Which of the following accounts would be reported as assets on the balance sheet? Find the Answer at BYJU'S

Cash, retained earnings, and accounts receivable.

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Cash, accounts payable, and notes payable.

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Cash, accounts receivable, and inventories.

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Inventories, property and equipment, and common stock.

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Solution

The correct option is C
Cash, accounts receivable, and inventories.

Answer c. Cash, accounts receivable, and inventories
Explanation: In accounting, an asset is any resource controlled or owned by a business or an organisation. Anything that can be utilised to deliver positive economic and monetary worth is an asset. Assets address the value of possession that can be changed over into cash.

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Q. Following is the Balance Sheet of X, Y and Z as at 31st March, 2019. They shared profits in the ratio of 3 : 3 : 2:

Liabilities		Amount (₹)	Assets		Amount (₹)
Sundry Creditors		2,50,000	Cash at Bank		50,000
General Reserve		80,000	Bills Receivable		60,000
Partners' Loan A/cs:			Debtors	80,000
X		50,000	Less: Provision for Doubtful Debts	4,000	76,000
Y		40,000	Stock		1,24,000
Capital A/cs:			Fixed Assets		3,00,000
X	1,00,000		Advertisement Suspense A/c		16,000
Y	60,000		Profit and Loss A/c		4,000
Z	50,000	2,10,000

		6,30,000			6,30,000

On 1st April, 2019, Y decided to retire from the firm on the following terms:
(a) Stock to be reduced by ₹ 12,000.
(b) Advertisement Suspense Account to be written off.
(c) Provision for Doubtful Debts to be increased to ₹ 6,000.
(d) Fixed Assets be appreciated by 10%.
(e) Goodwill of the firm, valued at ₹ 80,000 and the amount due to the retiring partners be adjusted in X's and Z's Capital Accounts.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet to give effect to the above.

Prepare Income and Expenditure Account and Balance Sheet for the year ended December 31, 2006 from the following Receipt and Payment Account and Balance Sheet of culture club:

Receipt and Payment Account for the year ending December 31, 2006
Receipts		Amount Rs	Payments	Amount Rs
Opening cash balance		12,000	Furniture	4,000
Subscription			Telephone expenses	800
2005	2,000		Salary
2006	22,000	24,000	2005	1,000
Entrance fees		2,800	2006	4,000
Locker rent		1,000	Newspapers	700
Life membership fee		1,200	Sundry expenses	1,000
Government grant		11,000	Defence bonds	18,000
			Land	20,000
			Closing cash balance	2,500
		52,000		52,000

Balance Sheet for the year ending December 31, 2005
Liabilities	Amount Rs	Assets	Amount Rs
Advance locker rent	200	Cash in hand	12,000
Subscription Received in Advance	1,000	Outstanding Expenses	3,000
Outstanding salary	2,000	Building	35,000
Loan	10,000
Capital fund	36,800
	50,000		50,000

Q. Following is the Balance Sheet of X , Y and Z as at 31st March, 2018. They shared profits in the ratio of 3 : 3 : 2 :

Liabilities		Amount (₹)	Assets		Amount (₹)
Sundry Creditors		2,50,000	Cash at Bank		50,000
General Reserve		80,000	Bills Receivable		60,000
Partners' Loan A/cs:			Debtors	80,000
X		50,000	Less: Provision for D. Debts	4,000	76,000
Y		40,000	Stock		1,24,000
Capital A/cs:			Fixed Assets		3,00,000
X	1,00,000		Advertisements Suspense A/c		16,000
Y	60,000		Profit and Los A/c		4,000
Z	50,000	2,10,000

		6,30,000			6,30,000

On 1st April, 2018 , Y decided to retire from the firm on the following terms :
(a) Stock to be depreciated by ₹ 12,000.
(b) Advertisements Suspense Account to be written off.
(c) Provision for Doubtful Debts to be increased to ₹ 6,000.
(d) Fixed Assets be appreciated by 10%.
(e) Goodwill of the firm, valued at ₹ 80,000 and the amount due to the retiring partners to be adjusted in X's and Z's Capital Accounts .
Prepare Revaluation Account , Partners' Capital Accounts and the Balance Sheet to give effect to the above.

Q. Write the word/term or phrase which can substitute each of the following statement.

Profit and Loss Account appearing on the asset side of a balance sheet.

Q. Trial Balance of a business as at 31st March, 2018 is given below:


Particulars	Dr. (₹)	Particulars	Cr. (₹)
Stock on 1st April, 2017	25,000	Sales	2,27,800
Furniture	8,000	Commission	500
Plant and Machinery	1,50,000	Returns Outward	1,000
Debtors	30.000	Creditors	40,000
Wages	12,000	Capital	1,50,000
Salaries	20,000
Bad Debts	1,000
Purchases	1,20,000
Electricity Charges	1,200
Telephone Charges	2,400
General Expenses	3,000
Postage Expenses	1,800
Returns Inward	900
Insurance Premium	1,500
Cash in Hand	2,500
Cash at Bank	40,000
	4,19,300		4,19,300

Prepare Trading and Profit and Loss Account for the year ended 31st March, 2018 and Balance Sheet as at that date after taking into account the following adjustments:
(i) Closing Stock was valued at ₹7,000.
(ii) Outstanding liabilities for wages were ₹600 and salaries ₹1,400.
(iii) Depreciation is to be provided @ 5% p.a. on all fixed assets.
(iv) Included in Plant and Machinery is a machine purchased for ₹10,000 on 1st October, 2017.
(v) Insurance premium paid in advance ₹200.

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