Reference no: EM13898013

Balance sheet and profit and loss account of JB Sons Company Limited as on December 31, 19X1 and 19X2 are as follows:

Table 1: JB Sons

Balance Sheet

as on 31 December (Rs)

Liabilities 19X1 19X2 Assets 19X1 19X2

Accounts payable 15,000 25,000 Cash balance 5,000 2,000

Cash credit 13,000 10,000 Accounts

Outstanding receivable 10,000 8,000

expenses 2,000 3,000 Loan and

Long-term loan 30,000 20,000 advances 5,000 -

Capital 30,000 30,000 Inventories 20,000 25,000

Surplus 10,000 12,000 Fixed assets (net) 60,000 65,000

100,000 1,00,000 100,000 100,000

Table 2: JB Sons Company

Profit and Loss Account

for the year 19X2 (Rs)

Sales 200,000

Less: Cost of goods sold (including

depreciation of Rs 10,000) 170,000

Gross profit 30,000

Less: Other expenses 20,000

Income before tax 10,000

Less:Income-tax provision 5,000

Income after tax 5,000

Prepare a statement of sources and uses of funds.