Page 187 - ISCDEBK-XI

20.20 Double Entry Book Keeping—ISC XI

BALANCE SHEET as at 31st March, 2022
Liabilities ` Assets `
Loan from Kapil 20,000 Cash in Hand 13,250
Add: Accrued Interest 300 20,300 Cash at Bank 20,500
Sundry Creditors 24,000 Closing Stock 30,000
Supplier of Machinery 3,000 Add: Goods on Approval 1,000 31,000
Bank Overdraft 15,000 Sundry Debtors 20,400
Capital 1,60,000 Less: Goods on Approval 1,200
Add: Net Profit 6,889 19,200
1,66,889 Less: Bad Debts 200
Less: Drawings 24,000 1,42,889 19,000
Less: Provision for Doubtful Debts 950
18,050
Less: Provision for Discount on Debtors 361 17,689
Furniture and Fixtures 8,000
Less: Depreciation 800 7,200
Plant and Machinery 60,000
Add: New Machinery (` 3,000 + ` 1,000) 4,000
64,000
Less: Depreciation (` 12,000 + ` 800) 12,800 51,200
Patents 40,000
Less: Written off 4,000 36,000
Land 28,350
2,05,189 2,05,189

Illustration 10.
From the following Trial Balance and information, prepare Trading and Profit & Loss Account
of Ajit for the year ended 31st March, 2022 and a Balance Sheet as on that date:

Particulars Dr. (`) Cr. (`)
Capital............................................................................................................................................................................... ... 1,00,000
Drawings.......................................................................................................................................................................... 12,000 ...
Land and Building ........................................................................................................................................................ 90,000 ...
Plant and Machinery ................................................................................................................................................... 20,000 ...
Furniture .......................................................................................................................................................................... 5,000 ...
Sales .................................................................................................................................................................................. ... 1,40,000
Returns Outward .......................................................................................................................................................... ... 6,000
Debtors ............................................................................................................................................................................ 18,400 ...
Loan from Atal on 1.7.2021 @ 6% p.a. ................................................................................................................... ... 30,000
Purchases ........................................................................................................................................................................ 80,000 ...
Returns Inward .............................................................................................................................................................. 5,000 ...
Carriage ............................................................................................................................................................................ 10,000 ...
Sundry Expenses .......................................................................................................................................................... 600 ...
Printing and Stationery .............................................................................................................................................. 500 ...
Insurance Expneses ..................................................................................................................................................... 1,000 ...
Provision for Doubtful Debts ................................................................................................................................... ... 1,000
Provision for Discount on Debtors ......................................................................................................................... ... 380
Bad Debts ........................................................................................................................................................................ 400 ...
Opening Stock on 1.4.2021 ...................................................................................................................................... 21,300 ...
Salaries and Wages ...................................................................................................................................................... 18,500 ...
Creditors .......................................................................................................................................................................... ... 12,000
Trade Expenses .............................................................................................................................................................. 800 ...
Cash at Bank ................................................................................................................................................................... 4,600 ...
Cash in Hand .................................................................................................................................................................. 1,280 ...
Total 2,89,380 2,89,380