Adjustments in Preparation of Financial Statements

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ACCOUNTING CA/CMA SANTOSH KUMAR
CHAPTER 14. ADJUSTMENTS IN PREPARATION OF FINANCIAL STATEMENTS

MEANING OF KEY TERMS USED IN THE CHAPTER
1. Adjusting Entry :- It is an entry passed in the books of account to give effect to transactions that should
have been recorded in the books of account but are not recorded.
2. Closing Stock :- It is the value of stock in hand at the end of the accounting year. It is valued at cost or
net realizable value (market value) whichever is less.
3. Outstanding Expenses -- They are expenses incurred during the year benefit of which is consumed or
exhausted in the same year but have not been paid. It is treated as liability.
4. Prepaid or Unexpired Expenses -- They are the expenses that have been paid but the benefit of which is
not consumed or exhausted during the year. It is treated as assets.
5. Accrued Income -- It is the income which has been earned but not received.
6. Income Received in advance or Unearned Income -- It is the income which has been earned but not
received. It is treated as liability in the balance sheet.
7. Depreciation -- It is the fall in value of fixed asset due to usage, efflux of time, obsolescence or accident.
8. Bad Debts -- It is the debt that has become irrecoverable.
9. Bad Debts Recovered -- It is the debt which had been earlier written off as bad debt and has been
recovered during current year.
10. Doubtful Debts :- Debts which are doubtful of recovery, i.e., recovery is not certain.
11. Provision for Doubtful Debts It is the amount set aside out of profits to meet likely bad debts
12. Provision for Discount on Debtors It is the amount set aside out of profits to allow discount to debtors
in future for present good debts.
NEED FOR ADJUSTMENTS IN PREPARING THE FINAL ACCOUNTS:- We have discussed earlier
that accounting recw.ds are prepared on the basis of Going Concern Assumption. But the Final
Accounts are prepared every year on the basis of Accounting Period Assumption, Revenue
Recognition Assumption, Accrual Assumption and Matching Principle, among others. The purpose is
to know correct financial performance and financial position at the end of each financial year.
Therefore, all expenses, whether paid or not, and incomes, whether received or not, for the year for,
which accounts are prepared are accounted. Therefore, it is necessary that:
(i) Expenditure incurred whether paid or not, are accounted,

(ii) Income earned whether received or not, are accounted,
(iii) Expenditure relating to the succeeding (following) years are excluded, and
(iv) Income relating to the succeeding (following) years are excluded.
MEANING OF ADJUSTMENTS ENTRY:- Such items which need to be accounted in books of account
at the time of preparing the Final Accounts are called Adjustments. For example, outstanding
expenses, accrued income, advance income, depreciation, Closing stock etc. Journal entries passed
to give effect to the required Adjustments are known as Adjustment Entries.
DETAIL STUDY OF ADJUSTMENTS
1. CLOSING STOCK :- Normally, all goods purchased or produced during the accounting year
are not sold by the end of the year. The goods remaining unsold at the year end is Closing
Stock. Since Closing Stock is known only at the end of the year, it is not included in Trial
Balance; it is given outside the Trial Balance in the form of additional information. Gross
profit or gross loss is known if Closing Stock is brought into the Final Accounts. Closing Stock
is valued at cost or net realizable value (market price) whichever is lower.
114 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

Adjusted Purchases and Closing Stock: Adjusted Purchases means that opening stock and
closing stock have been adjusted in the purchases and a single amount appears in the Trial
Balance as 'Adjusted Purchases'. As a result of this entry, closing stock is accounted in the books
of account and will appear in the Trial Balance whereas opening stock will not appear in it. Thus,
Adjusted Purchases = Opening Stock + Net Purchases— Closing Stock.

Adjusted Purchases are shown on the debit side of the Trading Account. It should be noted that Closing Stock
is not shown on the credit side of the Trading Account because it already stands adjusted in
purchases, i.e., deducted from the total amount of the Opening Stock and purchases. Closing Stock is
shown on the assets side of the Balance Sheet under Current Assets.
2. OUTSTANDING EXPENSES :- Expenses which have been incurred during the year and whose
benefit has been consumed during the year but have not been paid are called Outstanding Expenses.
At the end of the accounting year, such expenses must be accounted in the books of account,
otherwise profit will be overstated and in the case of loss, it will be shown at lesser amount. Also,
liabilities will be shown at lesser amount in the Balance Sheet. Examples, being outstanding wages,
salaries, etc.The adjustment entry for Outstanding Expenses is:
3. PREPAID (UNEXPIRED) EXPENSES :- If firm has made some payment but the advantage or benefit
of the expense is not completely consumed or exhausted in the accounting year. Thus, a part of
benefit of the expense incurred is available in the next accounting year also. Part of the expense the
benefit of which is available in the next accounting period is known as Prepaid Expense. Common
examples of such expenses are prepaid insurance, interest paid in advance, etc. Unexpired/prepaid
expense is shown in the balance sheet as an asset.
4. ACCRUED INCOME :- Accrued Income is that income which has been earned during the
accounting period but has not been received. Such income is also called Outstanding Income or
Income Earned but not yet received. Examples of such incomes are commission receivable, Interest
on investments receivable or Interest accrued but not due, etc. As per the accrual concept of
accounting, total income earned during the period, whether received or not, should be shown in the
Final Accounts otherwise both profit and also assets will be shown at lesser amount.Thereafter,
Accrued Income is treated in the Final Accounts as follows:
1. Accrued Income is added to the amount of concerned income in the Profit and Loss Account (say,
commission earned but not received is added to commission shown in commission Account); and
2. Accrued Income is shown on the assets side of the Balance Sheet as a separate item under Current Assets.
5. INCOME RECEIVED IN ADVANCE OR UNEARNED INCOME:- Income received in advance or

