Questions and Answers of Balance sheet (SEE) 2078
1. Prepare a balance sheet of a company
for the year ended 31sr Dec, 2020 from the following transactions:
|
Machinery Net profit Capital Debtors Loan from bank Cash in hand |
Rs. 2,50,000 1,40,000 4,60,000 1,50,000 2,85,000 25,000 |
Land and building General reserve Furniture and Fixtures Creditors Closing stock Cash at Bank |
Rs. 4,06,000 16,000 55,000 1,32,000 90,000 57,000 |
Solution:
Balance sheet of
A company
For the year ended 31st Dec, 2020
Dr. Cr.
|
Liabilities |
Amount |
Assets |
Amount |
|
Capital
4,60,000 Add: Net profit
1,40,000 Loan from bank General reserve Creditors |
6,00,000 2,85,000 16,000 1,32,000 |
Machinery Debtors Cash in hand Land and building Furniture and Fixtures Closing stock Cash at Bank |
2,50,000 1,50,000 25,000 4,06,000 55,000 90,000 57,000 |
|
10,33,000 |
10,33,000 |
2. Prepare a balance sheet of a company for
the year ended 31sr Dec, 2020 from the following transactions:
|
Capital Drawing Net profit Building Plant and machinery Sundry debtors |
Rs. 13,90,000 10,000 1,17,000 7,50,000 2,50,000 2,10,000 |
Sundry Creditors Cash in hand Reserve fund Cash at bank Computer and equipment Closing stock |
Rs. 1,95,000 25,000 80,000 1,17,000 2,25,000 1,95,000 |
Solution:
Balance sheet of
A company
For the year ended 31st Dec, 2020
Dr. Cr.
|
Liabilities |
Amount |
Assets |
Amount |
|
Capital
13,90,000 Add: Net profit
1,17,000 15,07,000 Less: Drawing
10,000 Sundry Creditors Reserve fund |
14,97,000 1,95,000 80,000 |
Building Plant and machinery Sundry debtors Cash in hand Cash at bank Computer and equipment Closing stock |
7,50,000 2,50,000 2,10,000 25,000 1,17,000 2,25,000 1,95,000 |
|
17,72,000 |
17,72,000 |
3. From the following information of a
company, prepare a balance sheet as on Chaitra 31, 2077:
|
Vehicles Loan from friends Computer and equipment Cash at bank Debtors Bills receivable Drawings |
Rs. 5,10,000 1,40,000 2,95,000 97,500 2,10,000 1,50,000 20,000 |
Bills payable Creditors Capital Net profit Closing stock Prepaid expenses Investment |
Rs. 1,80,000 2,00,000 8,70,000 1,85,000 1,05,000 25,000 1,62,500 |
Solution:
Balance sheet of
A company
As on Chaitra 31, 2077
Dr. Cr.
|
Liabilities |
Amount |
Assets |
Amount |
|
Capital 8,70,000 Add: Net profit
1,85,000 Less: Drawing
20,000 Creditors Loan from friends Bills payable |
10,35,000 2,00,000 1,40,000 1,80,000 |
Building Vehicles Computer and equipment Cash at bank Debtors Bills receivable Closing stock Prepaid expenses Investment |
7,50,000 5,10,000 2,95,000 97,500 2,10,000 1,50,000 1,05,000 25,000 1,62,500 |
|
15,55,000 |
15,55,000 |
4. From the following information of a
company, prepare a balance sheet as on Chaitra 31, 2077:
|
Land and Building Capital Accounts receivable Bills receivable Outstanding expenses Loan Net profit |
Rs. 12,90,000 25,00,000 3,13,000 2,00,000 30,000 2,00,000 2,18,000 |
Accounts payable Vehicles Furniture and fittings Bills payable Drawing Prepaid expense Investment |
Rs. 2,96,000 13,00,000 2,15,000 3,50,000 40,000 15,000 2,21,000 |
Solution:
Balance sheet of
A company
As on Chaitra 31, 2077
Dr. Cr.
|
Liabilities |
Amount |
Assets |
Amount |
|
Capital 25,00,000 Add: Net profit
2,18,000 Less: Drawing
40,000 Outstanding expenses Loan Accounts payable Bills payable |
26,78,000 30,000 2,00,000 2,96,000 3,50,000 |
Land and Building Accounts receivable Bills receivable Vehicles Furniture and fittings Prepaid expense Investment |
12,90,000 3,13,000 2,00,000 13,00,000 2,15,000 15,000 2,21,000 |
|
35,54,000 |
35,54,000 |
5.
Write name of any two direct expenses.
Ans.
Name of two direct expenses are carriage inward, custom duty.
6.
What is meant by closing stock?
Ans. Closing
stock refers to value of raw materials, semi-finished goods and finished goods
remained in stock at the end of accounting period.
7. Write any two direct incomes of the business
firm.
Ans.
The name of two direct incomes of the business firm are sales and closing stock.
8.
How is closing stock valued at the business firm?
Ans.
Closing stock is valued at the business firm by valuing at market price or cost
price whichever is less.
9.
What are accrued incomes?
Ans.
Accrued incomes are the income earned but not received.
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