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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
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Question No 15 Chapter No 18
15. From the following information, prepare Balance Sheet of a trader as at 31st March, 2018 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 |
The solution of Question No 15 Chapter No 18:-
I Balance Sheet in Order of Permanence B
Balance Sheet as on March 31, 2018
| Liabilities |
Amount | Assets |
Amount | ||
|---|---|---|---|---|---|
| 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, 2018
| 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 Debtor | 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 | ||||
| Goodwill | 20,000 | ||||
| 3,17,500 | 3,17,500 | ||||
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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