Unearned Income is that income which is received in advance but against it either sale is yet to be
made or service is yet to be rendered. Such income is carried forward in the Balance Sheet and
shown under Current Liabilities. It is accounted as income in the year when service is rendered.
6. DEPRECIATION :-The value of fixed assets falls year after year because of usage, efflux of time,
obsolescence or accident. Fall or decrease in the value of assets is an expense or loss incurred in
earning revenue and like other expenses or losses, is debited to Profit and Loss Account. If it is not
debited to Profit and Loss Account, profit will be overstated shown at a higher amount because an
expense or loss relating to the year is not accounted in the books of account. The value of fixed asset
is also reduced by the amount of Depreciation. It should be noted that Depreciation is not accounted
on a day-to-day basis but is accounted at the end of an accounting period. The entries for charging
Depreciation and transferring it to Profit and Loss Account are as follows:

Accounting Treatment of Depreciation—when given as an adjustment:- Depreciation given as an

adjustment means that depreciation is not accounted in the books of account.
First Step is to calculate depreciation on the basis of rate and method of depreciation specified in
the question.
Next Step is to pass the entry for depreciation. Thereafter, transfer amount of depreciation to Profit
and Loss Account and also deduct it from the Asset Account in the Balance Sheet to which the
Depreciation relates. This process is followed if Provision for Depreciation Account is not
maintained.
If Provision for Depreciation Account is maintained, amount of Depreciation is added to Provision
for Depreciation Account and total Accumulated Depreciation, is shown by way of deduction from
the original cost of the asset.
PRACTICAL QUESTIONS( AAO DEKHE HAMARI SHAKTI):

Question :1 From the following Trial Balance of Shri Ramu Kaka, Prepare Trading and profit and Loss
Account for the year ended 31st March, 2019 and the Balance Sheet as at that date after taking into
account the adjustment given below:
TRIAL BALANCE As on 31st March, 2019
Head of Accounts Dr. (₹) Cr. (₹)
R. Ramu kaka’s Capital 2,90,000
R/ Ramu kaka’s Drawings 7,600
Purchases 89,000
Sales 1,50,000
Sales Return 2,800
Purchases Return 4,500
Stock (1st April,2018) 12,000
Wages 8,000
Building 2,20,000
Freight and Carriage 20,000
Trade Expenses 2,000
Advertisement 2,400
Interest 3,500
Taxes and Insurance 1,300
Sundry Debtors 65,000
Sundry Creditor 12,000
Bills Receivable 15,000
Bills Payable 7,000
Cash at Bank 12,000
Cash in Hand 1,900
Salaries 8,000
Total
4,67,000 4,67,000
Adjustments:
(i) Stock on 31st March, 2019 was valued at ₹ 15,000.
(ii) Insurance was prepaid to the extent of ₹400.
(iii) Outstanding Liabilities were: Salaries ₹ 2,000 and Taxes ₹1,300.
(iv) Depreciate Building at 2% p.a.

Question :2 Following is the Trial Balance of Mr. Anand Bhikhari on 31st March, 2019:

Cash in Hand 3,170
Purchases 40,675
Sales 98,780
Return Inward 680
Wages 10,480
Sundry Creditors 6,300
Capital Account 71,000
Return Outward 500
Power and Fuel 4,730
Drawing 5,245
Carriage on Sales 3,200
Carriage on Purchases 2,040
Stock (1st April, 2018) 5,760
Building 35,000
Two-Wheeler 5,000
Machinery 27,000
Salaries 16,000
General Expenses 3,000
Insurance (Annual Premium paid on 1st October, 2018) 600
Salaries Outstanding 500
Total
1,77,080 1,77,080
Taking into consideration the following adjustments, prepare Trading and Profit and Loss Account
for the year ended 31st March, 2019 and Balance Sheet as at that date:
1. Closing Stock at market price as on 31st March, 2019, ₹8,000. However, its cost was ₹ 7,000.
2. Provide Depreciation on Machinery @10%.
3. A fire occurred on 1st April, 2019 destroying goods costing ₹500.
4. The two wheeler was sold at book value on 1st April, 2018 and the cash was taken by Mr. Anand
Bhikhari—Account for this left unrecorded.

Question:3. Following Trial Balance is prepared on 31st March, 2019 from a trader’s books.
Cash in Hand 8,000
Cash at Bank 12,000
Wages 20,000
Sales 5,00,000
Machinery 2,12,000
Opening Stock 84,000
Creditor 40,000
purchases 3,30,000
Sales Return 6,000
Salaries 32,000
Debtors 86,000
Bad Debts 6,000
Freight on Purchases 4,800
Capital 3,20,000
Commission 3,800
Input CGST 500
Input SGST 500
Total
8,63,800 8,63,800
Prepare final accounts and also pass Journal entries for the adjustment:
1. Closing Stock ₹90,000.
2. Outstanding Salaries ₹3,200 and O/s Wages ₹2,000. Salary and wages are not subject to levy of GST.
3.Prepaid Insurance ₹900 and Accrued Commission ₹1,200. Prepaid insurance and accrued commission
are subject to levy of CGST and SGST @6% each.
4. Charge Depreciation on Machinery at 10% p.a.
Question: 4 Trial Balance of a business as on 31st March, 2019 is given below
Debit Balances ₹ Credit Balance ₹
Opening Stock 25,000 Sales 2,27,000
Furniture 8,000 Commission 500
Plant and Machinery 1,50,000 Return Outward 1,800
Debtors 30,000 Creditors
40,000
Wages 12,000 Capital 1,50,000
Salaries 20,000
Bad debts 1,000
Purchase 1,20,000
Electricity Charges 1,200
Telephones Charges 2,400
Postage and Telegrams 1,800
Return Inward 900
Insurance Premium 1,500
Cash in Hand 2,500
Cash at Bank 40,000
4,19,300 4,19,300

