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Financial Statements of Sole Proprietorship — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountFinancial Statements of Sole Proprietorship3 Marks
Question
From the Balance Sheet given below, calculate:
  1. Fixed Assets.
  2. Current Assets.
  3. Current Liabilities.
  4. Working Capital.
BALANCE SHEET as at $31^{st}$ March, $2019$:
✓

Answer

  1. Fixed Assets = Land + Plant + Furniture + Goodwill
= ₹ 20,000 + ₹ 32,000 + ₹ 8,000 + ₹ 20,000 = ₹ 80,000
  1. Current Assets = Stock + Debtors + Prepaid Expenses
= ₹ 48,000 + ₹ 36,000 + ₹ 400 = ₹ 84,000
  1. Current Liabilities = Creditors + Expenses Accrued + Bank Overdraft + Interest on Loan
= ₹ 42,000 + ₹ 3,200 + ₹ 4,800 + ₹ 1,000 = ₹ 51,000
  1. Working Capital = Current Assets - Current Liabilities
= ₹ 84,400 - ₹ 51,000 = ₹ 33,400.

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