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Question 116 Chapter 4 of +2-B – USHA Publication 12 Class

Posted by By Shubham Sharma 4 Min Read July 13, 2024
Question 116 Chapter 4 of +2-B
Q-116- CH-4 Book 2 - Usha Pub. +2 Book 2020 - Solution

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Question 116 Chapter 4 of +2-B

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Miscellaneous (Analytical Questions)

116. (GP Ratio/Current Ratio/Liquid Ratio) Following is the Profit and Loss Account and Balance Sheet of New Company Ltd. for the year ending 31st March, 2018.

STATEMENT OF PROFIT AND LOSS   
Particulars ₹
Revenue from Operations (Sales)  4,00,400
Add Other Income   
Non-Operating Income  4,800
Total Revenue  4,05,200
Less : Expenses  
Cost of Goods Sold2,40,400 
(Opening Inventory + Purchases + Direct Expenses – Closing Inventory)  
(₹ 61,000 + ₹ 2,52,200 + ₹ 5,600 – ₹ 78,400)    
Administrative Expenses80,800 
Selling & Distribution Expenses9,600 
Financial Expenses5,600 
Other Non-Operating Expenses 1,6003,38,000
Net Profit  67,200

 

BALANCE SHEET  
Particulars ₹
I. Equity and Liabilities 
Shareholders’ Funds 
Equity Share Capital – Paid up2,00,000
Preference Share Capital80,000
Reserves and Surplus 
General Reserve4,800
Surplus in Statement of Profit and Loss 67,200
Current Liabilities 
Short-term Borrowings 
Bank Overdraft2,800
Trade Payable4,000
 Other Current Liabilities  
Output IGST8,000
 3,66,800
II. Assets :  
Non-Current Assets  
Land and Building2,00,000
Plant and Machinery 40,400
Current Assets 
Inventory 78,400
Trade Receivable36,000
Bank 10,000
Cash 2,000
 3,66,800

Calculate the following ratio : (i) Gross profit ratio (ii) Current ratio (iii) Liquidity ratio.

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The solution of Question 116 Chapter 4 of +2-B: – 

(i) Gross Profit Ratio

=Gross ProfitX100
Net Sales
     
 =₹ 1,60,000X100
 ₹ 4,00,400
 =39.96%  
(ii) Current Ratio=Current Assets
Current Liabilities
   
 =₹ 1,26,400
 ₹ 14,800
 =8.54 : 1

 

(iii) Liquid Ratio=Liquid Assets
Current Liabilities
   
 =₹ 48,000
 ₹ 14,800
 =3.24: 1

 

Working Notes :-

Gross Profit=Sales – Cost of goods sold
 =₹ 4,00,400 – ₹ 2,40,400
 =₹ 1,60,000
Current Assets=Inventory + Trade Receivable + Bank + Cash
 =₹ 78,400 + ₹ 36,000 + ₹ 10,000 + ₹ 2,000
 =₹ 1,26,400
Current Liabilities=Bank overdraft + Trade Payable + Output IGST
 =₹ 2,800 + ₹ 4,000 + ₹ 8,000
 =₹ 14,800
Liquid Assets=Trade Receivable + Bank + Cash
 =₹ 36,000 + ₹ 10,000 + ₹ 2,000
 =₹ 48,000

End of Solution

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Question 01 Chapter 4 of +2-B – USHA Publication 12 Class

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Question 14 Chapter 4 of +2-B – USHA Publication 12 Class

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Question 31 A Chapter 4 of +2-B – USHA Publication 12 Class

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Question 49 Chapter 4 of +2-B – USHA Publication 12 Class

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Question 85 Chapter 4 of +2-B – USHA Publication 12 Class

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Question 103 Chapter 4 of +2-B – USHA Publication 12 Class

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Question 115 Chapter 4 of +2-B – USHA Publication 12 Class

Question 116 Chapter 4 of +2-B – USHA Publication 12 Class

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Question 118 Chapter 4 of +2-B – USHA Publication 12 Class

Question 119 Chapter 4 of +2-B – USHA Publication 12 Class

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Question 121 Chapter 4 of +2-B – USHA Publication 12 Class

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Chapter-Wise Solution of Usha Publication Accountancy – Part 2 Class 12 – Session 2024-25 as per the PSEB curriculum

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Chapter No. 8 – Company Accounts (Share Capital)

Chapter No. 9 – Company Accounts (Issue of Debentures)

Chapter No. 10 – Company Accounts (Redemption of Debentures)

Chapter No. 11 – Financial Statements of a Company

Chapter No. 12 – Financial Statement Analysis

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Chapter No. 13 – Tools of Financial Statement Analysis- Comparative and Common Size

Chapter No. 14 – Accounting Ratios

Chapter No. 15 – Cash Flow Statement

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