Balane Sheet
Balane Sheet
Balane Sheet
Group 6 Cyrus Berne R-11-02 Sagar Devarkar R-11-06 Oswinda Gomes R-11-17 Sahil Nerurkar R-11-23 Rincy Johnson R-11-31 Mohammad Ayaz R-11-36
INTRODUCTION
Statement of financial position
Left hand side liabilities, right hand side - assets
Amount
Assets
Cash in hand Cash in bank Prepaid expenses Bills receivable Sundry debtors Less bad debts xxx xxx xxx
Amount
xxx xxx xxx xxx
Amount
xxx xxx xxx xxx xxx
Assets
Cash in hand Cash at bank Prepaid expenses Accrued income Bills receivable
Amount
xxx xxx xxx xxx xxx
Trade creditors
Long term loans Reserve and surplus Capital
xxx
xxx xxx xxx
Sundry debtors
Closing stock Investment (long term) Furniture and fixtures Plant and machinery Land and building Trade mark Goodwill
xxx
xxx xxx xxx xxx xxx xxx xxx xxx
xxx
Amount
xxx xxx xxx xxx xxx
Assets
Goodwill Trademarks Land and building Motor van Furniture and fixtures
Amount
xxx xxx xxx xxx xxx
Bills payable
Outstanding expenses Income received in advance Bank overdraft
xxx
xxx xxx xxx
xxx
xxx xxx xxx xxx xxx xxx xxx xxx
xxx
xxx xxx
xxx
xxx xxx
xxx
xxx xxx
Money received and spent Funds utilized properly Provide financial report
Profit organization
Earn profit
Interest of owners- owners funds Net result net profit / loss Final accounts consist trading a/c, profit and loss a/c and balance sheet
Sundry creditors
Outstanding expenses Income received in advance Income and expenditure a/c
xx
xx xx xx xx
Building
Grounds Outstanding income Prepaid expenses
xx
xx xx xx xx
FROM THE FOLLOWING PARTICULAR PREPARE A BALANCE SHEET AS ON 31ST DECEMBER 2007
Amount 25,000
Amount 38,000
Investments
Land and building Capital Plant and machinery Bank over draft Goodwill Bills receivable
40,000
1,20,000 3,00,000 54,000 9,000 23,000 17,000
Sundry debtor
Cash in hand Bills payable Motor vehicle Drawings Loan to Mr.. Beckham Loan from Mr. Brandon
28,000
2,100 12,1000 32,000 5,300 15,000 18,000
Trade creditors
Prepaid expenses
21,700
2,500
Closing stock
16,000
SOLUTION
12,100 9,000
18,000 21,700
25,000 49,000
28,000 2,500 17,000 15,000 16,000 21,000 3,93,500
3,93,500
TRADING ACCOUNT FOR THE YEAR 31-03-2007 Particular Amount Particular Amount
86,5000 1,78,000
9,850
3,78,000 1,56,000
17,000
Particular
To stationary To mobile phone bills To insurance 16,800
Amount
17,000 12,500
Particular
By gross profit b/d
Amount
2,84,500
12,600
26,000 17,075 2,500
4,200
43,075
Add F.B.D.
Add N.R.D.D. To travelling expenses To value added tax To interest on loan To depreciation on furniture To depreciation on motorcar To loss by fire
2,500
5,000 4,000 9,000 8,500 11,700 10,125 12,000 45,000 6,000
Liabilities Narands capital Add net profit Surands capital Add net profit Creditors Bank loan Add interest on loan Outstanding rent 90,000 10,125 2,50,000 63,240 1,50,000 42,160
Amount 3,13,240
Assets Debtors Less F.B.D Less N.R.D.D. 42,500 2,500 40,000 4,000 80,000 12,000
Amount
Furniture Less depreciation Building Cash in hand Motor car Less depreciation
6,000 17,075
1,56,000 12,600
48,000 11,000 7,39,600
7,39,600
THE FOLLOWING IS THE BALANCE SHEET OF EVERGREEN LIMITED AS ON 31ST MARCH 2009. PREPARE VERTICAL BALANCE SHEET OF THE FOLLOWING
Secured loan
Loan from bank Unsecured loan Public deposit Current liabilities and provision Current liabilities Trade creditors 50,000 1,20,000 3,30,000
SOLUTION
A) Share capital
Authorized capital, issued capital , subscribed capital B) Reserve and surplus General reserve Shareholders funds/ net profit (A+B) C) Loan funds Secured loan Loan from bank Unsecured loan 3,30,000 1,20,000 1,20,000 10,20,000 9,00,000 9,00,000
Public deposit
1,20,000
4,50,000
14,70,000
Particular APPLICATION OF FINDS A) Fixed assets Machinery B)Investment UTI bond C) Current assets loan and advances Current assets
Amount
amount
7,90,000 2,05,000
7,90,000 2,05,000
Trade debtors
Cash at bank Loan and advances Bills receivable Less current liabilities and provision Current liabilities Trade creditors Provision Provision for tax D) miscellaneous expenditure
3,00,000
1,75,500 70,000 5,45,000
CAUSES OF DIFFERENCE
Cheque issued but not presented for payment Cheque deposited in bank but not collected
Dishonor of cheque
Interest charged or bank chargers debited in pass book
Cheque deposited in the bank but not debited in cash book` Cheque issued but not credited in cash book
Cheque debited in cash book but not deposited Wrong or excess debit in cash book Bank charges, interest on overdraft Direct payment by bank Bank balance as per cash book/ pass book Total
xx xx
xx xx xx xx xx xx xx
Cash book balance Rs. 1,500 Cheque deposited but not collected by bank Rs. 500 Direct deposit made by customers Rs. 400 Insurance premium paid by bank Rs. 100 Bank charges Rs. 600 Dividend collected by bank Rs. 300
SOLUTION
400
100 600 300 2,200 2,200
The cash book shows a bank balance of 7,800 on comprising the cash book with the pass book. The following discrepancies were found Cheque deposited in bank but not credited Rs. 3,000 Cheque issued but not yet presented for payment Rs.1,500 Insurance premium paid by bank Rs. 400 Bank charges Rs. 100 Direct deposit by customers Rs. 4000 Prepare bank reconciliation statement as on 31 march 2009