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Question No 15 Chapter No 18
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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:-
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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 | ||||
Final Accounts: Meaning, Definition and Explanation
Profit and Loss Account: Meaning, Format & Examples
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Also, Check out the solved question of previous Chapters: –
-
- Chapter No. 1 – Introduction to Accounting
- Chapter No. 2 – Basic Accounting Terms
- Chapter No. 3 – Theory Base of Accounting, Accounting Standards and International Financial Reporting Standards(IFRS)
- Chapter No. 4 – Bases of Accounting
- Chapter No. 5 – Accounting Equation
- Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
- Goods and Services Tax(GST)
- Chapter No. 7 – Origin of Transactions – Source Documents and Preparation of Vouchers
- Chapter No. 8 – Journal
- Chapter No. 9 – Ledger
- Chapter No. 10 – Special Purpose Books I – Cash Book
- Chapter No. 11 – Special Purpose Books II – Other Books
- Chapter No. 12 – Bank Reconciliation Statement
- Chapter No. 13 – Trial Balance
- Chapter No. 14 – Depreciation
- Chapter No. 15 – Provisions and Reserves
- Chapter No. 16 – Accounting for Bills of Exchange
- Chapter No. 17 – Rectification of Errors
- Chapter No. 18 – Financial Statements of Sole Proprietorship
- Chapter No. 19 – Adjustments in preparation of Financial Statements
- Chapter No. 20 – Accounts from incomplete Records – Single Entry System
- Chapter No. 21 – Computers in Accounting
- Chapter No. 22 – Accounting Software – Tally
- Chapter No. 5 – Accounting Equation
- Chapter No. 6 – Accounting Procedures – Rules of Debit and Credit
- Goods and Services Tax(GST)
- Chapter No. 8 – Journal
- Chapter No. 9 – Ledger
- Chapter No. 10 – Special Purpose Books I – Cash Book
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