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Question 19 Chapter 4 - Unimax Publication Class 12 Part 2 - 2021
From the following information, prepare the balance sheet of a company in the prescribed perform as per Schedule 3 part 1 as at 31st March, 2022.
| Particulars | ₹ |
|---|---|
| Land and Building | 6,00,000 |
| Plant and Machinery | 3,00,000 |
| Furniture | 3,91,000 |
| Investment in Govt. Securities | 3,00,000 |
| Investment in shares of the company | 1,50,000 |
| Stock in trade | 40,000 |
| Debtors | 80,000 |
| Preliminary expenses | 13,000 |
| Underwriting commission | 15,000 |
| Brokerage on issue of shares | 8,000 |
| Cash in hand | 15,000 |
| Cash at bank | 20,000 |
| Debenture 8% | 4,68,000 |
| Deposit from the public | 3,00,000 |
| Creditors | 50,000 |
| Unpaid divided | 2,000 |
| Arrears of preference shares divided | 18,000 |
| Capital reserve | 20,000 |
| General reserve | 50,000 |
| Profit and loss account | 50,000 |
| Securities | 84,000 |
Additional information:
(1) Company has authorized shares capital of 10,000 equity shares of ₹ 10 each and 1,000, 12% preference shares of ₹ 100 each. All shares were issued. Out of these 4,500 equity share were subscribed and paid up except ₹ 10,000 as call in arrears. Share forfeited account shows a balance of ₹ 6,000. All the 1,000perference shares were fully paid up, ₹ 100 per share.
(2) Depreciation land and building by 5%.
(3) Addition made to plant and machinery ₹ 1,00,000.
(4) Depreciation on plant and machinery ₹ 30,000.
(5) Provision for bad debts @ 2.5%.
Balance sheet As At 31st March 2022
| Particulars | Note | Amount ₹ |
|---|---|---|
| Equity and Liabilities | ||
| Shareholder’s fund | ||
| Share capital | ||
| Equity share capital | 1 | 9,96,000 |
| Preference share capital | 2 | 1,00,000 |
| Reserve and Surplus | 3 | 1,20,000 |
| Non-Current Liabilities | ||
| Long term liabilities | 4 | 7,68,000 |
| Short term liabilities | ||
| Trade payable | 5 | 50,000 |
| Other current liabilities | 6 | 20,000 |
| 20,54,000 | ||
| Assets | ||
| Non-Current Assets | ||
| Fixed Assets | ||
| Tangible assets | 7 | 13,31,000 |
| Non-current investment | 8 | 5,34,000 |
| Current Assets | ||
| Inventories | 9 | 40,000 |
| Trade receivable | 10 | 78,000 |
| Cash and cash equivalent | 11 | 35,000 |
| Other current assets | 12 | 36,000 |
| 20,54,000 |
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Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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