Question
13:
From the following information, prepare Balance Sheet of a trader as at 31st March, 2024 arranging the assets and liabilities–(i) in order of permanence and (ii) in order of liquidity:
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` |
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` |
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Goodwill |
20,000 |
Bank |
20,000 |
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Capital |
1,80,000 |
Sundry Creditors |
63,000 |
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Liabilities for Expenses |
1,200 |
Bills Receivable |
13,000 |
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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 |
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Answer:
(I)
Balance
Sheet in Order of Permanence
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Balance Sheet as on March 31, 2024 |
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Liabilities |
( `) |
Assets |
( `) |
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Capital |
1,80,000 |
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Goodwill |
20,000 |
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Less: Drawings |
(30,000) |
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Land and Building |
60,000 |
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Add: Net Profit |
92,600 |
2,42,600 |
Plant and Machinery |
40,000 |
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Sundry Creditors |
63,000 |
Furniture |
16,000 |
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Bills Payable |
10,700 |
Investment |
20,000 |
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Liabilities for Expenses |
1,200 |
Closing Stock |
80,000 |
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Sundry Debtors |
50,000 |
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Less: Provision for Doubtful Debts |
(2,500) |
47,500 |
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Bill Receivable |
13,000 |
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Bank |
20,000 |
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Cash in Hand |
1,000 |
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3,17,500 |
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3,17,500 |
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(II)Balance
Sheet in Order of Liquidity
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Balance Sheet as on March 31, 2024 |
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Liabilities |
Amount ( `) |
Assets |
Amount ( `) |
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Liabilities for
Expenses
|
1,200 |
Cash in Hand |
1,000 |
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Bills Payable |
10,700 |
Bank |
20,000 |
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Sundry Creditors |
63,000 |
Bills Receivable |
13,000 |
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Capital |
1,80,000 |
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Sundry Debtors |
50,000 |
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Less: Drawings |
(30,000) |
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Less: Provision for Doubtful Debts |
(2,500) |
47,500 |
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Add: Net Profit |
92,600 |
2,42,600 |
Closing Stock |
80,000 |
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Investment |
20,000 |
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Furniture |
16,000 |
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Plant and Machinery |
40,000 |
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Land and Building |
60,000 |
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Good will |
20,000 |
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3,17,500 |
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3,17,500 |
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Question 14:
From the Balance Sheet given below, calculate:
(i) Fixed Assets
(ii) Current
Assets
(iii) Current Liabilities (iv) Working Capital
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BALANCE SHEET as at 31st
March, 2024 |
|||
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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 |
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Long-Term
Loan |
20,000 |
Goodwill |
20,000 |
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Interest
on Loan |
1,000 |
Land |
20,000 |
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Capital |
93,400 |
Plant |
32,000 |
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Furniture |
8,000 |
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|
1,64,400 |
|
1,64,400 |
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Answer:
(i)Fixed Assets=Land+Plant+Furniture+Goodwill
=20,000+32,000+8,000+20,000=Rs 80,000
(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 15:
Prepare Trading and Profit and Loss Account and Balance Sheet of Jagat Shah as at 31st March, 2024 from the following
balances:
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` |
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` |
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Capital (Cr.) |
3,60,000 |
Salaries |
60,000 |
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Machinery |
70,000 |
General Expenses |
20,000 |
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Sales |
8,20,000 |
Rent |
50,000 |
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Purchases |
4,00,000 |
Purchases Return |
5,000 |
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Sales Return |
10,000 |
Debtors |
3,00,000 |
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Stock on 1st April, 2018 |
1,00,000 |
Cash |
40,000 |
|
Drawings |
40,000 |
Carriage Outwards |
20,000 |
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Wages |
1,00,000 |
Advertising |
20,000 |
|
Carriage
Inwards |
5,000 |
Creditors |
50,000 |
The Closing Stock was valued at `
2,00,000.
