From the following particulars prepare a Balance Sheet of Mr. X, for the year ended 31st March, 2015. Capital :
` 2,00,000: Drawings : ` 40,000 ; Cash In Hand : ` 15,000 ; Loan from Bank : ` 40,000; Sundry Creditors : ` 40,000; Bills
Payable : ` 20,000; Bank Overdraft : ` 20,000; Goodwill : ` 60,000; Sundry Debtors : ` 80,000; Land and Building :
`50,000; Plant and Machinery : ` 80,000; Investment : ` 20,000; Bills Receivable : ` 10,000. Cash at Bank : ` 25,000.
The following adjustments are made at the time of preparing final accounts:
(i) Outstanding Liabilities for : Salaries ` 10,000; wages ` 20,000; Interest on Bank Overdraft ` 3,000; and Interest
on Bank Loan ` 6,000.
(ii) Provide Interest on Capital @ 10% p.a.
(iii) Depreciation on Plant and Machinery by 10% p.a.
(iv) Bad Debts amounted to ` 10,000 and make a provision for Bad Debts @ 10% on Sundry Debtors.
(v) Closing stock amounted to ` 1,20,000.
Net profit for the year amounted to ` 96,000 after considering all the above adjustments.
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2,00,000: Drawings : ` 40,000 ; Cash In Hand : ` 15,000 ; Loan from Bank : ` 40,000; Sundry Creditors : ` 40,000; Bills
Payable : ` 20,000; Bank Overdraft : ` 20,000; Goodwill : ` 60,000; Sundry Debtors : ` 80,000; Land and Building :
`50,000; Plant and Machinery : ` 80,000; Investment : ` 20,000; Bills Receivable : ` 10,000. Cash at Bank : ` 25,000.
The following adjustments are made at the time of preparing final accounts:
(i) Outstanding Liabilities for : Salaries ` 10,000; wages ` 20,000; Interest on Bank Overdraft ` 3,000; and Interest
on Bank Loan ` 6,000.
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