Page 189 - ISCDEBK-XI

20.22 Double Entry Book Keeping—ISC XI

BALANCE SHEET OF MR. AJIT as at 31st March, 2022
Liabilities ` Assets `
Current Liabilities: Current Assets:
Creditors 12,000 Cash in Hand 1,280
Add: Omitted Purchases 6,000 18,000 Cash at Bank 4,600
Loan: Debtors 18,400
Loan from Atal 30,000 Less: Further Bad Debts 400
Add: Interest 1,350 31,350 18,000
Capital: Less: Provision for Doubtful
Opening Balance 1,00,000 Debts @ 5% 900
Add: Net Profit 29,738 17,100
1,29,738 Less: Provision for Discount 342 16,758
Less: Drawings: (in Cash) 12,000 Closing Stock 27,300
(in Goods) 2,000 14,000 1,15,738 Insurance Company (Claim) 6,000
Prepaid Insurance 200
Fixed Assets:
Land and Building 90,000
Less: Depreciation 1,800 88,200
Plant and Machinery 20,000
Less: Depreciation 4,000 16,000
Furniture 5,000
Less: Depreciation 250 4,750
1,65,088 1,65,088

Illustration 11.
From the following Trial Balance of Samar as on 31st March, 2022, you are requested to prepare
Trading and Profit & Loss Account for the year ended 31st March, 2022 and a Balance Sheet as
on that date after making necessary adjustments.

Particulars Dr. (`) Cr. (`)
Sundry Debtors ............................................................................................................................................................. 5,00,000 ...
Sundry Creditors ........................................................................................................................................................... ... 2,00,000
Outstanding liabilities for expenses ...................................................................................................................... 55,000 ...
Wages ............................................................................................................................................................................... 1,00,000 ...
Carriage Outward ......................................................................................................................................................... 1,10,000 ...
Carriage Inward ............................................................................................................................................................. 50,000 ...
General Expenses ......................................................................................................................................................... 70,000 ...
Cash Discount ................................................................................................................................................................ 20,000 ...
Bad Debts ........................................................................................................................................................................ 10,000 ...
Motor car ......................................................................................................................................................................... 2,40,000 ...
Printing and Stationery .............................................................................................................................................. 15,000 ...
Furniture and Fittings ................................................................................................................................................. 1,10,000 ...
Advertisement ............................................................................................................................................................... 85,000 ...
Insurance ......................................................................................................................................................................... 45,000 ...
Salesman’s Commission ............................................................................................................................................. 87,500 ...
Postage and Telephone .............................................................................................................................................. 57,500 ...
Salaries ............................................................................................................................................................................. 1,60,000 ...
Rates and Taxes ............................................................................................................................................................. 25,000 ...
Capital Account ............................................................................................................................................................. ... 14,43,000
Drawings.......................................................................................................................................................................... 20,000 ...
Purchases ........................................................................................................................................................................ 15,50,000 ...
Sales .................................................................................................................................................................................. ... 19,87,500
Stock on 1st April, 2021 .............................................................................................................................................. 2,50,000 ...
Cash at Bank ................................................................................................................................................................... 60,000 ...
Cash in Hand .................................................................................................................................................................. 10,500 ...
Total 36,30,500 36,30,500