DK Goel Solutions Chapter 22 Financial Statements - With Adjustments

DK Goel Accountancy Class 11 Solutions Chapter 22 Financial Statements – With Adjustments which is outlined by expert Accountancy teachers from the latest version of DK Goel Class 11 Accountancy textbooks. We at BYJU’S provide DK Goel Solutions to assist students to comprehend all the theories in particular. There are numerous concepts in Accountancy, but the concepts of Trial Balance, Depreciation and Bank Reconciliation Statement (BRS) are required.

DK Goel Accountancy Class 11 Solutions – Chapter 22

Question 1

What does ‘Closing Stock’ mean?

Answer: The total amount of goods that are left unsold during the end of the financial year, this is referred to as the Closing Stock. It is valued at the Cost Price or the Realisable value, whichever is less. For instance, a few goods were purchased for ₹. 1,00,000/- but at present its realisable value is ₹. 1,20,000/-. It will be valued at ₹. 1,00,000/- and not ₹. 1,20,000/-. However, if the realisable value of the same goods is ₹. 90,000/-, it will be valued only at ₹. 90,000/-.

Question 2

Below mentioned are the extracts of the Trial Balance as of March 31st 2017:

Particulars

Dr. (₹)

Cr. (₹)

Machinery

5,00,000

Furniture

80,000

Adjustments: Machinery is to be depreciated at 10% p.a. and the furniture at 20% p.a.

Answer:

Adjustment entry:

Depreciation a/c Dr. 66,000

To Machinery a/c 50,000

To Furniture a/c 16,000

(Depreciation Charged)

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