Page 162 - DEBK-XI(2020)

19.14 Double Entry Book Keeping—CBSE XI

BALANCE SHEET as at 31st March, 2020
Liabilities ` Assets `
Capital Fixed Assets
Opening Balance 10,000 Furniture 7,250
Less: Drawings 4,452 Less: Depreciation 725 6,525
5,548 Current Assets
Add: Net Profit 37,486 43,034 Cash 10,000
Current Liabilities Insurance Claim 1,000
Outstanding Wages 4,000 Closing Stock 12,550
Outstanding General Expenses 700 Sundry Debtors 50,200
Sundry Creditors 30,526 Less: Bad Debts 500
Bills Payable 3,950 49,700
Less: Provision for Doubtful Debts
(` 49,700 × 5/100) 2,485 47,215
Loan to Suraj 3,000
Add: Interest on Loan 100 3,100
Input CGST 910
Input SGST 910
82,210 82,210

Notes:
1. ‘Outstanding Wages’ and ‘Outstanding General Expenses’ appear on the credit side of the Trial
Balance. It means that these outstanding amounts have already been adjusted to Wages Account and
General Expenses Account. As double entries in respect of these adjustments are complete, these
outstanding accounts will be shown as liabilities in the Balance Sheet.
2. Claim for Goods Lost by Fire will be ` 1,680 [` 1,500 + ` 90 (Input CGST) + ` 90 (Input SGST)].
Insurance company admitted claim of ` 1,000, leading to loss of ` 680.
3. GST Set-off:
CGST (`) SGST (`)
Input GST 3,000 3,000
Less: Reversed on Goods Lost by Fire 90 90
2,910 2,910
Less: Output GST 2,000 2,000
Balance in Input GST 910 910
7. (With GST). From the following Trial Balance and additional information, prepare
Trading and Profit and Loss Account for the year ended 31st March, 2020 and a
Balance Sheet as on that date:
Particulars Dr. (`) Cr. (`)
Closing Stock ............................................................................................................................................ 40,000 ...
Adjusted Purchases .................................................................................................................................. 6,60,000 ...
Sales ......................................................................................................................................................... ... 7,20,000
Miscellaneous Expenses .......................................................................................................................... 19,200 ...
Selling and Distribution Expenses ............................................................................................................ 36,075 ...
Rent .......................................................................................................................................................... 11,000 ...
Rent Received .......................................................................................................................................... ... 6,500
Income Tax Paid ...................................................................................................................................... 1,000 ...
Interest (Paid) ........................................................................................................................................... 3,750 ...
Interest (Received) ................................................................................................................................... ... 4,500
Discount Allowed ...................................................................................................................................... 2,000 ...
Discount Received .................................................................................................................................... ... 1,000