Question

Following are the liabilities and assets of M/s Desai Bros. as on 31st March, 2018.
Liabilities
₹
Assets
₹
Capital
Bank Loan
Bills Payable
Creditors
42,500 Freehold Premises
20,000 Furniture
6,700 Motor Van
10,800 Stock
Bills Receivable
Debtors
Cash
25,00
3,500
12,80
13,200
5,400
18,700
1,400
80,000
80,000​

Answer 1

Concept

Balance sheet is the statement which shows the assets and liabilities of a company at a certain point of time. Liabilities used to present in the left side of balance sheet, assets used to present in the right side of balance sheet.

Given

Values of some liabilities and assets of M/s Desai Bros.

To find

Prepare balance sheet of M/s Desai Bros. at 31st March 2018.

Explanation

The balance sheet of M/s Desai Bros. will look like as under:

                          Balance sheet of M/s Desai Bros.

                                   as at   31 st March 2018

  Liabilities                    Amount                       Assets                        Amount

Capital                              42500               Freehold Premises            25000

Bank Loan                        20000                Furniture                            3500

Bills Payable                      6700                  Motor Van                        12800

Creditors                           10800                  Stock                                13200

                                                                     Bills Receivable                 5400

                                                                        Debtors                          18700

                                                                      Cash                                 14700

                                         80000                                                          80000

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