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    Salim Furniture: Balance Sheet As On June 1, 2020

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    Saswata Choudhury
    The balance sheet shows the financial position of Salim Furniture on June 1, 2020 and July 31, 2020. On June 1, 2020 the company had total assets of Rs. 550,000 including security deposits, advance rent, equipment and inventory, and total liabilities of Rs. 550,000 including equity, loans and creditors. By July 31, 2020 total assets had increased to Rs. 615,700 and total liabilities to Rs. 615,700 due to a profit of Rs. 143,700 for the period.

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    Salim Furniture: Balance Sheet As On June 1, 2020

    Uploaded by

    Saswata Choudhury
    40 views4 pages
    The balance sheet shows the financial position of Salim Furniture on June 1, 2020 and July 31, 2020. On June 1, 2020 the company had total assets of Rs. 550,000 including security deposits, advance rent, equipment and inventory, and total liabilities of Rs. 550,000 including equity, loans and creditors. By July 31, 2020 total assets had increased to Rs. 615,700 and total liabilities to Rs. 615,700 due to a profit of Rs. 143,700 for the period.

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    The balance sheet shows the financial position of Salim Furniture on June 1, 2020 and July 31, 2020. On June 1, 2020 the company had total assets of Rs. 550,000 including security deposits, advance rent, equipment and inventory, and total liabilities of Rs. 550,000 including equity, loans and creditors. By July 31, 2020 total assets had increased to Rs. 615,700 and total liabilities to Rs. 615,700 due to a profit of Rs. 143,700 for the period.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    40 views4 pages

    Salim Furniture: Balance Sheet As On June 1, 2020

    Uploaded by

    Saswata Choudhury
    The balance sheet shows the financial position of Salim Furniture on June 1, 2020 and July 31, 2020. On June 1, 2020 the company had total assets of Rs. 550,000 including security deposits, advance rent, equipment and inventory, and total liabilities of Rs. 550,000 including equity, loans and creditors. By July 31, 2020 total assets had increased to Rs. 615,700 and total liabilities to Rs. 615,700 due to a profit of Rs. 143,700 for the period.

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    Salim Furniture

    Balance Sheet as on June 1, 2020


    Liabilities Amount Assets
    Equity 200,000 Security Deposit
    Loan 200,000 Advance Rent
    Creditors for Equipments 150,000 Equipments
    Inventory (Wood)
    Cash (balance)

    550,000

    Balance Sheet as on June 1, 2020


    Liabilities Amount Assets
    Equity 308,700 Cash
    Loan 175,000 Trade Receivables
    Trade Payables 50,000 Inventory:
    Creditors for Equipments 50,000 Raw Material
    Outstanding Salary 22,000 Work-in-Progress
    Finished Products
    Equipments
    Security Deposit

    605,700

    Change in Equity 108,700


    Drawings 25,000
    Profit for thePeriod 133,700
    Amount
    25,000
    12,000
    250,000
    250,000
    13,000

    550,000

    Amount
    25,200
    75,000

    82,000
    16,500
    132,000
    250,000
    25,000

    605,700
    Salim Furniture
    Balance Sheet as on June 1, 2020
    Liabilities Amount Assets
    Equity 300,000 Security Deposit
    Loan 100,000 Advance Rent
    Creditors for Equipments 150,000 Equipments
    Inventory (Wood)
    Cash (balance)

    550,000

    Balance Sheet as on July 31, 2020


    Liabilities Amount Assets
    Equity 418,700 Cash
    Loan 75,000 Trade Receivables
    Trade Payables 50,000 Inventory:
    Creditors for Equipments 50,000 Raw Material
    Outstanding Salary 22,000 Work-in-Progress
    Finished Products
    Equipments
    Security Deposit

    615,700

    Change in Equity 118,700


    Drawings 25,000
    Profit for thePeriod 143,700
    Amount
    30,000
    12,000
    250,000
    250,000
    8,000

    550,000

    Amount
    25,200
    80,000

    82,000
    16,500
    132,000
    250,000
    30,000

    615,700

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