balances of all fixed assets and long-term investment under the heading of

balances of all fixed assets and long-term investment under the heading of ‘non-current assets’. Balance Sheet of Ankit as at March , (in order of permanence) Liabilities Assets Owners Funds Non Current Assets Furniture Add Profit , Current Assets Non-Current Liabilities Debtors , Long-term loan Bank Current Liabilities Cash Creditors , , Fig. . (c): Showing assets and liabilities arranged in logical groups Do it Yourself Arrange the following items in the order of both permanence and liquidity. Also group them under logical heads : Liabilities Assets Long-term loans Building Bank overdraft Cash in hand Bills payable Cash at bank Owner’s equity Bills receivable Short-term loans Sundry debtors Sundry creditors Land Finished goods Work in progress Raw material Illustration From the following balances prepare a trading and profit and loss account and balance sheet for the year ended March , Carriage on goods Cash in hand , purchased Bank overdraft , Carriage on goods sold , Motor car , Manufacturing expenses , Drawings Advertisement , Audit fees , Excise duty , Plant , , Factory lighting , Repairs to plant , Debtors , Stock at the end , Creditors , Purchases less return , , Dock and Clearing charges , Commission on purchases , Postage and Telegram Incidental trade expenses , Fire Insurance Premium , Investment , Patents Interest on investment Income tax , , , Office expenses , Sales less return , , Salest tax paid Discount allowed , Discount on purchases , Trading and Profit and Loss Account for the year ended March , Expenses/Losses Revenues/Gains Purchases less return , , Sales less return , , Commission on purchases , Carriage on goods purchasesd Manufacturing expenses , Factory lighting , Dock and Clearing charges , Gross profit c/d , , , , , , Carriage on sales , Gross profit b/d , , Advertisement , Interest on investment Excise duty , Discount on purchases , Postage and telegram Fire Insurance premium , Office expenses , Audit fees , Repairs to plant , Incidental trading expenses , Sales tax paid Discount allowed , Net profit , , (transferred to capital account) , ,