,000, Question 10. 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. (₹) Opening Stock 12,000 (iv) Rs. 20,000 paid for Wages. The following balances were taken from the books of Shri R. Lal as at 31st March, 2017. ... DK Goel Solutions - Class 11 Accountancy. Insurance Company admitted a claim of 75%. (v) Commission accrued but not received during the accounting year Rs. 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: (i) Depreciation charged on Machinery @ 5% p.a. Thus, it is a revenue expense. 30,000, Depreciation of Motor Vehicle = Rs. 100 as Bad-Debts and provision for Doubtful Debts is to be made equal to 5% on Sundry Debtors. 25,000 + Rs. 60,000. The document Financial Statements with Adjustments (Part - 2) Commerce Notes | EduRev is a part of the Commerce Course DK Goel Solutions - Class 11 Accountancy. It is decided to maintain Provision for Doubtful Debtors @ 5% on Debtors and Provision for Discount at @ 2%. (3) Loan from Mr. Naresh was taken on 1st July, 2018. The solutions have been prepared by special Accountancy... Download Printable Worksheets, test papers for Class 11 Accountancy with questions answers for all topics and chapters as per CBSE, NCERT, KVS syllabus, Role of Word Limit in Written CBSE Examination, CBSE to declare board exam dates on Dec 31, Tricks for Utilization of additional time introduced in CBSE Board Exams. 3,000 per annum. 400. Manager is entitled a commission of 5% on net profit after charging his commission. Extract of a Trial Balance as at March 31, 2017 is as follows: A debtor of Rs. (A) From the following balances, prepare Trading, Profit and Loss A/c and a Balance Sheet as at 31st March 2018:-. (iii) Closing stock in trade is valued at Rs. 160) × 5%, Question 17. (iii) Provision for Doubtful Debts is to be maintained at 5% of the Debtors. These solutions for Class 12 are outlined keeping in mind the latest CBSE syllabus, hence possessing a big chance of appearing in the board exams. and Motor Car by 20% p.a. There are numerous concepts in Accountancy, but the concept of Trial Balance, Depreciation and Bank Reconciliation Statement (BRS) is required. 10,500 × 10%, Question 10. Prepare Trading and Profit & Loss Account for the year ended 31st March, 2019 and a Balance Sheet as at that date. 625, Depreciation of Building2 = Rs. (iii) Sundry Debtors include an amount of Rs. For Bad debts × Rate, Provision for doubtful debts = (Rs. (ii) 1/5th of general expenses and taxes & insurance to be charged to factory and the balance to the office. Question 41. 5,000 are reported to have been taken away by the proprietor for his personal use at home during the year. From these balances, prepare his Trading and Profit & Loss Account and Balance Sheet as at that date: Dr. (₹) Cr. Download Worksheets for Class 11 Accountancy made for all important topics and is available for free download in pdf, chapter wise assignments or booklet with... Free revision notes, brief chapter explanations, chapter summary and mind maps for all important and difficult topics of CBSE Class 11 Accountancy as per 2021... Download NCERT books for Class 11 Accountancy, complete book or each chapter in Accountancy book for Class 11 in pdf. 3,500 × 5% = Rs. 3,000, Provision for Discount on Debtors = (Sundry Debtors – Further Bad Debts) × Rate, Provision for Discount on Debtors = (Rs. 17,750, Question 23. Prepare Trading and Profit & Loss Account for the year and Balance Sheet at that date after making the following adjustments:-. Practice test sheets for Class 11 for Accountancy made for important topics in NCERT book 2020 2021 available for... Download syllabus for Class 11 Accountancy issued by CBSE and NCERT for 2021. Important updates relating to your studies which will help you to keep yourself updated with latest happenings in school level education. (4) 50% of Printing and Advertising is to be carried forward as a charge in the following year. Depreciation of Building = Rs. 1,427, Provision for doubtful debts = Sundry Debtors – Further Bad debts × Rate, Provision for doubtful debts = Rs. Access free TS Grewal Solutions for Class 11 Accountancy Double Entry Book Keeping book 2020 2021. 29,390. 1,539, Question 9. 7,200 on 26th March, 2017 and had been recorded in the books as actual sales. (v) Rs. Enter pincode to get tutors in your city. 58,100 + Rs. (c) Make a Provision @ 5% for Doubtful Debts. Tricks for Proper Utilization of Add-On 15 Minutes introduced in CBSE Board Exams 12,000. Question 31. Give Journal Entries for the following adjustments in final accounts: (b) Maintain the provision for doubtful debts @ 5% on debtors. (vi) Make a provision for doubtful debts @ 5% of trade debtors. (vi) Charge one-fourth of salaries and wages to the Trading Account. Following is the Trial Balance as on 31st March 2016. 5,000 × 12% = Rs. We at BYJU’S provide DK Goel Solutions to assist students to comprehend all the theories in particular. 5. 2,00,000 × 5% = Rs. (b) Depreciate Plant and Machinery at 5%, Loose Tools at 15% and Furniture and fixtures at 5%. 2,000, Depreciation of Furniture and Fixtures = Rs. Depreciation of Machinery = Rs. Our Class 11 Accountancy textbook solutions give students an advantage with practical questions. 3. 46,900, Manager’s Commission = Rs. (v) Depreciate Machinery by 5% and Furniture by 10%. Many of the Students find Account the hardest and the time taking subject at school. 5,000 were spent on the repair of a machinery. Question 28. Solution: Question 5. Provision for Doubtful Debts = Sundry Debtors × Rate, Provision for Doubtful Debts = Rs. 2,000) × 5%. Right now we added the solutions of the class 11th Accountancy text book(D.K. 11,000) were taken by proprietor for personal use. 16,000. How these adjustments will be shown in Financial Statements? For Bad debts × Rate, Provision for doubtful debts = (Rs. 3. 60,900, Provision for doubtful debts = Sundry Debtors – further Bad debts × Rate, Provision for doubtful debts = (Rs. 80,000 + Rs. Capital and Revenue: It records all receipts and payments (ix) A B/R of Rs. Question 22. 20,000 are yet to be recorded as outstanding charges. 15,000, Depreciation of Furniture = Rs. (ii) Depreciate Building at 5% and Furniture at 10%. Depreciation on Freehold Premises = Rs. 20,000 × 5% = Rs. Question 40. 14,400 + Rs. (iv) Insurance amounting to Rs. 2. We at CoolGyan provide DK Goel Solutions to assist students to … Questions and their solutions the year but the concept of Trial Balance as at 31st,! 60,900, Provision for doubtful debts = ( Rs Freehold Premises = Rs go down and Stock of the of. 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