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Question 16 Chapter 15 – Class 11 Unimax
From the following information, prepare a balance sheet of Mr. X as at 31st March, 2020 (a) in order of Liquidity, and (b) in order of permanence.
| Particular | ₹ | Particular | ₹ |
| Plant & Machinery | 60,000 | Furniture and fixtures | 12,000 |
| Prepaid expenses | 600 | Accrued income | 1,200 |
| Income received in advance | 1,200 | Outstanding expenses | 600 |
| Bills payable | 1,800 | Bills receivable | 1,200 |
| Sundry debtors | 60,000 | Sundry creditors | 59,400 |
| Bank overdraft | 6,000 | Investment in shares of X Ltd. | 6,000 |
| Loan form bank | 60,000 | Closing stock | 51,000 |
| Capital | 1,20,000 | Building | 6,000 |
| Land | 6,000 | Goodwill | 6,000 |
| Drawings | 6,000 | Net profit | 30,000 |
| Cash in hand | 3,000 | Cash at bank | 6,000 |
The solution of Question 16 Chapter 15 – Class 11 Unimax
| BALANCE SHEET OF MR.X AS ON 31st March, 2020 | |||||
| Liabilities | Amount | Assets | Amount | ||
| Pre-received income | 1,200 | Plant & Machinery | 60,000 | ||
| Bills payable | 1,800 | Prepaid expense | 600 | ||
| Bank overdraft | 6,000 | Sundry debtors | 60,000 | ||
| Long term loan from bank | 60,000 | Land | 6,000 | ||
| Capital | 1,20,000 | Cash in hand | 3,000 | ||
| Add net profit | 30,000 | Furniture & Fixture | 12,000 | ||
| Less drawings | 6,000 | 1,44,000 | Bills receivable | 1,200 | |
| Outstanding expenses | 600 | Investment in shares of X ltd | 6,000 | ||
| Sundry creditors | 59,400 | Closing stock | 51,000 | ||
| Building | 60,000 | ||||
| Goodwill | 6,000 | ||||
| Cash at bank | 6,000 | ||||
| Accrued income | 1,200 | ||||
| TOTAL | 2,73,000 | 2,73,000 | |||
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