Page 172 - DEBK-XI(2020)

19.24 Double Entry Book Keeping—CBSE XI

To Bad Debts 125 By Gross Profit b/d ...(12)...
...(13)... ...(14)... By Commission 375
...(15)... ...(16)... ...(17)... ...(18)... ...(19)...
...(20)... ...(21)... 210
To Advertising 450
To Interest on Bank Loan 118
...(22)... ...(23)... ...(24)...
To General Expenses 1,250
To Salaries 3,300
...(25)... ...(26)... ...(27)...
To Taxes and Insurance 782
...(28)... ...(29)...
...(30)... ...(31)... ...(32)...
To Depreciation on:
...(33)... ...(34)...
...(35)... ...(36)...
...(37)... ...(38)... ...(39)...
To Net Profit ...(40)...
...(41)... ...(42)...

BALANCE SHEET OF MR. NEGI as at 31st March, 2020
Liabilities ` Assets `
Capital: Furniture and Fittings 640
Opening Balance 12,500 ...(43)... ...(44)... ...(45)...
...(46)... ...(47)... ...(48)... Motor Vehicle 6,250
Sundry Creditors 2,500 ...(49)... ...(50)... ...(51)...
Bank Loan 2,850 Building 7,500
Outstanding Expenses: ...(52)... ...(53)... ...(54)...
Salaries 300 Sundry Debtors 3,800
Taxes 200 ...(55)... ...(56)...
Interest on Bank Loan 85 ...(57)... ...(58)... ...(59)... ...(60)...
Commission Received in Advance ...(61)... Cash 650
Closing Stock 3,250
Prepaid Insurance Premium ...(62)...
...(63)... ...(64)...

[1: Opening Stock; 2: ` 3,460; 3: ` 200; 4: ` 15,250; 5: ` 125; 6: ` 5,350; 7: Closing Stock; 8: ` 3,250;
9: ` 9,690; 10: ` 18,500. 11: ` 18,500; 12: ` 9,690; 13: Add: Further Bad Debts; 14: ` 100;
15: Add: New Provision for Doubtful Debts; 16: ` 185; 17: Less: Commission Received in
Advance; 18: ` 125; 19: ` 250; 20: Less: Old Provision for Doubtful Debts; 21: ` 200;
22: Add: O/s Interest; 23: ` 85; 24: ` 203; 25: Add: O/s Salary; 26: ` 300; 27: ` 3,600;
28: Add: O/s Tax; 29: ` 200; 30: Less: Prepaid Insurance; 31: ` 100; 32: ` 882; 33: Building;
34: ` 375; 35: Furntiure; 36: ` 64; 37: Motor Vehicle; 38: ` 1,250; 39: ` 1,689; 40: ` 1,656;
41: ` 9,940; 42: ` 9,940; 43: Less: Depreciation; 44: ` 64; 45: ` 576. 46: Add: Net Profit; 47:
` 1,656; 48: ` 14,156; 49: Less: Depreciation; 50: ` 1,250; 51: ` 5,000; 52: Less: Depreciation; 53: ` 375;
54: ` 7,125; 55: Less: Further Bad Debts; 56: ` 100; 57: ` 585; 58: Less: Provision for
Doubtful Debts; 59: ` 185; 60: ` 3,515; 61: ` 125; 62: ` 100; 63: ` 20,216; 64: ` 20,216.]