Question 07 Chapter 5 of +2-B – T.S. Grewal 12 Class

Question 07 Chapter 5 of +2-B

Question 07 Chapter 5 of +2-B

Net Profit before Tax and Extraordinary Items

7. Calculate Net Profit before Tax and Extraordinary Items of Premier Sales Ltd. from its Balance Sheet as at 31st March, 2019:

Particulars Note No 31st March 2019 31st March 2018
I. EQUITY AND LIABILITIES      
1. Shareholders’ Funds      
(a) Share Capital   5,00,000 5,00,000
(b) Reserves and Surplus (Surplus i.e., Balance in Statement of Profit and Loss)   2,00,000 1,45,000
2. Current Liabilities      
(a) Trade Payables   90,000 50,000
(b) Other Current Liabilities   20,000 10,000
(c) Short-term Provisions  1 50,000 30,000
Total    8,60,000 7,35,000
II. ASSETS      
1. Non-Current Assets      
(a) Fixed Assets   4,50,000 4,00,000
(b) Non-Current Investments   50,000 1,50,000
2. Current Assets   2,60,000 1,85,000
Total   8,60,000 7,35,000

Notes to Accounts:

Particulars 31st March 2019 31st March 2018
I. Short-term Provisions    
Provision for Tax 50,000 30,000

 

Additional Information:
(i) Proposed Dividend for the years ended 31st March, 2018 and 2019 are 50,000 and 75,000 respectively.
(ii) Interim Dividend paid during the year was 10,000.

 

The solution of Question 07 Chapter 4 of +2-B: –

Particulars Note No
Rs
Profit Before Taxation and Extraordinary Items 1 1,65,000
     
    1,65,000


Notes to Accounts:

Particulars
Rs
1. Surplus, i.e., Balance in Statement of Profit and Loss    
Opening Balance of Profit and Loss 2,00,000  
Less: Closing Balance of Profit and Loss 1,45,000 55,000
Add: Proposed Dividend   50,000
Add: Proposed Preference Dividend   50,000
Add: Interim Dividend   10,000
    1,65,000

 

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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)

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

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

2 Book 3 min 225x300 - Question 07 Chapter 5 of +2-B  - T.S. Grewal 12 Class
T.S. Grewal’s Analysis of Financial Statements

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