Page 54 - VIRANSH COACHING CLASSES

BALANCE SHEET as on 31 March, 2019
st
Liabilities Amt. ` Amt. ` Assets Amt. ` Amt. `

Capital : Nene 15,00,000 Motor Vehicle 3,70,000
Less : Net Loss 1,28,750 Less : Depreciation5% 18,500 3,51,500
13,71,750 Sundry Debtors 4,50,000
Less : Drawings 20,000 13,51,750 Less : Bad-debts 5,000
Capital : Kane 10,00,000 4,45,000
Less - Net Loss 85,500 Less - R.D.D 5% 22,250 4,22,750
9,14,500 Premises 8,50,000
Less : Drawings 21,000 8,93,500 Providend Fund
(15,000 + 6,000) Investment 8,00,000
Sundry Creditors 3,00,000 Cash in Hand 40,000
Outstanding Expenses Cash at Bank 2,00,000
Wages 3,000 Closing Stock 3,60,000
Salaries 2,000
Rent 2,000 7,000
Bank Overdraft 1,50,000
Providend Fund 2,80,000
Add : Interest on
Providend Fund 42,000 3,22,000
Investment
30,24,250 30,24,250
9. Kranti & Sumangala are Partners sharing Profits and Losses in their Capital ratio. From
the Trial Balance given below and Adjustments, you are required to 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 `
Stock (1/4/2018) 32,500 Capital :
Purchases 40,000 Kranti 1,20,000
Sundry Debtors 1,00,000 Sumangala 40,000
Bills Receivable 8,500 Sales 60,000
Wages 3,000 Sundry Creditors 30,000
Investment 32,000 Bills Payable 15,000
Postage 2,700 Commission 325
Insurance 7,500 Purchases Returns 1,000
Plant & Machinery 15,000
Salaries 4,850
Prepaid Rent 2,000
Bad-debts 500
Furniture 12,500
Cash in Hand 3,775
Sales Return 1,500
2,66,325 2,66,325

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