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Can I get the answer to this question from my accounting text book Financial Accounting for Management, Ramchandran and Kakani Edition 4? The solution elsewhere
Can I get the answer to this question from my accounting text book Financial Accounting for Management, Ramchandran and Kakani Edition 4? The solution elsewhere says the Total Assets is 8,00,000 but it seems wrong to me. Just need some help regarding completed Balance Sheet. Thank you.
5. Big Toys Big Toys Ltd. provides you with the following information relating to the financial year ending on March 31, 2X11. Prepare its balance sheet in the vertical form as at March 31, 2X11. Balances on 01-04-2X10 (all figures in Rs) Capital 3,80,000 Profit 30,000 Plant & Machinery 3,75,000 Furniture & Fixture 35,000 Preliminary Expenses 60,000 Depreciation for the year on plant & machinery and furniture & fixtures was Rs 20,000 and Rs 5,000, respectively. Preliminary expenses amounting to Rs 10,000 were written off during the year. For all other accounts, the balances in the books of accounts, as on 31-03-2X11, were as follows (all figures in Rs): Unexpired insurance 15,000 Sundry Debtors 4,25,000 (provide for doubtful debtors Rs 25,000) Loan given to Director 40,000 (accrued interest not accounted for Rs 10,000) Raw material stock 75,000 Finished goods stock 25,000 Prepaid expenses 50,000 Cash in hand 1,50,000 Cash at bank 50,000 Drawings for the year 30,000 Profit for the year 20,000 Advance received 2,00,000 Bank Loan 4,00,000 Sundry Creditors 50,000 Bills Payable 1,00,000 Provision for Taxes 10,000 Other Current Liabilities 90,000
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