Super Bazar purchases goods for Rs.10,000 on credit for a month from Fast Food Products on March 25, 2018. If the balance sheet of Super Bazaar is prepared as at March 31, 2018, Fast Food Products will be shown as:

Debtors on the asset side

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Creditors on the liability side

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Long term liability

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Solution

The correct option is B
Creditors on the liability side

If the balance sheet of Super Bazaar is prepared on March 31, 2018, Fast Food Products will be shown as creditors on the liabilities side of the balance sheet.

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Q. Following is the extract of the Balance Sheet of Neelkant and Mahadev as on 31st March, 2018.

BALANCE SHEET as at 31st March, 2018
Liabilities	₹	Assets***	₹***
Neelkant's Capital	10,00,000	Sundry Assets	30,00,000
Mahadev's Capital	10,00,000
Neelkant's Current A/c	1,00,000
Mahadev' Current A/c	1,00,000
profit and Loss Appropriation A/c (March 2018)	8,00,000
	30,00,000		30,00,000

During the year, Mahadev's drawings were ₹ 30,000. Profits during the year ended 31st March, 2018 is ₹ 10,00,000. Calculate interest on capital @ 5% p.a. for the year ending 31st March, 2018.

Q. From the following particular, prepare Balance Sheet as at 31st March, 2018:

	Dr. (₹)	Cr. (₹)
Capital	…	4,00,000
Drawings	44,000	…
Debtors and Creditors	64,000	42,000
Cash in Hand	3,600	…
Cash at Bank	72,000	…
Plant	1,00,000	…
Furniture	37,000	…
Net Profit	…	16,600
General Reserve	…	10,000
Closing Stock	1,48,000	…
Total	4,68,600	4,68,600

Q. Following are the Ledger Balances of Sri Paul on 31st March, 2018:


	₹		₹
Sundry Debtors (Dr.)	79,300	Interest on Loan	10,000
Sundry Creditors (Cr.)	1,36,500	Conveyance	200
Rent (Cr.)	6,300	Furniture	30,000
Miscellaneous Expenses	3,200	Commission	4,000
Plant and Machinery (Dr.)	7,98,750	Plant and Machinery (Cr.)	90,000
Creditors and Furniture	30,000	Sundry Debtors (Cr.)	20,800
Opening Stock	40,000	Drawings	15,000
Discount (Cr.)	9,900	Salaries and Wages	25,900
Sundry Creditors (Dr.)	36,500	Discount (Dr.)	5,500
Buildings (Dr.)	9,81,000	Capital	5,00,000
Rent	12,000	Purchases	3,13,450
Loan (Cr.)	10,00,000	Sales	5,61,300
Input IGST A/c	2,500	Input SGST A/c	1,000
Input CGST A/c	1,000	Output IGST A/c	4,500

You are required to prepare Trial Balance as on 31st March, 2018.

Mr. X issued cheques worth 15,000 in March 2018 out of which cheques worth 10,000 only were presented for payment by 31st March, 2018. While reconciliation bank and cash book balance as on 31st March, 2018, what amount should be added to balance as per cash book to arrive at balance as per pass book?

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Super Bazar purchases goods for Rs.10,000 on credit for a month from Fast Food Products on March 25, 2018. If the balance sheet of Super Bazaar is prepared as at March 31, 2018, Fast Food Products will be shown as:

The correct option is B Creditors on the liability side If the balance sheet of Super Bazaar is prepared on March 31, 2018, Fast Food Products will be shown as creditors on the liabilities side of the balance sheet.

The correct option is B
Creditors on the liability side

If the balance sheet of Super Bazaar is prepared on March 31, 2018, Fast Food Products will be shown as creditors on the liabilities side of the balance sheet.