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Problem No.1 From the following information prepare a balance sheet with many details as possible: Gross profit- Rs.80,000; Gross profit to cost of goods sold ratio-1/3 Stock velocity-6 times; Opening stock-Rs.36,000 Accounts receivable velocity (360 days)-72 days; Current assets-Rs.150,000 A/c payable velocity-90 days; Bills receivable-Rs.20,000 Bills payable-Rs.5,000; Fixed assets turnover ratio – 8 times. (Turnover refers to cost of sales

Problem No.1 From the following information prepare a balance sheet with many details as possible: Gross profit- Rs.80,000; Gross profit to cost of goods sold ratio-1/3 Stock velocity-6 times; Opening stock-Rs.36,000 Accounts receivable velocity (360 days)-72 days; Current assets-Rs.150,000 A/c payable velocity-90 days; Bills receivable-Rs.20,000 Bills payable-Rs.5,000; Fixed assets turnover ratio – 8 times. (Turnover refers to cost of sales

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem No.1 From the following information prepare a balance sheet with many details as possible: Gross profit- Rs.80,000; Gross profit to cost of goods sold ratio-1/3 Stock velocity-6 times; Opening stock-Rs.36,000 Accounts receivable velocity (360 days)-72 days; Current assets-Rs.150,000 A/c payable velocity-90 days; Bills receivable-Rs.20,000 Bills payable-Rs.5,000; Fixed assets turnover ratio – 8 times. (Turnover refers to cost of sales

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