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Question No 67 Chapter 7 – UNIMAX Class 12 Part 2 – 2021
67. The following is the balance sheet of Simran Mills Ltd. As on 31st December 2022.
| Liabilities | Amount | Assets | Amount | |
| Sundry creditors | 60,000 | Bank | 50,000 | |
| Bills payable | 1,00,000 | Trade investments | 1,50,000 | |
| Tax provision | 1,30,000 | Sundry debtors | 2,00,000 | |
| Outstanding expenses | 10,000 | Stock | 3,00,000 | |
| 12% debentures | 7,00,000 | Fixed assets | 18,00,000 | |
| 10% preference shares | 1,00,000 | Less: depreciation | -5,00,000 | |
| Equity shares | 4,00,000 | |||
| Reserve fund | 4,00,000 | |||
| 20,00,000 | 20,00,000 | |||
Other information supplied n as follows:
| Particulars | Amount |
| (a) net sales | 30,00,000 |
| (b) cost of goods sold | 25,80,000 |
| (c) net income before tax | 2,00,000 |
| (d) net income after tax | 1,00,000 |
You are required to calculate:
(1) quick ratio, (2) current ratio, (3) gross profit ratio, (4) net profit ratio
| (i) Quick Ratio | = | Quick assets |
| Current liabilities |
| = | 50,000+1,50,000+2,00,000 |
| 60,000+1,00,000+10,000+1,30,000 |
| = | 4,00,000 |
| 3,00,000 | |
| = | 1.33 : 1 Ans. |
| (ii) Current Ratio | = | Current assets |
| Current liabilities |
| = | 50,000+1,50,000+2,00,000+3,00,000 |
| 60,000+1,00,000+10,000+1,30,000 |
| = | 7,00,000 |
| 3,00,000 | |
| = | 2.33 : 1 Ans. |
| (iii) G.P | = | Net sales – C.O.G.S |
| = | 30,00,000 – 25,80,000 | |
| = | 4,20,000 |
| G.P. ratio | = | G.P. | X | 100 |
| Net sales |
| = | 4,20,000 | X | 100 |
| 30,00,000 | |||
| = | 14% Ans. |
| (iv) Net profit ratio | = | Net Profit | x | 100 | |
| Net Sales | |||||
| = | 3.33% Ans. | ||||
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 No 67 Chapter 7 – UNIMAX Class 12 Part 2 – 2021", focusing on key definitions, step-by-step concepts, applications, and revision guidelines relevant to Unimax Accountancy Class 12 Part 2 - 2023.
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