Prepare Trading Account and Profit and Loss Account for the year ended 31st March, 2019 and
Balance Sheet as at that date after taking into account the following adjustment:
1. Closing Stock was valued at ₹7,000
2. Outstanding liabilities for wages were ₹600 and salaries ₹1,400.
3. Depreciation is to be provided @ 5% p.a. on all fixed assets
4. Insurance premium paid in advance ₹200.
5. Additions to plant and Machinery for Rs 20,000 was made on 1st October 2018.
Question : 5. Following trial balance is extracted from the books of CONCEPT ONLINE CLASSES as
at 31st March, 2018.
Debit Balances ₹ Credit Balance ₹

Opening Stock 50,000 Capital 3,20,000
Furniture 16,000 Creditors 80,000
Building 1,60,000 Purchases Return 2,000
Commission 6,000
Debtors 60,000
Sales 4,55,600
Drawings 20,000 Bad Debts Recovered 1,400
Plant and Machinery 1,20,000 Output CGST 5,000
Additions to Plant and Machinery Output SGST 5,000
(1.10.2017) 20,000
Wages 24,000
Salaries 40,000
Bad debts 2,000
Purchases 2,40,000
Electricity charges 2,400
Postage and Telegrams 3,600
Sales Return 1,800
Insurance Premium 3,000
Cash in Hand 6,400
Cash at Bank 80,000
Input CGST 7,500
Input SGST 7,500
8,75,000 8,75,000
Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet
as at that date after taking into account the following adjustments:
1. Stock on 31st March, 2018 was ₹14,000
2. Outstanding liabilities for Wages were ₹ 1,200 and Salaries ₹2,800.
3. Depreciation @5% p.a. is to be provided on all fixed assets.
4. Write off Bad Debts ₹1,500.
5. Insurance premium paid in advance was ₹ 400.
6. Accrued commission was 500. Commission are subject to levy of CGST and SGST @6% each.
Question :6. The amount of sundry debtors in a Trial Balance is ₹7, 00,000. You are required to write
off ₹5,000 as Bad Debts and make a provision for doubtful debts @ 10% on sundry debtors. Pass
necessary Journal entries.

Question: 7. Following are the extracts from the Trail Balance of a firm as on 31st March, 2018:
Heads of Accounts Dr. (₹) Cr. (₹)
Sundry Debtors 4,10,000
Provision for Doubtful Debts 20,000
Bad Debts 6,000
Additional Information:
(i) Additional Bad Debts ₹ 10,000.
(ii) Maintain the provision for doubtful debts @ 10% on debtors.
Pass necessary Journal entries and show relevant accounts (including Final Account).
Question: 8. Shows the effect on Profit and Loss Account and Balance Sheet for the following:
(a) Extract of Trail Balance as on 31st March, 2019:
Dr.(₹) Cr.₹
Bad Debts 2,000
Debtors 80,000
Adjustments:
(i) Write off further Bad Debts ₹500.
(ii) Provision for Doubtful Debts is to be maintained at 3% on debtors.
(b) Extract of Trial Balance as on 31st March, 2018: Dr. (₹) Cr. (₹)
Debtors (including Mohan for dishonoured bill of ₹ 1,000) 60,000 .......
Bad Debts 3,000 ........
Adjustments:
(i) Half of Mohan’s bill is irrecoverable.
(ii) Create a provision of 5% on debtors.
Question :9. Sundry Debtors of a firm on 31st March, 2017, were ₹40,000. On that date, it was
decided to create Provision for Discount at 2% on Sundry Debtors. During the year ended 31 st March,
2018, actual amount of discount allowed was ₹400. The debtors on 31st March, 2018 were ₹ 30,000
and it was decided to create Provision for Discount on Debtors at 2%. Pass Journal entries and
prepared Discount Allowed Account and Provision for Discount on Debtors Account for both the
year.

Question : 10. Following is the Trial Balance of Mrs. Spiderman on 31st March, 2019:
Cash in Hand 1,080
Cash at Bank 5,260
Purchases 81,350
Return Outward 1,000
Sales 1,97,560
Return Inward 1,360
Wages 20,960
Fuel and Power 9,460
Carriage on Purchases 4,080
Building 60,000
Freehold Land 20,000
Machinery 40,000
Salaries 30,000
Patents 15,000
Insurance 1,200
Capital 1,42,000
Drawings 10,490
Input CGST 2,500
Input SGST 2,500
Output IGST ……. 5,000
Total
3,58,160 3,58,160
Taking into account the following adjustments, pass necessary Journal entries and prepare
Trading ad Profit and Loss Account and Balance Sheet:
1. Stock in Hand on 31st March, 2019 is ₹13,600
2. Machinery is to be depreciated @ 10% and patents @20%.
3. Salaries for the month of March, 2019 amounted to ₹ 3,000 were unpaid.
4. insurance included a sum of ₹ 400 spent on the erection of a cycle shed for employees and
customers
5. A Provision for Doubtful Debts is to be created to the extent of 5% on Sundry Debtors.
Question: 11. From the following balances extracted from the books Asaram Bapu, prepare
Trading and Profit and Loss Account for the year ended 31st March, 2016 and Balance Sheet as at
that date after taking into consideration the adjustments given below:


