Mr. Murthy Balance Sheet as on 31st March, 2013 `’000 `’000 `’000 `’000 Liabilities Assets Capital 2,500 Fixed Assets: Add: Profit Building 1,653.5 1,500 Interest 250 Less: Depreciation 37.5 1,462.5 4,403.5 Plant and machinery 1,200 Less: Drawings 700 3,703.5 Add: Additions 500 Current Liabilities: 1,700 Bank overdraft 400 Less: Depreciation 132.5 Sundry creditors Furniture 800 185 Less: Cost of Outstanding expenses: furniture disposed of Salaries 10 during the year 50 Manufacturing wages 5 Interest on bank loan Less: Depreciation 10 25 13.5 121.5 Current Assets: Stock 755 Debtors 1,100 Less: Provision for bad and doubtful debts 110 990 Cash at bank 14 Cash in hand 3 Pre-paid expenses: Insurance 10 Salary 5 15 4,928.5 4,928.5 Working Note: (i) Provision for bad and doubtful ` Provision required 11,000 Add: Bad debts 1,500 12,500 Less: Existing provision 6,000 6,500 (ii) Book value of furniture sold has been deducted for calculating depreciation.
Mr. Murthy Balance Sheet as on 31st March, 2013 Liabilities `’000 `’000 Assets `’000 `’000 Capital Add: Profit Interest Less: Drawings Current Liabilities: Bank overdraft Sundry creditors Outstanding expenses: Salaries Manufacturing wages Interest on bank loan 2,500 Fixed Assets: Building Less: Depreciation Plant and machinery Add: Additions Less: Depreciation Furniture Less: Cost of furniture disposed of during the year Less: Depreciation Current Assets: Stock Debtors Less: Provision for bad and doubtful debts Cash at bank Cash in hand Pre-paid expenses: Insurance Salary 1,653.5 1,500 250 37.5 1,462.5 4,403.5 1,200 700 3,703.5 500 1,700 400 132.5 800 185 10 5 50 10 25 13.5 121.5 755 1,100 110 990 14 3 10 5 15 4,928.5 4,928.5 Working Note: (i) Provision for bad and doubtful ` Provision required 11,000 Add: Bad debts 1,500 12,500 Less: Existing provision 6,000 6,500 (ii) Book value of furniture sold has been deducted for calculating depreciation.
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