Page 48 - VIRANSH COACHING CLASSES

Balance Sheet as on 31 March, 2019
st
Liabilities Amount Amount Assets Amount Amount
` ` ` `

Capital Account : Furniture 20,000
Shreyas 35,000 Less : Depreciation10% 2,000 18,000
Add : Net Profit 4,000 39,000 Sundry Debtors 25,000
Mrunal 20,000 Less : Bad debts 1,200 23,800
Add : Net Profit 2,000 22,000 Bills Receivable 8000
Sundry Creditors 48,900 Freehold Premises 17,300

Bills Payable 6,500 Cash in Hand 4500
Outstanding Expenses Cash at Bank 16,000
Salaries 1,200 Closing Stock 30,000
Commission 400 1,600 Insurance Claim 2,000
Outstanding Insurance 3,000 Prepaid Rent 3,000
Outstanding Wages 1,600
1,22,600 1,22,600

7. Sapre and Atre are partners sharing Profits and Losses equally. From the following Trial
Balance and Adjustments, prepare Trading and Profit and Loss Account for the year ended
31st March, 2019 and Balance Sheet as on that date.
Trial Balance as on 31 March, 2019
st
Debit Balance Amount Credit Balance Amount
` `
Sundry Debtors 40,000 Sales 85,000
Purchases 65,000 Sundry Creditors 23,000
Returns 800 Sundry Income 2,000
Opening Stock 18,000 Capital :
Land and Building 10,000 Sapre 35,000
Carriage 1,200 Atre 35,000
Rent, Rates & Taxes 1,000 Provident Fund 10,000
Drawings : Returns 1,500
Sapre 3,000 Commission Pre Received 800
Atre 2,000 R.D.D 400
Salaries 3,200

Bad debts 1,000
Machinery 25,000
(Additions on 1st Oct, 2018,
` 10,000)
Advertisement 4,000
Provident Fund Investment 18,500
1,92,700 1,92,700

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