Drawings 7,500
Capital 50,000
Purchases 72,100
Sales 95,000
Purchase Return 2,700
Sales Return 1,300
Stock (1st April, 2015) 19,800
Bad Debts 3,000
Bills Payable 23,000
Cash in Hand 300
Office Expenses 6,210
Sales Van 15,000
Sales Van Expenses 1,400
Discount 2,910
Rent and Taxes 10,700
Postage and Telegrams 950
Furniture 5,000
Printing and Stationery 2,750
Commission 8,400
Carriage Inwards 3,200
Salaries and Wages 20,500
Total 2,09,360 2,09,360
Adjustments:
(i) Closing Stock was valued at ₹61,700.
(ii) Depreciate Furniture and Machinery @ 10% p.a. and Sales 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) New machinery was purchased on credit and installed on 31st December costing
₹15,000. No entry for the same has yet been passed in the books.

Question 12. Following Trial Balance is extracted from the books of Radhe Maa on 31 st March, 2019:
Furniture and Fittings 6,400
Motor Vehicles 62,500
Building 75,000
Capital 1,25,000
Bad Debts 1,250
Stock on 1st April, 2018 34,600
Purchases 54,750
Sales 1,54,500
Bank Overdraft 30,500
Sales Return 2,000
Purchase Return 1,250
Advertisement 4,500
Interest 1,180
Commission 3,750
Cash 6,500
Salaries 33,000
Input CGST 5,000
Input SGST 5,000
Output CGST 4,000
Output SGST 4,000
Total 3,40,000 3,40,000
Following adjustments are to be made:

1. Stocks in Hand on 31st March, 2019 was ₹ 32,500
2. Depreciation Building @ 5% Furniture and Fittings @ 10% and Motor Vehicles @ 20%.
3. ₹850 are due for interest on Bank Overdraft.
4. Salaries ₹ 3,000 and Taxes ₹ 1,200 are outstanding.
5. Insurance amounted to ₹ 1,000 is prepaid. CGST and SGST is paid @ 6% each.
6. One-third of the commission received is in respect of work to be done next year. IGST is
charged @ 12%.
7. Write off further ₹1,000 as Bad Debts and Provision for Doubtful Debts is to be made equal
to 5% on Sundry Debtors.
Prepare Trading and Profit and Loss Account for the year ended 31st March, 2019 and Balance
Sheet as at that date.

Question : 13.(without GST) From the following balances and information received from the books
of Mr. Nirmal Baba on 31st March, 2018, you are required to prepare Trading and Profit and Loss
Account for the year ended 31st March, 2018 and Balance Sheet as at that date:

Capital 60,000
Plant and Machinery 18,000
Depreciation on Plant and Machinery 2,000
Repairs to Plant 1,600
Wages 28,000
Salaries 4,000
Income Tax 500
Cash in Hand 2,000
Furniture 24,500
Depreciation on Motor Car 2,500
Adjusted Purchases 1,30,500
Sales 2,49,000
Bank Overdraft 13,800
Accrued Income 1,500
Salaries Outstanding 2,000
Bills Payable 3,000
Bad Debts 1,000
Discount on Purchases 4,000
Motor Car 50,000
Stock 30,000
Total
3,61,100 3,61,100
Adjustments: Write off ₹3,000 as bad debts and maintain a provision for doubtful debts at 5% on
sundry debtors.
Question : 14. On 28th March, 2016, stock worth ₹ 80,000 was destroyed by fire. These goods were
purchased paying IGST @ 12%. The stock was insured and the insurance company admitted a claim
of Rs 85,000 only. Give necessary Journal entries and show how it will be treated in the Final
Accounts.
Question : 15.(without GST) From the following Ledger balances of Mr. Charan Singh, prepare
Trading and Profit and Loss Account for the year ended 31st March, 2016 and Balance Sheet as at
that date after making the necessary adjustments:

Particulars ₹ Particulars ₹
Trade Expenses 800 Purchases 82,000
Freight and Duty 2,000 Stock (1.4.2015) 15,000
Carriage Outwards 500 Plant and Machinery (1.4.2015) 20,000
Sundry Debtors 20,600 Plant and Machinery (additional on
Furniture and Fixtures 5,000 1.10.2015) 5,000
Return Inward 2,000 Drawings 6,000
Printing and Stationery 400 Capital 80,000
Rent, Rates and Taxes 4,600 Provision for Doubtful Debts 800
Sundry Creditors 10,000 Rent for Premises Sublet 1,600
Sales 1,20,000 Insurance Charges 700
Return Outward 1,000 Salaries and Wages 21,300
Postage and Telegrams 800 Cash in Hand 6,200
Cash at Bank 20,500
Adjustments:
(i) Stock on 31st March, 2016 was ₹ 14,000.
(ii) Write off ₹600 as Bad Debts.
(iii) Provision for Doubtful Debts is to be maintained @ 5%.
(iv) Provision for Depreciation on Furniture and Fixtures at 5% p.a. and on Plant and
Machinery at 20% p.a.
(v) A fire occurred in the godown and stock of the value of ₹ 5,000 was destroyed. It was
insured and the insurance company admitted full claim.
Solution : TRADING AND PROFIT AND LOSS ACCOUNT

To Opening Stock 15,000 By Sales 1,20,000
To Purchase 82,000 Less: Return Inward 2,000 1,18,000
Less: Return Outward 1,000 81,000 By Loss of Stock by Fire A/C 5,000
To Freight and Duty 2,000 By Closing Stock 14,000
To Gross Profit c/d 39,000
To Trade Expenses 1,37,000 By Gross Profit b/d 1,37,000

