Page 26 - Chapter-11.pmd

462 Accountancy

Balance Sheet as on December 31, 2014

Liabilities Amount Assets Amount
Rs. Rs.
Outstanding expenses 1,200 Cash 8,000
Creditors 27,000 Debtors 48,600
Capital 81,500 Less Provision (2,430) 46,170
Less Drawings (5,000) Closing stock 30,000
76,500 Furniture & Fixtures15,000
Add Net profit 8,170 84,670 Less Depreciation (1,500) 13,500
Motor van 16,000
Less Depreciation (800) 15,200
1,12,870 1,12,870
Working Notes :
(i) Total Debtors Account
Dr. Cr.
Date Particulars J.F. Amount Date Particulars J.F. Amount
Rs. Rs.
Balance b/d 45,000 Cash received 80,000
Sales 89,800 Discount allowed 1,400
Bad debts 1,800
Sales return 3,000
Balance c/d 48,600
1,34,800 1,34,800

(ii) Total Creditors Account
Dr. Cr.
Date Particulars J.F. Amount Date Particulars J.F. Amount
Rs. Rs.
Cash paid 63,000 Balance b/d 24,000
Discount received 1,000 Purchases 69,000
Purchases return 2,000
Balance c/d 27,000
93,000 93,000

(iii) Summary of Cash
Dr. Cr.
Receipts Amount Payments Amount
Rs. Rs.
Balance b/d 4,500 Creditors 63,000
Debtors 80,000 Expenses paid 6,000
Drawings 5,000
Rent paid 2,500
Balance c/d 8,000
84,500 84,500

2015-16