10 Balance Sheet Questions for Practice 

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 4800
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 950
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

Cash Sales Journal Entry

Bad Debts Recovered Journal entry

Types of assets/ list of assets

Outstanding Salary Journal Entry

Commission received journal entry

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