Question

16. The following is the Balance Sheet of Mr. Rama Shankar as on 30th June, 2009
Liabilities
Assets
Rama Shankar's Capital A/C
96,000 Building
60,000
General Reserve
30,500 Furniture
12,000
Sundry Creditors
62,000 Motor car
18,000
Stock
40,000
Sundry Debtors
34,000
Cash in hand 7,500
Cash at bank 17000
1.88,500
1.88.500
A fire occurred in the evening of 30th Jun., 2010 in the premises of the trader destroying all books and records. The
cashier absconded with the available cash in the cash Box. Mr. Rama Shankar gives you the following information
a) His sales for the year were 20 % higher than the previous year's. He sells his goods at cost plus 25 % 20 % of the total
sales were made for cash. There were no cash purchases.
b) From 1st July, 2009, stock level was raised to Rs. 50,000 and maintained at that level all throughout the year
c) Collection from Debtors amounted to Rs. 2,60,000 of which Rs. 60,000 was received in cash. Business expenses
amounted to Rs. 42,000 of which Rs. 10,000 was outstanding on 30th Jun., 2010 and Rs. 12,000 was paid by cheque
Creditors were paid by cheques only.
d) Analysis of the pass Book revealed the following:
Payments to creditors
2,75,000
Personal Drawing
15,000
Cash deposited in bank
1,33,700
Cash withdrawn from bank for office use
24,000
e) Gross profit as per last year's audited Accounts was Rs. 60,000. Provide depreciation on Building and Furniture at 5 %
and Motor Car at 20 %.
You are required to ascertain the amount deflected by the Cashier and prepare a Trading and profit Loss a/c for the year
ended 30th June 2010 and a Balance Sheet as on that date.
M​

Answer 1

Answer:

96,000 Building 60,000. General Reserve 30,500 Furniture 12,000. Sundry Creditors 62,000 Motor car 18,000. Stock