Page 148 - DEBK-XI(2020)

Financial Statements of Sole Proprietorship ... 18.7

To Trade Expenses 200 By Gross Profit b/d 32,500
To Rent 2,000 By Discount on Purchases 4,000
To Bad Debts 5,000
To Repairs to Plant 1,600
To Net Profit transferred to Capital A/c 27,700
36,500 36,500

BALANCE SHEET OF HARI
as at 31st March, 2020
Liabilities ` Assets `

Capital: Plant 20,000
Opening Balance 50,000 Stock at the end 35,000
Add: Net Profit 27,700 Debtors 40,000
77,700 Bills Receivable 6,000
Less: Income Tax 5,500 Cash in Hand and at Bank 2,000
Drawings 6,500 12,000 65,700
Loan 9,000
Bills Payable 5,000
Creditors 23,300
1,03,000 1,03,000

Note: Setting-off GST:
IGST (`) CGST (`) SGST (`)
Input GST 5,000 15,000 15,000
Less: Output GST (15,000) (10,000) (10,000)
Balance (10,000) 5,000 5,000
Less: Set-off against Output IGST 10,000 (5,000) (5,000)
Balance ... ... ...