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11th | Financial Statements of a Sole Proprietorship | Question No. 13 To 16 | Ts Grewal Solution 2022-2023

Question 13:

From the following particulars, prepare Balance Sheet as at 31st March, 2022:

 

Dr. (`)

Cr. (`)

Capital

4,00,000

Drawings

44,000

Debtors and Creditors

64,000

42,000

Cash in Hand

3,600

Cash at Bank

72,000

Plant

1,00,000

Furniture

37,000

Net Profit

16,600

General Reserve

10,000

Closing Stock

1,48,000

Total

4,68,600

4,68,600

 

 

 

Answer:


Balance Sheet

as on March 31, 2022

Liabilities 

 (`)

Assets

 (`)

Capital

4,00,000

 

Plant

1,00,000

Less: Drawings

(44,000)

 

Furniture

37,000

Add: Net Profit

16,600

3,72,600

Closing Stock

1,48,000

General Reserve

10,000

Debtors

64,000

Creditors

42,000

Cash at Bank

72,000

 

 

Cash in Hand

3,600

 

4,24,600

 

4,24,600

 

 

 

 

 

Question 14:

From the following information, prepare Balance Sheet of a trader as at 31st March, 2022 arranging the assets and liabilities–(i) in order of permanence and (ii) in order of liquidity:
 

 

 `

 

 `

Goodwill

20,000

Bank

20,000

Capital

1,80,000

Sundry Creditors

63,000

Liabilities for Expenses

1,200

Bills Receivable

13,000

Cash in Hand

1,000

Plant and Machinery

40,000

Investment

20,000

Provision for Doubtful Debts

2,500

Bills Payable

10,700

Closing Stock

80,000

Net Profit

92,600

Furniture

16,000

Sundry Debtors

50,000

Drawing

30,000

Land and Building

60,000

 

 

Answer:


(I) Balance Sheet in Order of Permanence

Balance Sheet

as on March 31, 2022

Liabilities 

 (`)

Assets

 (`)

Capital

1,80,000

 

Goodwill

20,000

Less: Drawings

(30,000)

 

Land and Building

60,000

Add: Net Profit

92,600

2,42,600

Plant and Machinery

40,000

Sundry Creditors

63,000

Furniture

16,000

Bills Payable

10,700

Investment

20,000

Liabilities for Expenses

1,200

Closing Stock

80,000

 

 

Sundry Debtors

50,000

 

 

 

Less: Provision for Doubtful Debts

(2,500)

47,500

 

 

Bill Receivable

13,000

 

 

Bank

20,000

 

 

Cash in Hand

1,000

 

3,17,500

 

3,17,500

 

 

 

 

 

 (II) Balance Sheet in Order of Liquidity

Balance Sheet

as on March 31, 2022

Liabilities 

Amount

(`)

Assets

Amount

(`)

Liabilities for Expenses                            

1,200

Cash in Hand

1,000

Bills Payable

10,700

Bank

20,000

Sundry Creditors

63,000

Bills Receivable

13,000

Capital

1,80,000

 

Sundry Debtors

50,000

 

Less: Drawings

(30,000)

 

Less: Provision for Doubtful Debts

(2,500)

47,500

Add: Net Profit

92,600

2,42,600

Closing Stock

80,000

 

 

Investment

20,000

 

 

Furniture

16,000

 

 

Plant and Machinery

40,000

 

 

Land and Building

60,000

 

 

Good will

20,000

 

3,17,500

 

3,17,500

 

 

 

 

Question 15:

From the Balance Sheet given below, calculate:
(i) Fixed Assets            (ii) Current Assets
(iii) Current Liabilities (iv) Working Capital

BALANCE SHEET as at 31st March, 2022

Liabilities

 `

Assets

 `

Trade Creditors

42,000

Stock in Hand

48,000

Expenses Accrued

3,200

Debtors

36,000

Bank Overdraft

4,800

Prepaid Expenses

400

Long-Term Loan

20,000

Goodwill

20,000

Interest on Loan

1,000

Land

20,000

Capital

93,400

Plant

32,000

 

 

Furniture

8,000

 

1,64,400

 

1,64,400

 

 

 

 

Answer:


(i)Fixed Assets=Land+Plant+Furniture+Goodwill                        

   =20,000+32,000+8,000+20,000=Rs 80,000(ii) 

(ii) Current Assets=Stock+Debtors+Prepaid Expenses                            

=48,000+36,000+400=Rs 84,400

(iii) Current Liabilities=Creditors+Expenses Accrued+Bank Overdraft+Interest on Loan                                    

=42,000+3,200+4,800+1,000=Rs 51,000

(iv) Working Capital=Current Assets−Current Liabilities                                  

=84,400−51,000=Rs 33,400

Question 16:

Prepare Trading and Profit and Loss Account and Balance Sheet of Jagat Shah as at 31st March, 2022 from the following balances:
 

 

 `

 

 `

Capital (Cr.)

3,60,000

Salaries

60,000

Machinery

70,000

General Expenses

20,000

Sales

8,20,000

Rent

50,000

Purchases

4,00,000

Purchases Return

5,000

Sales Return

10,000

Debtors

3,00,000

Stock on 1st April, 2018

1,00,000

Cash

40,000

Drawings

40,000

Carriage Outwards

20,000

Wages

1,00,000

Advertising

20,000

Carriage Inwards

5,000

Creditors

50,000


The Closing Stock was valued at  ` 2,00,000.

Answer:


Financial Statements of Jagat Shah

Trading Account 

for the year ended March 31, 2022

Dr.

 

Cr.

Particulars

Amount

(`)

Particulars 

Amount

(`)

Opening Stock

1,00,000

Sales

8,20,000

 

Purchases

4,00,000

 

Less: Sales Return

(10,000)

8,10,000

Less: Purchases Return

(5,000)

3,95,000

Closing Stock

2,00,000

Wages

1,00,000

 

 

Carriage Inwards

5,000

 

 

Gross Profit (Balancing Figure)

4,10,000

 

 

 

10,10,000

 

10,10,000

 

 

 

 

 

 

 

 

 

 

 

 

Profit and Loss Account

for the year ended March 31, 2022

 

Dr.

 

Cr.

 

Particulars 

Amount

(`)

Particulars

Amount

(`)

 

Salaries

60,000

Gross Profit

4,10,000

 

General Expenses

20,000

 

 

 

Rent

50,000

 

 

 

Carriage Outwards

20,000

 

 

 

Advertising

20,000

 

 

 

Net Profit (Balancing Figure)

2,40,000

 

 

 

 

4,10,000

 

4,10,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet

as on March 31, 2022

Liabilities 

Amount

(`)

Assets

Amount

(`)

Capital

3,60,000

 

Fixed Assets

 

Less: Drawings

(40,000)

 

Machinery

70,000

Add: Net Profit

2,40,000

5,60,000

Current Assets

 

Current Liabilities

 

Closing Stock

2,00,000

Creditors

50,000

Debtors

3,00,000

 

 

Cash

40,000

 

6,10,000

 

6,10,000

 

 

 

 

 

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