Page 154 - debkxi

19.14 Double Entry Book Keeping—CBSE XI

BALANCE SHEET as at 31st March, 2024
Liabilities ` Assets `
Capital Fixed Assets
Opening Balance 10,000 Furniture 7,250
Less: Drawings 4,452 Less: Depreciation 725 6,525
5,548 Current Assets
Add: Net Profit 37,666 43,214 Cash 10,000
Current Liabilities Insurance Claim 1,000
Outstanding Wages 4,000 Closing Stock 12,550
Outstanding General Expenses 4,650 Sundry Debtors 50,200
Sundry Creditors 30,526 Less: Bad Debts 500
49,700
Less: Provision for Doubtful Debts
(` 49,700 × 5/100) 2,485 47,215
Loan to Suraj 3,000
Add: Interest on Loan 100 3,100
Input CGST 1,000
Input SGST 1,000
82,390 82,390

Notes:
1. ‘Outstanding Wages’ and ‘Outstanding General Expenses’ appear on the credit side of the Trial Balance. It
means that these outstanding amounts have already been adjusted to Wages Account and General Expenses
Account. As double entries in respect of these adjustments are complete, these outstanding accounts will be
shown as liabilities in the Balance Sheet.
2. Claim for Goods Lost by Fire will be ` 1,500. Insurance company admitted claim of ` 1,000, leading to loss
of ` 500.
3. GST Set-off:
CGST (`) SGST (`)
Input GST 3,000 3,000
Less: Output GST 2,000 2,000
Balance in Input GST 1,000 1,000
7. From the following Trial Balance and additional information, prepare Trading and
Profit & Loss Account for the year ended 31st March, 2024 and a Balance Sheet as
on that date:
Particulars Dr. (`) Cr. (`)
Closing Stock .......................................................................................................................................................................... 40,000 ...
Adjusted Purchases .............................................................................................................................................................. 6,60,000 ...
Sales ........................................................................................................................................................................................... ... 7,20,000
Miscellaneous Expenses ..................................................................................................................................................... 19,200 ...
Selling and Distribution Expenses .................................................................................................................................. 36,075 ...
Rent ............................................................................................................................................................................................ 11,000 ...
Rent Received ......................................................................................................................................................................... ... 6,500
Income Tax Paid .................................................................................................................................................................... 1,000 ...
Interest (Paid) .......................................................................................................................................................................... 3,750 ...
Interest (Received) ................................................................................................................................................................ ... 4,500
Discount Allowed .................................................................................................................................................................. 2,000 ...
Discount Received ................................................................................................................................................................ ... 1,000