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Question 25 Chapter 1 VK Publications Class 12 Part 2 - 2021
25 The following figures were extracted from the Trial Balance of Sri Ram Ltd:
You are required to draw up the equity and liabilities part of the Balance Sheet according to the requirements of the Companies Act, 2013
BALANCE SHEET OF SRI RAM LTD.
| Particulars | Note No. | Current Year (Rs.) | Previous Year (Rs.) |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| 1.Shareholders' Funds | |||
| (a) Share Capital | 1. | 5,00,000 | |
| (b) Reserves and Surplus | 2. | 72,000 | |
| 2. Non-current Liabilities | |||
| (a) Long-term Borrowings | 3. | 1,40,000 | |
| 3. Current Liabilities | |||
| (a) Trade Payables | 4. | 70,000 | |
| (b) Other Current Liabilities | 5. | 29,000 | |
| Total | 8,11,000 |
Notes to Accounts:
| Particulars | Rs. | |
|---|---|---|
| 1. Share Capital | ||
| 50,000 equity shares of Rs. 10 each 5,00,000 | 5,00,000 | |
| 2. Reserves and Surplus | ||
| General Reserve | 12,000 | |
| Transferred to Debenture Redemption Reserve | 50,000 | |
| 62,000 | ||
| Securities Premium Reserve | 10,000 | 72,000 |
| 3. Long-term Borrowings | ||
| Debentures | 1,00,000 | |
| Fixed Deposits of Public | 40,000 | 1,40,000 |
| 4. Trade Payables | ||
| Bills payable | 15,000 | |
| Sundry Creditors | 55,000 | 70,000 |
| 5. Other Current Liabilities | ||
| Interest accrued and due on Long-term Borrowings | 15,000 | |
| Unclaimed Dividends | 14,000 | 29,000 |
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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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