Solution of Balance sheet (Practical and theoretical problems) SEE 2077

1. Prepare Balance sheet of Ekta Distributors on the basis of following particulars as on 31^st Ashadh, 2069.

Particulars	Amount (Rs.)	Particulars	Amount (Rs.)
Capital	3,00,000	Building	1,90,000
Investment	70,000	Accrued income	20,000
Net loss	40,000	Due Rent	5,000
Reserve	40,000	Closing stock	25,000

Solution:

Balance sheet of Ekta Distributors

As on 31^st Ashadh, 2069

Liabilities	Amount (Rs.)	Assets	Amount (Rs.)
Capital                            3,00,000 Less: Net loss                   40,000	2,60,000	Building	1,90,000
Reserve	40,000	Accrued income	20,000
Due Rent	5,000	Investment	70,000
Reserve	40,000	Closing stock	25,000
		Investment	70,000
	3,45,000		3,45,000

2. Prepare Balance sheet of Bharati Distributors on the basis of following particulars as on 31^st Ashadh, 2069.

Particulars	Amount (Rs.)	Particulars	Amount (Rs.)
Capital	1,50,000	Short term loan	30,000
Stock (31 Ashar)	45,000	Prepaid expenses	20,000
Vehicles	1,00,000	Sundry Debtors	40,000
Advance Rent received	15,000	Net profit	10,000

Solution:

Balance sheet of Ekta Distributors

As on 31^st Ashadh, 2069

Liabilities	Amount (Rs.)	Assets	Amount (Rs.)
Capital                             1,50,000 Add: Net profit                 10,000 Advance Rent received Short term loan	1,60,000 15,000 30,000	Vehicles Stock (31 Ashar) Prepaid expenses Closing stock Sundry Debtors	1,00,000 45,000 20,000 25,000 40,000
	2,05,000		2,05,000

 

3. Prepare Balance sheet of Sons & Sam Distributors on the basis of following particulars as on 31^st Ashadh, 2070.

Particulars	Amount (Rs.)	Particulars	Amount (Rs.)
Cash at bank Net loss Goodwill Outstanding expenses Drawing Account payable Reserve fund	Rs. 56,850 53,970 2,00,000 15,000 13,900 95,000 67,000	Capital Prepaid expenses Account receivable Investment Computer and equipment Motor car Bank overdraft	Rs. 6,00,000 3,000 1,09,000 67,000 78,000 2,98,280 1,03,000

Solution:

Balance sheet of Sons & Sam Distributors

As on 31^st Ashadh, , 2070

Liabilities	Amount (Rs.)	Assets	Amount (Rs.)
Capital                             6,00,000 Less: Net loss                     53,970 Less: Drawing                    13,900 Outstanding expenses Account payable Reserve fund Bank overdraft	5,32,130 15,000 95,000 67,000 1,03,000	Cash at bank Goodwill Prepaid expenses Account receivable Investment Computer and equipment Motor car	56,850 2,00,000 3,000 1,09,000 67,000 78,000 2,98,280
	8,12,130		8,12,130

 

4. Prepare Balance sheet of Mayur Traders on the basis of following particulars as on 31^st Ashadh, 2076.

Particulars	Amount (Rs.)	Particulars	Amount (Rs.)
Goodwill Book debts Bank overdraft Business premises Cash in hand Closing stock Capital	Rs. 1,75,000 2,17,000 1,89,000 10,47,000 21,000 1,48,000 16,40,000	Net loss Copyright Loan to Udit Advance income Creditors Furniture Cash at Bank	Rs. 40,000 2,00,000 70,000 35,000 2,98,000 1,45,000 99,000

Solution:

Balance sheet of Mayur Traders

As on 31^st Ashadh, , 2076

Liabilities	Amount (Rs.)	Assets	Amount (Rs.)
Capital                           16,40,000 Less: Net loss                     40,000 Bank overdraft Advance income Creditors	16,00,000 1,89,000 35,000 2,98,000	Goodwill Book debts Business premises Cash in hand Closing stock Copyright Loan to Udit Furniture Cash at Bank	1,75,000 2,17,000 10,47,000 21,000 1,48,000 2,00,000 70,000 1,45,000 99,000
	21,22,000		21,22,000

 

5. Prepare Balance sheet of Himal Company on the basis of following particulars as on 31^st Ashadh, 2077.

Particulars	Amount (Rs.)	Particulars	Amount (Rs.)
Cash in hand Advance income Business premises Patent right Loose tools Capital Closing stock	Rs. 50,000 38,000 10,37,300 1,00,000 50,000 15,10,000 1,00,000	Net profit Loan to Dibya Accrued income Account payable Book debts copy right Prepaid rent	Rs. 1,07,300 95,000 27,000 1,69,000 2,00,000 1,50,000 15,000

Solution:

Balance sheet of Himal Company

As on 31^st Ashadh, , 2077

Liabilities	Amount (Rs.)	Assets	Amount (Rs.)
Capital                           15,10,000 Add: Net profit               1,07,300 Account payable Advance income	16,17,300 1,69,000 38,000	Cash in hand Business premises Patent right Loose tools Closing stock Loan to Dibya Accrued income Book debts copy right Prepaid rent	50,000 10,37,300 1,00,000 50,000 1,00,000 95,000 27,000 2,00,000 1,50,000 15,000
	18,24,300		18,24,300

 

6. What do you mean by advance incomes?

Ans: Advance incomes mean the income received but not yet earned.

7. Why is balance sheet prepared?

Ans: Balance sheet is prepared to disclose the financial position of business firm i.e. capital, liabilities and assets.

8. Write any two intangible fixed assets.

Ans: Two intangible fixed assets are Goodwill, copyright.

9. What do you mean by current assets?

Ans: Current assets refer the assets and properties which are acquired by the business for a short term i.e. less than a year and which can be easily converted into cash.