From the Balance Sheet given below, calculate:(1) Fixed Assets(2) Curr

1.	From the Balance Sheet given below, calculate:(1) Fixed Assets(2) Current Assets(3) Current LiabilitiesBalance Sheet as at 31st March 2017LiabilitiesRs.AssetsRs.Trade Creditors42,000Stock In Hand48,000Expenses Accrued3,200Debtors36,000Bank Overdraft4,800Prepaid Expenses400Long Term Loan20,000Goodwill20,000Interest on Loan1,000Land20,000Capital93,400Plant32,000Furniture8,000
Answer» (i) Fixed Assets- Goodwill+Land+Plant+Function = 20,000+ 20,000 + 32,000+ 8,000 = 80,000 (ii) Current Assets= stock in hand+Debtors = 48,000 +36,400 = 84,000 (iii) Current Liabilities= Trade Creditors+ Bank overdraft = 45,200 +4800 =50,000

From the Balance Sheet given below, calculate:(1) Fixed Assets(2) Current Assets(3) Current LiabilitiesBalance Sheet as at 31st March 2017LiabilitiesRs.AssetsRs.Trade Creditors42,000Stock In Hand48,000Expenses Accrued3,200Debtors36,000Bank Overdraft4,800Prepaid Expenses400Long Term Loan20,000Goodwill20,000Interest on Loan1,000Land20,000Capital93,400Plant32,000Furniture8,000

Answer»

(i) Fixed Assets- Goodwill+Land+Plant+Function

= 20,000+ 20,000 + 32,000+ 8,000

= 80,000

(ii) Current Assets= stock in hand+Debtors

= 48,000 +36,400

= 84,000

(iii) Current Liabilities= Trade Creditors+ Bank overdraft

= 45,200 +4800

=50,000

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