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Question No 15 Chapter 4 – UNIMAX Class 12 Part 2 – 2021
The following ledger balances were extracted from the books of Varun Ltd. on 31st March, 2022.
Land and Building ₹ 2,00,000; 12% Debenture ₹ 2,00,000; Share capital ₹ 1,00,000 equity shares of ₹ 10 each fully paid up; Plant and Machinery ₹ 8,00,000; Goodwill ₹ 2,00,000; Investment in shares of Raja Ltd. ₹ 2,00,00; Bills Receivable ₹ 50,000 ; Debtors ₹ 1,50,000; Creditors ₹ 1,00,000; Bank loan (Unsecured) ₹ 1,00,000; Provision for Taxation ₹ 50,000; Discount on issue of 12% Debentures ₹ 5,000; Proposed dividend ₹ 55,000; Stock ₹ 1,00,000; General Reserve ₹ 2,00,000.
You are required to prepare the balance sheet of the company as per schedule 3 part od the company Act, 2013.
Balance Sheet of Varun Ltd. As At 31st March 2022
| Particulars | Note | Amount ₹ | |
|---|---|---|---|
| Shareholder’s fund | |||
| Share capital | 10,00,000 | ||
| Reserve and Surplus | |||
| General reserve | 2,00,000 | ||
| Non-Current Liabilities | |||
| Long term borrowing | |||
| Debenture | 2,00,000 | ||
| Bank loans | 1,00,000 | 3,00,000 | |
| Current Liabilities | |||
| Trade payable (creditors) | 50,000 | ||
| Short term provisions | 22,500 | ||
| Provision for Taxation | |||
| Proposed dividend | 55,000 | ||
| 55,000 | 1,05,000 | ||
| Non-Current Assets | 17,05,000 | ||
| Fixed Assets | |||
| Tangible- Land and building | 2,00,000 | ||
| - Plant | 8,00,000 | 10,00,000 | |
| Intangible – Goodwill | 2,00,000 | ||
| Non-current investments | |||
| Share in Raja Ltd. | 2,00,000 | ||
| Other Non-Current Assets | |||
| Discount on issue of debentures | 5,000 | ||
| Current Assets | |||
| Investment – Stock | 1,00,000 | ||
| Trade receivable | 20,000 | ||
| Bills receivable | 50,000 | ||
| Debtors | 1,50,000 | 2,00,000 | |
| Short term loan and advance | Nil | ||
| 17,05,000 |
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.
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