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Financial Statements of Sole Proprietorship ... 18.7
To Trade Expenses 200 By Gross Profit b/d 32,500
To Rent 2,000 By Discount on Purchases 4,000
To Bad Debts 5,000
To Repairs to Plant 1,600
To Net Profit transferred to Capital A/c 27,700
36,500 36,500
BALANCE SHEET OF HARI
as at 31st March, 2024
Liabilities ` Assets `
Capital: Plant 20,000
Opening Balance 50,000 Stock at the end 35,000
Add: Net Profit 27,700 Debtors 46,000
77,700 Cash in Hand and at Bank 2,000
Less: Income Tax 5,500
Drawings 6,500 12,000 65,700
Loan 9,000
Creditors 28,300
1,03,000 1,03,000
Note: Setting-off GST:
IGST (`) CGST (`) SGST (`)
Input GST 5,000 15,000 15,000
Less: Output GST (15,000) (10,000) (10,000)
Balance (10,000) 5,000 5,000
Less: Set-off against Output IGST 10,000 (5,000) (5,000)
Balance ... ... ...