To Carriage Outwards 800 By Rent for Premises 39,000

To Depreciation on furniture and Fixtures 500 1,600
To Depreciation on Plant and Machinery 250
₹20,000 × 20/100 4,000
₹5,000 × 20/100 × 6/12 500
To Printing and Stationery
To Rent, Rates and Taxes
To Insurance 700 4,500
Less: Prepaid 100 400
To Salaries and Wages 4,600
To Postage and Telegrams
To Provision for Doubtful 600
Debts (closing) (₹20,000×5/100) 1,000 21,300
Add: Further Bad Debts 600 800
1,600
Less: Prov. for Doubt. Debts
(Opening) 800
To Net Profit transferred to Capital A/C

800
6,050
40,600 40,600
BALANCE SHEET As at 31st March, 2016

Liabilities ₹ Assets ₹
Current Liabilities Current Assets
Sundry Creditors 10,000 Cash in Hand 6,200
Capital Cash at Bank 20,500
Opening Balance 80,000 Sundry Debtors 20,600
Add: Net Profit 6,050 Less: Further Bad Debts 600
86,050 20,000
Less: Drawings 6,000 80,050 Less: Prov for Doubtful Debts
1,000 19,000
Closing Stock 14,000
Insurance Claim 5,000
Prepaid Insurance 100
Fixed Assets
Furniture and Fixtures 5,000
Less: Depreciation 250 4,750
Plant and Machinery 25,000
Less: Depreciation 4,500 20,500
90,050 90,050

Note:- Sometimes, the balance in Provision for Doubtful Debts Account is adequate to meet Bad
Debts and there is excess amount of provision than required. In that case, excess amount of
provision is credited to Profit and Loss Account.
Question 16. On 31st March, 2019 the following Trial Balance was extracted from the books of a
member:
Ledger Accounts Dr. (₹) Ledger Accounts Cr. (₹)
Purchases 1,62,505 Sales 2,52,400
Sundry Debtors 50,200 Provision for Doubtful Debts 5,200
Opening Stock 26,725 Sundry Creditors 30,526
Wages 23,137 Bills Payable 3,950
Salaries 5,575 Outstanding Wages 2,000
Furniture 7,250 Trade Expenses Accrued but not Paid 700
Postage 4,226 Capital 10,000
Bad Debts 525
Loan to Suraj @ 10% p.a. (1st Dec,
2018) 3,000
Cash at Bank 10,000
Drawings 4,452
after considering the following information:
(i) Depreciation on Furniture @ 10% to be charged.
(ii) Debtors include an item of ₹ 500 due from a customer who has become insolvent.
(iii) Provision for Doubtful Debts @ 5% on Sundry Debtors is to be maintained.
(iv) Goods valued at 1,500 destroyed by fire and insurance Co. admitted claim for 1,000.
(v) Stock on 31st March, 2019 was ₹ 12,550
Solution: TRADING AND PROFIT AND LOSS ACCOUNT For the year ended 31st March, 2019
To Purchases 1,62,505 By Goods Lost by Fire A/C 1,500
To Wages 23,137 By Closing Stock 12,500
To Power and Fuel 1,350
2,66,450 2,66,450

To Depreciation on Furniture By Gross Profit b/d

To Goods Lost by Fire(₹1,500-₹1,000) 725 By Provision for Doubtful Debts: 52,733
To Salaries 500 Existing 5,200
To Postage 5,575 Less: Bad Debts (525+500) 1,025
To Trade Expenses 4,226
To Net Profit transferred to capital A/C 5,831 4,175
37,666 Less: Provision for Doubtful Debts
Required (5% on ₹49,000)
2,485
By Interest on Loan 1,690
(₹3,000 × 10/100 × 4/12) 100
54,523 54,523

Capital Fixed Assets
Opening Balance 10,000 Furniture 7,250
Less: Drawings 4,452 Less: Depreciation 725 6,525
5,548 Current Assets
Add: Net Profit 37,666 43,214 Cash 10,000
Current Liabilities Insurance Claim 1,000
Outstanding Wages 2,000 Closing Stock 12,550
Trade expenses not paid 700 Sundry Debtors 50,200
Sundry Creditor 30,526 Less: Bad Debts 500
Bill Payable 3,950 49,700
Less: Provision for Doubtful Debts

(₹49,700 ×5/100) 2,485 47,215
Loan 3,000
Add: Interest on Loan 100 3100
80,390 80,390
Note: ‘Outstanding Wages’ and Trade expenses accrued but not paid’ appear on the credit side of
the Trail Balance. It means that these outstanding amounts have already been adjusted to Wages
Account and Trade Expenses Account. As double entry in respect of these adjustments is compete,
these outstanding account will be taken straight to liabilities side of the Balance Sheet

Question : 17. Trial Balance of Mr. Gopal Das as on 31st March, 2019 was as follows:

Purchases 8,12,525
Sales 12,62,000
Sundry Debtors 2,51,000
Sundry Creditors 1,52,630
Bills Payable 20,250
Opening stock 1,33,625
Wages 1,15,685
Salaries 27,875
Furniture 36,250
Postages 21,130
Bad Debts 2,625
Loan to Ram @ 10% p.a. (1.12.2018) 15,000
Cash in Hand and at Bank 50,000
Trade Expenses accrued but not paid 3,500
Drawings 22,260
Capital 50,000
Outstanding Wages 10,000
Input CGST 5,000
Input SGST 5,000
Input IGST 8,000
Output CGST 4,000
Output SGST 4,000
Output IGST 9,500
Total 15,23,880 15,23,880
as at that date after taking into consideration the following information:
(i) Stock on 31st March, 2019 was ₹ 62,750.
(ii) Depreciation on Furniture is to be charged @ 10%.
(iii) Sundry Debtors include an item of ₹ 2,500 due from a customer who has become
insolvent. Remaining debtors are not considered doubtful of recovery.
(iv) Goods of the value of ₹ 7,500 plus IGST @12% were destroyed by fire and insurance
company admitted a claim for Rs 8,000.
(v) Received goods from Rahul and Co. of ₹ 6,000 plus IGST @12% on 27th March, 2019 but
the invoice of purchases was not recorded in Purchases Books.

