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Question 44 Chapter 5 of +2-B - T.S. Grewal 12 Class

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Question 44 Chapter 5 of +2-B

44. Following is the Balance Sheet of Mevanca Limited as at 31st March 2017:

Mevanca Limited

BALANCE SHEET As at 31st March 2017
Particulars	Note No.	31st March 2017 Rs	31st March 2016 Rs
I. EQUITY AND LIABILITIES
1. Shareholders' Funds
(a) Share Capital		3,00,000	1,00,000
(b) Reserves and Surplus	1	25,000	1,20,000
2. Non-Current Liabilities
Long-term Borrowings	2	80,000	60,000
3. Current Liabilities
(a) Trade Payables		6,000	20,000
(b) Short-term Provisions	3	68,000	70,000
Total		4,79,000	3,70,000
II. ASSETS
1. Non-Current Assets
Fixed Assets :
(i)Tangible Assets	4	3,36,000	1,92,000
2. Current Assets
(a) Current Investments		67,000	60,000
(b) Inventories		51,000	65,000
(c) Trade Receivables		25,000	49,000
(d) Cash and Cash Equivalents		---	4,000
Total		4,79,000	3,70,000

Notes to Accounts

Particulars	31st March, 2017 (Rs)	31st March 2016 (Rs)

1. Reserves and Surplus
Surplus, i.e., Balance in Statement of Profit and Loss	25,000	1,20,000
2. Long-term Borrowings
10% Long-term Loan	80,000	60,000

3. Short-term Provisions
Provision for Tax	68,000	70,000

4. Fixed Assets	3,84,000	2,15,000
Machinery	-48,000	-23,000
Accumulated Depreciation	3,36,000	1,92,000

Additional Information:
(i) Additional loan was taken on 1st July, 2016.
(ii) Tax of 53,000 was paid during the year.
Prepare Cash Flow Statement.

The solution of Question 44 Chapter 4 of +2-B: -

Cash Flow Statement for the year ended 31st March,2013

Particulars		Rs
I. Cash Flow from Financing Activities
Net Loss as per Statement of Profit and Loss	(95,000)
Add: Provision for Tax	51,000	44,000
Net loss before Tax and Extraordinary Items		(44,000)
Items to be Added:
Depreciation charged during the year	25,000
Interest paid on loan (WN I)	7,500
Net Loss before Working Capital Changes		(11,500)
Less: Decrease in Current Liabilities
Trade Payables	14,000
Less: Increase in Current Assets
Inventories	7,000
Add: Decrease in Current Assets
Trade Receivables	14,000
Other Current Assets	4,000	(14,500)
Net Loss before Tax		(14,500)
Add: Tax paid		53,000
Net Cash Flow from Operating Activities		67,500
II. Cash Flow from Financing Activities
Purchase of Machinery (WN II)		1,69,000
Net Cash Used in Investing Activities		1,69,000
III: Cash Flow from Financing Activities
Proceeds from Issue of Shares	2,00,000
Proceeds from additional loan taken	20,000
Less: Interest paid on long-term loan	7,500	2,12,500
Net Cash Flow from Financing Activities		2,12,500
IV. Net Decrease in Cash and Cash Equivalents		(24,000)
Add: Cash and Cash Equivalents in the beginning of the period		49,000
Cash and Cash Equivalents at the end of the period		25,000

Working Note

Provision for Tax A/c

Particulars	Rs	Particular	Rs
To Cash A/c	32,000	By Balance b/d	70,000
To Balance c/d	68,000	By Profit and Loss A/c (Dep. charged during the year) (Bal. Fig.)	51,000
	1,21,000		1,21,000

Interest on Loan Rs 20,000 Calculated from 1st July, 2016

Interest on Loan	=	10%
* Interest on Bank Loan	=	Rs 20,000	X	10%	X	9
* Interest on Bank Loan	=	Rs 20,000	X	10%	X	12
	=	Rs 1,500

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Also, Check out the solved question of previous Chapters: -

T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)

Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
Chapter No. 3 – Goodwill: Nature and Valuation
Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
Chapter No. 5 – Admission of a Partner
Chapter No. 6 – Retirement/Death of a Partner
Chapter No. 7 – Dissolution of a Partnership Firm

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

Chapter No. 8 – Company Accounts – Accounting for Share Capital
Chapter No. 9 – Company Accounts – Issue of Debentures
Chapter No. 10 – Redemption of Debentures

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

Chapter No. 1 – Financial Statements of a Company
Chapter No. 2 – Financial Statement Analysis
Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
Chapter No. 4 – Accounting Ratios
Chapter No. 5 – Cash Flow Statement

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