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Question 24 Chapter 1 of +2-B
24. (Balance Sheet with Notes to Accounts/GST) The following balances were extracted from the books of Rahul Limited on 31st March 2018.
| Particular | Rs |
| Plant and Machinery | 1,00,000 |
| Shares in Radhika Limited | 50,000 |
| Inventories | 20,000 |
| Trade receivable | 10,000 |
| Share Capital | 1,00,000 |
| Capital Redemption Reserve | 60,000 |
| 10% Debentures | 30,000 |
| Short term loan from Monika Limited | 5,000 |
| Provision for Taxation | 5,000 |
| Input IGST | 4,000 |
| Input CGST | 8,000 |
| Input SGST | 8,000 |
Prepare the Balance Sheet of the company as per schedule III of the Companies Act, 2013.
Balance Sheet as on 31st March 2018
| Particulars |
Note no. | Amount |
|---|---|---|
| II Equity & Liabilities | ||
| 1. Shareholders’ Fund | ||
| Share Capital | 1 | 1,00,000 |
| Reserve & Surplus | 2 | 60,000 |
| 2. Non-Current Liabilities | ||
| Long term Borrowing | 30,000 | |
| 3. Current Liabilities | ||
| Short term Borrowings | 3 | 5,000 |
| Short term Provisions | 4 | 5,000 |
| Total | 2,00,000 | |
| II Assets | ||
| 1. Non-current Assets | ||
| Fixed Assets | ||
| Tangible Assets | 5 | 1,00,000 |
| Non-Current Investments | 6 | 50,000 |
| 2. Current Assets | ||
| Inventories | 40,000 | |
| Trade Receivable | 10,000 | |
| Other Current Assets | 20,000 | |
| Total | 2,00,000 |
Working Note
| Particulars |
Note no. | Amount | |
|---|---|---|---|
| 1. Reserve and Surplus | |||
| Capital Redemption Reserve | 60,000 | ||
| 2. Long term Borrowings | |||
| 10% Debentures | 30,000 | ||
| 3. Short term Borrowings | |||
| Short term loan from Monika Limited | 5,000 | ||
| 4. Short term Provisions | |||
| Provision for Taxation | 5,000 | ||
| 5. Tangible Assets | |||
| Plant & Machinery | 1,00,000 | ||
| 6. Non-Current Investments | |||
| Shares in Radhika Limited | 50,000 | ||
| 7. Other current Assets | |||
| Input IGST | 4,000 | ||
| Input CGST | 8,000 | ||
| Input SGST | 8,000 | 20,000 | |
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Accounting & Commerce Educator
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.
This guide covers "Question 24 Chapter 1 of +2-B - USHA Publication 12 Class", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to USHA Publication Part 2 volume I.
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