Solution: TRADING AND PROFIT AND LOSS ACCOUNT OF GOPAL DAS For the year ended
To Opening Stock 1,33,625 By Sales 12,62,000
To Purchases 8,12,525 By Loss of Stock by Fire 7,500
Add: Omitted Purchases (Note 1) By Closing Stock 62,750
6,000 8,18,525
To Wages 1,15,685
To Power and Fuel 6,750
To Gross Profit c/d (transferred to Profit 2,57,665
and Loss A/C)
13,32,250 13,32,250
To Loss of Stock by Fire (₹8,400- By Gross Profit b/d
2,57,665
₹8,000) By Provision for Doubtful Debts (Note
400
To Salaries 2)
To Postage Existing Provision 26,000
27,875
To Trade Expenses Less: Bad Debts 2,625
21,130
To Depreciation on Furniture Further Bad Debts 2,500 5,125
29,155 20,875
To Net Profit transferred to Capital A/C By Accrued Interest on Loan
3,625 500
1,96,855
2,79,040 2,79,040
BALANCE SHEET
Creditors 1,52,630 Insurance Claim 8,000
Add: Omitted Purchases 6,720 1,59,350 Cash in Hand and at Bank 50,000
Bill Payable 20,250 Closing stock 62,750
Outstanding Wages 10,000 Debtors 2,51,000
General Expenses Outstanding 3,500 Less: Further Bad Debts 2,500 2,48,500
Capital Loan to Ram 15,000
Opening Balance 50,000 Add: Accrued Interest 500 15,500
Add: Net Profit for the Year 1,98,855 Input SGST 320
2,46,885 Fixed Assets
Less: Drawings 22,260 2,24,595 Furniture 36,250
4,17,695 4,17,695
Notes:
1. Following entry will be passed to record omitted purchases:
Purchases A/C Dr. ₹6,000
Input IGST A/c Dr. ₹720
To Supplier (Creditor) ₹6,720
2. Since the remaining debtors are not doubtful of recovery, balance in Provision for Doubtful
Debts is written back (credited) to Profit and Loss Account.
3. Input CGST, Input SGST and Input IGST shall be first adjusted against Output CGST, Output
SGST and Output IGST respectively. Thereafter, balance in Input CGST (₹ 1,000) shall be
adjusted against Output IGST and balance (₹680) in Output IGST shall be adjusted against
Input SGST leaving a balance to ₹ 320 in Input SGST Account.
Question : 18. From the following Trial Balance, prepare Trading and Profit and Loss Account for the
year ended 31st March, 2019 and Balance Sheet as at that date:
Debit Balances (₹) Credit Balances (₹)
Salaries 10,223 Sales 66,420
Bills Receivable 6,377 Capital 50,000
Investments 40,000 Provision for Doubtful Debts 2,500
Furniture 12,000 10% Loan (1.10.2018) 10,000
Opening Stock 4,500 Discount Received 400
Purchases 30,000 Sundry Creditor 9,300
Sundry Debtors 20,000 Bills Payable 5,000
Interest on Loan 400 Outstanding Salaries 500
Insurance Premium 900 Bad Debts Recovered 200
Wages 4,600 Interest on Investment 2,000
Rent 1,520 Trading Commission 7,000
Bad Debts 1,200 Output CGST 10,000
Carriage Outwards 600 Output SGST 10,000
Cash at Bank 12,000 Output IGST 8,000
Depreciation on Furniture 2,500
Accrued Commission 1,000
Advertisement 7,500
input CGST 8,000
input SGST 8,000
input IGST 10,000
1,53,320 1,53,320
Adjustments:
(i) Closing Stock ₹ 6,000
(ii) Goods costing ₹ 1,000 were distributed as free samples while goods costing ₹ 500 were
taken by the proprietor for personal use. These goods were purchased paying CGST and
SGST @ 6% each.
(iii) A credit sale of ₹ 2,000 plus IGST @12% was not recorded in the sales book.
(iv) Closing Stock included goods costing ₹ 1,000 which were sold and recorded as sales but
not delivered to the customer.
(v) Maintain provision for Doubtful Debts @ 5%.
(vi) Manager is entitled to commission @ 10% of net profit after charging such commission.

