| Particulars | Closing Balances Amount (Rs.) | Opening Balances Amount (Rs.) |
| Surplus, i.e., Balance in Statement of Profit and Loss | 65,000 | 60,000 |
| Trade Receivables: | ||
| Debtors | 67,000 | 1,02,000 |
| Bills Receivable | 1,03,000 | 62,000 |
| General Reserve | 2,37,000 | 2,02,000 |
| Provision for Depreciation | 30,000 | 20,000 |
| Outstanding Expenses | 12,000 | 30,000 |
| Goodwill | 70,000 | 80,000 |
An asset costing Rs. 40,000 having book value of Rs. 28,000 was sold for Rs. 36,000.
SOLUTION
