Chapter No. 19 – Adjustments in preparation of Financial Statements – Solution

Book Solutions

Meaning of Final Accounts

Final Accounts gives an idea about the profitability and financial position of a business to its management, owners, and other interested parties. It is a combination of the following statement: –

  1. Trading Account
  2. Profit and loss account
  3. Balance Sheet

Every businessman started a business to earn some income from it. Profit is the net income that the owner gets from the business. To calculate profit or loss, An accountant has made the final accounts for the business for a particular accounting period(i.e. One year starts from 1st April and ends 31st March).

On the basis of the Trial balance, An accountant prepared the final accounts or financial statement for the particular period of time for reporting the management of the business. The final accounts are prepared to throw light on the financial results of the operation of the business during the particular accounting period of time and the financial position of the business at that period of time.

Statement Involve in the Final accounts: –

  • 1. Trading Account:-
  • 2. Profit and loss account: –
  • 3. Balance Sheet: –

Chapter No. 19 – Adjustments in preparation of Financial Statements – Solution

Question No.01 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 01 Chapter No 19 1. Following information of an accounting year is given: Opening Capital 60,000; Drawings 5,000; ...
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Question No.02 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 02 Chapter No 19 2. Mayank does not keep proper records of his business, he gives you the ...
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Question No.03 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 03 Chapter No 19 3. Capital of Ganesh Gupta in the beginning of the year was 70,000. During ...
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Question No.04 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 04 Chapter No 19 4. Vikas maintains his books of account on Single Entry System. He provides following ...
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Question No.05 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 1 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 05 Chapter No 19 5. Mohan maintains books on Single Entry System. He gives you the following information: ...
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Question No.06 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 06 Chapter No 19 6. Mahesh who keeps his books on Single Entry System sells goods at Cost ...
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Question No.07 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 07 Chapter No 19 7. Krishan started his business on 1st April, 2017 with a Capital of 1,00,000 ...
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Question No.08 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 08 Chapter No 19 8. Ram Prashad keeps his books on Single Entry System and from them and ...
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Question No.09 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 09 Chapter No 19 9. Shruti maintains her books of account from Incomplete Records. Her books provide the ...
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Question No.10 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 10 Chapter No 19 10.Hari maintains her books of account on Single Entry System. His books provide the ...
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Question No.11 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 11 Chapter No 19 11. A commenced business on 1st April, 2017 with a capital of 10,000. He ...
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Question No.12 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 12 Chapter No 19 12. Kuldeep, a general merchant, keeps his accounts on Single Entry System. He wants ...
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Question No.13 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 13 Chapter No 19 13.Following information is supplied to you by a shopkeeper: Particulars 1st April, 2017 31st ...
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Question No.14 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 14 Chapter No 19 14. Vikas is keeping his accounts according to Single Entry System. His capital on ...
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Question No.15 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 15 Chapter No 19 15. Manu started business with a capital of 4,00,000 on 1st October, 2005. He ...
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Question No.16 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 16 Chapter No 19 16. From the following information relating to the business of Mr. X who keeps ...
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Question No.17 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 17 Chapter No 19 17.X, a retailer, has not maintained proper books of accent but it has been ...
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Question No.18 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 18 Chapter No 19 18. On 1st April, 2017, X started a business with 40,000 as his capital ...
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Question No.19 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 19 Chapter No 19 19. C maintains his books according to Single Entry System. Following figures were available ...
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Question No.20 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 20 Chapter No 19 20. A firm sells goods at a Gross profit of 25% of sales. On ...
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Question No.21 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 21 Chapter No 19 21. A firm sells goods at Cost plus 25%. Sales to credit customers ¾ ...
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Question No.22 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 22 Chapter No 19 22. Calculate Stock in the beginning:     Sales 80,000 Purchases 60,000 Stock at ...
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Question No.23 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 23 Chapter No 19 23. Calculate the Stock at the end:     Stock in the beginning 20,000 ...
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Question No.24 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 24 Chapter No 19 24. Calculate the value of Closing Stock from the following information:     Purchases ...
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Question No.25 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 25 Chapter No 19 25. Calculate Purchases:     Cost of Goods Sold 65,000 Stock in the beginning ...
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Question No.26 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 26 Chapter No 19 26. Calculate Sales:     Cost of goods sold 2,00,000 Rate of Gross Profit ...
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Question No.27 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 27 Chapter No 19 27. Debtors in the beginning of the year were 30,000, Sales on credit during ...
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Question No.28 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 28 Chapter No 19 28. Creditors on 1st April, 2017 were 15,000, Purchases on credit were 30,000, Cash ...
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Question No.29 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 29 Chapter No 19 29. Following information is given of an accounting year: Opening Creditors 15,000; Cash paid ...
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Question No.30 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 30 Chapter No 19 30. From the following information supplied by X, who keeps his books on Single ...
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Question No.31 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 31 Chapter No 19 31. Cash sales of a business in a year were 85,000, the Cost of ...
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Question No.32 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 32 Chapter No 19 32. From the following information, calculate Total Sales made during the period:     ...
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Question No.33 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 33 Chapter No 19 33. Calculate Total Sales from the following information:     Bills Receivables as on ...
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Question No.34 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 34 Chapter No 19 34. From the following information, ascertain the opening balance of Sundry Debtors and the ...
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Question No.35 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 35 Chapter No 19 35. Roshan, whose accounts are maintained by Single Entry System, acquired a retail business ...
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Question No.36 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 36 Chapter No 19 36. Vijay commenced business as food grains merchant on 1st April, 2017 with a ...
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Question No.37 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 37 Chapter No 19 37.Following information is obtained from the books of Vinay, who maintained his books of ...
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Question No.38 Chapter No.19 T.S. Grewal 1 Book 2019 Solution min min 360x202 - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution
Question No 38 Chapter No 19 38. Surya does not keep a systematic record of his transactions. He is able ...
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T.S. Grewals Double Entry Book Keeping - Chapter No. 19 - Adjustments in preparation of Financial Statements - Solution

T.S. Grewal’s Double Entry Book Keeping

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