Question :19. On 31st March, 2019 the following Trial Balance was extracted from the books of a
member:
Debit Balances ₹ Debit Balances (Contd.) ₹
Drawings 3,000
Sundry Debtors 20,100 Rates, Taxes and Insurances 2,891
Interest on Loan 300 Advertisement 3,264
Cash in Hand 2,050 General Expenses 3,489
Opening Stock 6,839 Bills Receivable 6,882
Motor Vehicles 10,000 Credit Balances
Cash at Bank 3,555 Capital 28,000
Building 12,000 Sundry Creditors 10,401
Bad Debts 525 Loan on Mortgage 9,500
Purchases 66,458 Provision for Doubtful Debts 710
Sales Return 7,821 Sales 1,10,243
Carriage Outwards 2,404 Purchase Return 1,346
Carriage Inwards 2,929 Discount 540
salaries 9,097 Bill Payable 2,614
Rent Received 250
as at that date, after making adjustment for the followings:
(i) Depreciation Building at 21/2 % and Motor Vehicles at 20%.
(ii) Interest on Loan at 6% p.a. is unpaid for six months.
(iii) Salaries amounted to ₹ 750 and rates amounted to ₹ 350 are outstanding.
(iv) Prepaid Insurance amounted to ₹ 150.
(v) Provision for Doubtful Debts is to be maintained at 5% on Sundry Debtors.
(vi) Provide for Manager’s Commission at 10% on net profit after charging such commission.
(vii) Stock in Hand on 31st March, 2019 was valued at ₹ 6,250.
Solution: TRADING AND PROFIT & LOSS ACCOUNT
To Purchase 66,458 Less: Sales Return 7,821 1,02,422
Less: Purchase Return 1,346 65,112 By Closing Stock 6,250
To Carriage Inwards
2,929
1,08,672 1,08,672

To Investment on Loan 585

To Carriage Outwards 2,404 By Gross Profit b/d 33,792
To Rates, Taxes and Insurance 2,891 By Discount 540
Add: Unpaid Rates 350 By Rent Received 250
3,241
Less: Prepaid Insurance 150 3,091
To Advertisement 3,264
To General Expenses 3,489
To salaries 9,097
Add: Salaries Outstanding 750 9,847
To Bad Debts 500
Add: Provision for Doubtful Debts
required 1,005
1,530
Less: Existing Provision 710 820
To Depreciation on 300
Building @21/2 % 2000
Motor Vehicle @20% 798
To Manager’s Commission (Note)
To Net Profit transferred to Capital A/C 7,984
34,582 34,582
BALANCE SHEET As at March, 2019

Bill Payable 2,614 Cash in Hand 2,050
Sundry Creditor 10,401 Cash at Bank 3,555
Outstanding Expenses 1,385 Bills Receivable 6,882
Manager’s Commission Payable 798 Sundry Debtors 20,100
Long-term Liabilities Less: Prov. for Doubtful Debts 1,005 19,095
Loan on Mortgage 9,500 Closing Stock 6,250
Capital Prepaid Insurance 150
Opening Balance 28,000 Fixed Assets
Less: Drawing 3,000 Motor Vehicles 10,000
25,000 Less: Depreciation 2,000 8,000
Add: Net Profit 7,984 32,984 Building 12,000
Less: Depreciation 300 11,700
57,682 57,682
Note: Manager’s Commission on net profit is calculated at 10/110 of ₹8,782.

Question 20. On 31.3.2019 the following Trial Balance was extracted from the books of a member:
Capital 7,20,000
Drawings 40,000
Sales 10,15,000
Purchases 6,20,000
Stock in Trade (1.4.2018) 20,000
Sales Return 12,000
Rent 22,000
Electricity 16,000
Other Expenses 32,000
Wages 1,12,000
Cash in Hand 1,22,000
Cash at Bank 6,32,000
Advance to Supplier 72,000
Total
17,80,000 17,80,000
st
Adj. (i) Closing Stock as on 31 March, 2019 was ₹ 40,000.
(ii) You are required to (1) redraft Trail Balance and (2) prepare Final Accounts of M/s. Gupta & Sons.
Question : 21. Following is the Trail Balance of Ram as on 31st March, 2019:

Purchases 1,50,000
Debtors 2,00,000
Interest earned 4,000
Salaries 30,000
Sales 3,21,000
Wages 20,000
Rent 15,000
Sales Return 10,000
Bad Debts Written off 7,000
Creditors 1,20,000
Capital 1,00,000
Drawings 24,000
Printing and Stationery 8,000
Insurance 12,000
Office Expenses 12,000
Provision for Depreciation 2,000
Total
5,58,000 5,58,000

Prepare Trading and profit and Loss Account for the year ended 31st March, 2019 and Balance Sheet
as at that time date for making the following adjustment:
(i) Depreciation Furniture and Fittings by 10% on original cost
(ii) Make a Provision for Doubtful Debts equal to 5% of Debtors.
(iii) Salaries for the month of March amounted to ₹ 3,000 were unpaid which must be
provided for. The balance in the amount includes ₹ 2,000 paid in advances.
(iv) Insurance is prepaid to the extent of ₹ 2,000,
(v) Provide ₹ 8,000 for office expenses.
(vi) Stock costing ₹ 6,000 was taken by Ram for his personal use, cost of which has not been
adjusted in the book of account.
(vii) Closing Stock valued at ₹ 68,000 (Net Realisable Value (Market Value) ₹ 60,000.
Solution TRADING AND PROFIT AND LOSS ACCOUNT For the year ended 31st March, 2019
To Purchases 1,50,000 Less: Sales Return 10,000 3,11,000
Less: Purchases Return 5,000 By Closing Stock 60,000
1,45,000
Less: For Personal Use 6,000 1,39,000
To Wages 20,000
To Gross Profit c/d 1,62,000
To Salaries 30,000 3,71,000 3,71,000

Add: Outstanding Salaries 3,000 By Gross Profit b/d
33,000 By Interest earned 1,62,000
Less: Paid in Advance 2,000 4,000
To Rent 31,000
To Bad Debts 7,000 15,000
Add: New Provision 10,000
17,000
Less: Old Provision 6,000
To Printing and Stationery 11,000

To Insurance 12,000 8,000
Less: Prepaid 2,000
To Office Expenses 12,000
Add: Outstanding 8,000 10,000
To Provision for Depreciation on
To Net Profit transferred to Capital A/C 2,000
69,000
1,66,000 1,66,000


