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Question 15 Chapter 4 -Unimax Publication Class 12 Part 2 – 2021

Question no- 15 Chapter no -4 Unimax Class- 12 Part -II
Question no- 15 Chapter no -4 Unimax Class- 12 Part -II

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Question 15 Chapter 4 – Unimax Publication Class 12 Part 2 – 2021

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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.

The solution of Question 15 Chapter 4 – Unimax Publication Class 12 Part 2 – 2021: –

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   
Debenture2,00,000  
Bank loans1,00,000 3,00,000
Current Liabilities   
Trade payable (creditors)  50,000
Short term provisions  22,500
Provision for Taxation   
Proposed dividend55,000  
 55,000 1,05,000
Non-Current Assets  17,05,000
Fixed Assets   
Tangible- Land and building2,00,000  
– Plant8,00,000 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 receivable50,000  
Debtors1,50,000 2,00,000
Short term loan and advance  Nil
   17,05,000

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Unimax Publication – Accountancy PSEB Class 12 – Volume I – Solution

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