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Question 07 Chapter 5 of +2-B
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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 |
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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)
- 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
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication
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