Answer:
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Financial Statements of Jagat Shah |
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Trading
Account for
the year ended March 31, 2024 |
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Dr. |
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Cr. |
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Particulars |
Amount ( `) |
Particulars |
Amount ( `) |
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Opening Stock |
1,00,000 |
Sales |
8,20,000 |
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Purchases |
4,00,000 |
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Less: Sales Return |
(10,000) |
8,10,000 |
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Less: Purchases Return |
(5,000) |
3,95,000 |
Closing Stock |
2,00,000 |
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Wages |
1,00,000 |
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Carriage Inwards |
5,000 |
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Gross Profit (Balancing
Figure) |
4,10,000 |
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10,10,000 |
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10,10,000 |
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Profit and Loss Account for the year ended March
31, 2024 |
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Dr. |
|
Cr. |
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Particulars |
Amount ( `) |
Particulars |
Amount ( `) |
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Salaries |
60,000 |
Gross Profit |
4,10,000 |
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General Expenses |
20,000 |
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Rent |
50,000 |
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Carriage Outwards |
20,000 |
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Advertising |
20,000 |
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Net Profit (Balancing Figure) |
2,40,000 |
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4,10,000 |
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4,10,000 |
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Balance Sheet as on March 31, 2024 |
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Liabilities |
Amount ( `) |
Assets |
Amount ( `) |
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Capital |
3,60,000 |
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Fixed Assets |
|
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Less: Drawings |
(40,000) |
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Machinery |
70,000 |
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Add: Net Profit |
2,40,000 |
5,60,000 |
Current Assets |
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Current Liabilities |
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Closing Stock |
2,00,000 |
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Creditors |
50,000 |
Debtors |
3,00,000 |
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Cash |
40,000 |
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6,10,000 |
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6,10,000 |
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Question 16:
The following are the balances as on 31st March, 2024 extracted from the
books of Dass:
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` |
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` |
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Sales |
9,20,000 |
Postage
and Courier |
6,200 |
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Purchases |
6,83,000 |
Miscellaneous Expenses |
9,000 |
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Returns Inward |
13,000 |
Bad Debts |
4,000 |
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Returns
Outward |
22,000 |
Debtors |
2,20,000 |
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Stock on 1st April, 2018 |
1,76,000 |
Creditors |
1,28,000 |
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Carriage Inwards |
24,000 |
Loan from Sahil |
50,000 |
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Rent |
22,000 |
Capital |
5,25,000 |
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Discount |
37,500 |
Drawings |
19,100 |
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Printing |
7,200 |
Business Premises |
3,90,000 |
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Insurance |
5,000 |
Office Furniture |
15,000 |
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Travelling
Expenses |
14,000 |
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The stock on 31st March, 2024 was valued at ` 2,40,000.
You are required to prepare Trading Account, Profit and Loss Account and
Balance Sheet as at 31st March, 2024.
Answer:
|
Financial Statement of Bhagwan Das |
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Trading
Account for
the year ended March 31, 2024 |
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Dr. |
|
Cr. |
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Particulars |
( `) |
Particulars |
( `) |
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Stock |
1,76,000 |
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Purchases |
6,83,000 |
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Sales |
9,20,000 |
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Less: Return Outwards |
(22,000) |
6,61,000 |
Less: Return Inwards |
(13,000) |
9,07,000 |
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Carriage Inwards |
24,000 |
Closing Stock |
2,40,000 |
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Gross Profit (Balancing
Figure) |
2,86,000 |
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11,47,000 |
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11,47,000 |
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Profit and Loss
Account for the year ended March
31, 2024 |
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Dr. |
|
Cr. |
|||
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Particulars |
( `) |
Particulars |
( `) |
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Rent, Rates and Taxes |
22,000 |
Gross Profit |
2,86,000 |
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Discount |
37,500 |
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Printing |
7,200 |
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Insurance |
5,000 |
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Travelling Expenses |
14,000 |
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Postage and Courier |
6,200 |
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Miscellaneous Expenses |
9,000 |
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Bad Debts |
4,000 |
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Net Profit (Balancing Figure) |
1,81,100 |
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2,86,000 |
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2,86,000 |
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Balance Sheet as onMarch
31, 2024 |
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Liabilities |
( `) |
Assets |
( `) |
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Capital |
5,25,000 |
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Fixed Assets |
|
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Less: Drawings |
(19,100) |
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Business Premises |
3,90,000 |
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Add: Net Profit |
1,81,100 |
6,87,000 |
Office Furniture |
15,000 |
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Loan from Sahil |
50,000 |
Current Assets |
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Current Liabilities |
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Closing Stock |
2,40,000 |
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Creditors |
1,28,000 |
Debtors |
2,20,000 |
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|
8,65,000 |
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8,65,000 |
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Ts Grewal Solution 2024-2025
Class 11th
Chapter 18 – Financial Statements of a Sole Proprietorship