Problem
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Prepare a balance sheet for a farm from the information given below (as on 1st January 2005) prepares the Balance sheet for a farm. The farmer has got a medium term loan of Rs.6000 towards the purchase of an electric motor. The outstanding loan against land is Rs.15000. He borrowed Rs.2500 as crop loan from PACS. The farmer has to repay Rs.2000 to his neighborhood at the end of the year. He possesses two pairs of bullocks valued Rs.3000 per pair and electric motor Rs.5000, bullock cart Rs.1800,milck animal Rs.7000 and a thrasher for Rs.7000. Besides the farmer has Rs.3000 as cash in hand and Rs.1500 in bank in current account. The farmer has to pay the land tax of Rs.80. The farmer own 6 acres of land valued at the rate of Rs.10000 per acre, farm buildings Rs.8000 and a cattle shed Rs.2500. |