Page 140 - debkxi
P. 140

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                                 ...              ...              ...
   135   136   137   138   139   140   141   142   143   144   145