Current liabilities Current Assets
Sundry Creditors 1,20,000 Stock (Note) 60,000
Outstanding Salaries 3,000 Debtors 2,00,000
Outstanding Office Expenses 8,000 Less: Provision for Doubt Debts 10,000 1,90,000
Capital Prepaid Salaries 2,000
Opening Balance 1,00,000 Prepaid Insurance 2,000
Add: Net Profit 69,000 Fixed Assets
1,69,000 Furniture and Fittings 20,000
Less: Drawing 24,000 Less:Provision for Depreciation 4,000 16,000
Stock for (₹2,000 + ₹2,000)
Personal use 6,000 30,000 1,39,000
2,70,000 2,70,000
Question : 22. Following were the balances extracted from the books of Yogita as on 31.3.2019:
Debit Balances Dr. (₹) Credit Balances Cr. (₹)
Cash in Hand 540 Sales 98,780
Cash at Bank 2,630 Return Outward 500
Purchases 40,675 Capital Account 62,000
Return Inward 680 Sundry Creditor 6,300
Wages 8,480 Rent 9,000
Fuel and Power 4,730
Carriage on Purchase 2,040
Opening Stock 5,760
Building 32,000
Machinery 20,000
Salaries 15,000
Patents 7,500
General expenses 3,000
Insurance 600
Drawings 5,245
Taking into account the following adjustment, prepare Trading and Profit and Loss Account and
Balance sheet as at 31st March, 2019:
(i) Stock in Hand on 31st March, 2019 was 6,800.
(ii) Machinery is to be depreciated @ 10% and Patents @ 20%.
(iii) Salaries for the month of March, 2019 amounting to ₹ 1,500 were outstanding.
(iv) Insurance includes a premium of ₹ 170 on a policy expiring on 30th September, 2019.
(v) Further Bad Debts are ₹ 725. Create a provision of 5% on Debtors.
(vi) Rent receivable ₹ 1,000.

Solution: For the year ended 31st March, 2019

To Stock 5,760 By Sales 98,780
To Purchases 40,675 Less: Returns Inward 680 98,100
Less: Return Outward 500 40,175 By Stock 6,800
To Wages 8,480
To Fuel and Power 4,730
To Carriage on Purchases 2,040
To Carriage on Sales 1,04,900 By Gross Profit b/d 1,04,900

To Salaries 15,000 3,200 By Rent 9,000 43,715
Add: Outstanding 1,500 Add: Receivable 1,000
To General Expenses 16,500 10,000
To Insurance 600 3,000
Less: Unexpired 85
To Bad Debts 515
To Provision for Doubtful Debts 725
(5% on ₹13,750)
To Depreciation on Machinery 689
To Depreciation on Plants 2,000
To net Profit transferred to Capital A/C 1,500
25,586
53,715 53,715
BALANCE SHEET As at 31st March 2019

Creditors 6,300 Cash in Hand 540
Salaries Outstanding 1,500 Cash at Bank 2,630
Capital: Stock 6,800
Balance 62,000 Sundry Debtors 14,500
Add: Net Profit 25,586 Less: Bad Debts 725
87,586 13,775
Less: Drawing 5,245 82,341 Less: Provision for Doubtful Debts 689 13,086
Rent Receivable 1,000
Insurance Prepaid 85
Patents 7,500
Building 32,000
Machinery 20,000
90,141 90,141

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CHAPTER 14. ADJUSTMENTS IN PREPARATION OF FINANCIAL STATEMENTS

(i) Expenditure incurred whether paid or not, are accounted,

DETAIL STUDY OF ADJUSTMENTS

114 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

Adjusted Purchases = Opening Stock + Net Purchases— Closing Stock.

5. INCOME RECEIVED IN ADVANCE OR UNEARNED INCOME:- Income received in advance or

115 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

Accounting Treatment of Depreciation—when given as an adjustment:- Depreciation given as an

PRACTICAL QUESTIONS( AAO DEKHE HAMARI SHAKTI):

116 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

Head of Accounts Dr. (₹) Cr. (₹)

117 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

118 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

Debit Balances ₹ Credit Balance ₹

119 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

120 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

121 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

TRIAL BALANCE As on 31st March, 2016

Total 2,09,360 2,09,360

122 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

Following adjustments are to be made:

123 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

Heads of Accounts Dr. (₹) Cr. (₹)

124 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

Solution : TRADING AND PROFIT AND LOSS ACCOUNT

To Trade Expenses 1,37,000 By Gross Profit b/d 1,37,000

125 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

To Carriage Outwards 800 By Rent for Premises 39,000

Less: Prov. for Doubt. Debts

To Net Profit transferred to Capital A/C

BALANCE SHEET As at 31st March, 2016

126 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

127 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

To Depreciation on Furniture By Gross Profit b/d

BALANCE SHEET As at 31st March, 2019

Less: Provision for Doubtful Debts

128 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

Heads of Accounts Dr. (₹) Cr. (₹)

Total 15,23,880 15,23,880

129 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

131 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

Solution: TRADING AND PROFIT & LOSS ACCOUNT

132 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

To Investment on Loan 585

BALANCE SHEET As at March, 2019

Note: Manager’s Commission on net profit is calculated at 10/110 of ₹8,782.

133 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

Heads of Accounts Dr. (₹) Cr. (₹)

134 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

To Salaries 30,000 3,71,000 3,71,000

To Printing and Stationery 11,000

135 CONCEPTONLINECLASSES.COM Ph. No. 0120-4225003/4/5

BALANCE SHEET As at 31st March, 2019