From the following particulars prepare a Balance sheet of Mr. X for the year ended 3st March, 2015.
| Capital |
Rs.2,00,000 |
Sundry debtors |
Rs.80,000 |
| Drawings |
Rs.40,000 |
Land and building |
Rs.50,000 |
| Cash in hand |
Rs.15,000 |
Plant and machinery |
Rs.80,000 |
| Loan from bank |
Rs.40,000 |
Investment |
Rs.20,000 |
| Sundry creditors |
Rs.40,000 |
Bills receivable |
Rs.10,000 |
| Bills payable |
Rs.20,0.00 |
Cash at bank |
Rs.25,000 |
| Goodwill |
Rs.60,000 |
|
|
The following adjustments are made at the time of preparing Final accounts.
(i) Outstanding Liabilities for Salaries Rs.10,000; Wages Rs 20,000; Interest on Bank overdraft Rs 3,000; and Interest on bank loan Rs6,000.
(ii) Provide Interest on capital @ 10% p.a.
(iii) Depreciation on plant and machinery by 10% p.a.
(iv) Bad debts amounted to Rs.10,000 and make a provision for Bad debts @ 10% on sundry debtors.
(v) Closing stock amounted to Rs.1,20,000.
Net Profit for the year amounted to Rs.96,000 after considering all the above adjustments.
