10 Balance Sheet Questions for Practice
Question 1
From the following particulars are given after preparation of income statement, prepare a balance sheet of JKS as at 31st March 2021
Non-Current Assets $50000
Current Assets $30000
Non-Current Liabilities $25000
Current Liabilities $15000
Capital $45000
Net Profit$15000
Drawings$20000
Answer: Total of Balance Sheet $80000
Question 2
From the following particulars are given after preparation of income statement, prepare a balance sheet of JKR as at 31st March 2021
Non-Current Assets
Premises $80000
Plant&Machinery$40000
Furniture and Fitting$30000
Vehicles$50000
Current Assets
Inventory$15000
Trade Receivable $25000
Bank$10000
Non-Current Liabilities
Loan From ABC Bank$70000
Current Liabilities
Trade payable $30000
Capital $100000
Net Profit$60000
Drawings$10000
Answer: Total of Balance Sheet $250000
Question 3
From the following particulars are given after preparation of income statement, prepare a balance sheet of MRS as at 31st March 2021
Non-Current Assets
Premises $85000
Plant&Machinery$45000
Furniture and Fitting$30000
Vehicles$52000
Computer$18000
Goodwill$40000
Current Assets
Inventory$15000
Trade Receivable $25000
Bank$12000
Cash In Hand $8000
Non-Current Liabilities
Loan From ABC Bank$90000
Current Liabilities
Trade payable $30000
Outstanding Expenses$15000
Capital $150000
Net Profit$60000
Drawings$15000
Answer: Total of Balance Sheet $330000
Question 4
From the following particulars are given after preparation of income statement, prepare a balance sheet of SJMR as at 31st March 2021
Land and Building $300000
Plant &Machinery $150000
Investments in P.ltd $150,000
Furniture $15000
Trade Receivable $85000
Inventory$125000
Cash in Hand $ 15000
Loan from XYZBank $100000
Net Profit $140000
Trade payable $200000
Capital $400000
Answer: Total of Balance Sheet $840000
Question 5
From the following particulars are given after preparation of income statement, prepare a balance sheet of J.M.R as at 31st March 2021
Land and Building $300000
Loan from Bank $400000
Outstanding Expenses $1200
Drawings $72000
Net Profit $43000
Investments $150000
Computers $70000
Furniture $55000
Trade payable $105300
Trade Receivable $87500
Inventory$125000
Cash in Hand $ 15700
Prepaid Expenses $3600
Capital $450200
Computer $16000
Machinery $85000
Vehicles$22200
Income Received in Advance$2300
Answer: Total of Balance Sheet $930000
10 Balance Sheet Questions for Practice
Question 6
The following trial balance is prepared after the preparation of the income statement, prepare a balance sheet of J.BHAR as at 31st March 2021.
Trial Balance
As on 31st March 2021
| Name of Accounts | L.F |
Debit Balance ($) |
Credit Balance ($) |
| Non-Current Assets | 7000 | – | |
| Current Assets | 3000 | – | |
| Non-Current Liabilities | – | 2250 | |
| Current Liabilities | – | 750 | |
| Capital | – | 6000 | |
| Net Profit | – | 1200 | |
| Drawing | 200 | – | |
| Total | 10200 | 10200 |
Answer: Total of Balance Sheet $10000
Question 7
The following trial balance is prepared after the preparation of the income statement, prepare a balance sheet of JRT as at 31st March 2021.
Trial Balance
As on 31st March 2021
| Name of Accounts | L.F | Debit Balance ($) | Credit Balance ($) |
| Premises | 82000 | – | |
| Plant and Machinery | 38000 | – | |
| Vehicles | 21000 | – | |
| Furniture | 4000 | – | |
| Computer | 6000 | – | |
| Cash in Hand | 9000 | – | |
| Inventory | 12000 | – | |
| Cash at Bank | 18000 | – | |
| Trade Receivable | 20000 | – | |
| Prepaid Expenses | 5000 | – | |
| Trade Payable | – | 25000 | |
| Drawing | 10000 | – | |
| Net Profit | – | 60000 | |
| Capital | – | 120000 | |
| Loan from BOV | – | 20000 | |
| Total | 225000 | 225000 |
Answer: Total of Balance Sheet $215000
Question 8
The following trial balance is prepared after the preparation of the income statement, prepare a balance sheet of A.Smolly as at 31st March 2021.
Trial balance
As on 31st March 2021
| Name of Accounts | L.F |
Debit Balance ($) |
Credit Balance ($) |
| Capital | – | 30,000 | |
| Trade Payable | – | 6,000 | |
| Outstanding Expenses | – | 800 | |
| Prepaid Expense | 250 | – | |
| Income Receive in Advance | – | 1,200 | |
| Accrued Income | 350 | – | |
| Premises | 12,000 | – | |
| Trade Receivable | 4,500 | – | |
| Vehicles | 3,000 | – | |
| Cash in Hand | 500 | – | |
| Cash at Bank | 1,400 | – | |
| Load form JKL Bank | – | 2,000 | |
| Inventory | 5,000 | – | |
| Plant and Machinery | 10,000 | – | |
| Drawing | 3,000 | – | |
| Total | 40,000 | 40,000 |
Answer: Total of Balance Sheet $ 37000
Question 9
The following trial balance is prepared after the preparation of the income statement, prepare a balance sheet of JKL as at 31st March 2021.
Trial balance
As on 31st March 2021
| Name of Accounts | L.F |
Debit Balance ($) |
Credit Balance ($) |
| Premises | 25000 | – | |
| Plant and Machinery | 15000 | – | |
| Investment | 4900 | – | |
| Furniture | 1100 | – | |
| Goodwill | 2000 | – | |
| Trade Receivable | 6000 | – | |
| Trademark | 4000 | – | |
| Inventory | 12500 | – | |
| Cash in Hand | 500 | – | |
| Trae Payable | – | 18300 | |
| Bank Overdraft | – | 1800 | |
| Capital | – | 32000 | |
| Net Profit | – | 18000 | |
| Prepaid Expenses | 200 | – | |
| Drawing | 1000 | – | |
| Loan from ABC Bank | – | 1500 | |
| Outstanding Expenses | – | 600 | |
| Total | 72200 | 72200 |
Answer: Total of Balance Sheet $ 71200
Question 10
The following trial balance is prepared after the preparation of the income statement, prepare a balance sheet of SUV as at 31st March 2021.
Trial balance
As on 31st March 2021
| Name of Accounts | L.F |
Debit Balance ($) |
Credit Balance ($) |
| Capital | – | 34400 | |
| Trade Payable | – | 10000 | |
| Outstanding Expenses | – | 650 | |
| Loan from XYZ Bank | – | 22000 | |
| Bank Overdraft | – | 4000 | |
| Net Profit | – | 18000 | |
| Income Received in Advance | – | 9950 | |
| Drawing | 4800 | – | |
| Prepaid Expense | 200 | – | |
| Accrued Income | 1000 | – | |
| Cash in Hand | 4000 | – | |
| Inventory | 12000 | – | |
| Trade Receivable | 8000 | – | |
| Premises | 22000 | – | |
| Machinery | 18000 | – | |
| Vehicles | 15000 | – | |
| Fixtures and Fitting | 5000 | – | |
| Computer | 2000 | – | |
| Goodwill | 6000 | – | |
| Trademark | 1000 | – | |
| Total | 99000 | 99000 |
Answer: Total of Balance Sheet $ 85200
Balance Sheet Questions for Practice
Bad Debts Recovered Journal entry
Types of assets/ list of assets