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prepare balance sheet and profit and loss account from the following information 674755

Prepare Balance Sheet and Profit and Loss Account from the following information:

 

Rs

Capital

4,00,000

Working capital

1,80,000

Bank overdraft

30,000

There is no fictitious asset. Current assets contain only stock, debtors and cash. The following additional data is also available:

(i) Closing stock is 20% higher than opening stock

(ii) Current ratio 2.5

(iii) Quick ratio 2.0

(iv) Proprietary ratio 0.6 (Fixed assets: Proprietary fund)

(v) Gross profit ratio 20% (of sales)

(vi) Stock velocity 5

(vii) Debtor’s velocity 73 days

(viii) Net profit ratio 10% (to average capital employed).

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