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Question 18 Chapter 4 -Unimax Publication Class 12 Part 2 – 2021

Question no- 18 Chapter no -4 Unimax Class- 12 Part -II
Question no- 18 Chapter no -4 Unimax Class- 12 Part -II

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Question 18 Chapter 4 – Unimax Publication Class 12 Part 2 – 2021

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From the following particulars furnished by ABC Ltd., prepares the balance sheet as at 31st March, 2022 as required by Part 1 Schedule 3 of the Companies Act, 2013. Give necessary notes at the foot of balance sheet.

ParticularsDebit ₹ Credit ₹
Equity share capital (face value of ₹ 100 each) 10,00,000
Land and Building5,50,000 
Plant and Machinery5,25,000 
Furniture50,00 
General reserve 2,10,000
Loan form state financial corporation 1,50,000
Calls in arrears1,000 
Stock in Raw Materials50,00 
Stock of finished goods2,00,000 
Provision for taxation 68,000
Sundry debtors2,00,000 
Proposed  
Dividend 60,000
Profit and Loss account 1,00,000
Cash in hand30,000 
Cash at bank2,47,000 
Preliminary expenses13,300 
Unsecured Loans 1,21,000
Sundry creditors 2,00,000
Advance42,700 
Total19,09,00019,09,000

Additional information:

(1) Miscellaneous expenses included ₹ 5,000 audit fee and ₹ 700 for out of pocket expenses paid to the auditors.
(2) 2,000 equity shares were issued for consideration other than cash.
(3) Debtors of ₹ 52,000 are due for more than six months.
(4) The cost of assets : land and Building ₹ 4,00,000, Plant and Machinery ₹ 7,00,000, Furniture ₹ 63,500.
(5) The balance of ₹ 1,50,000 in the loan account with state Financial corporation is inclusive of ₹ 7,500 for interest accrued but not due. The loan is secured by hypothecation of plant and machinery.
(6) Balance at bank includes ₹ 2,000 with perfect bank Ltd., which is not a scheduled bank.
(7) Bill Receivable for ₹ 2,75,000 maturing on 30th June, 2021 have been discounted.
(8) The company had contract for the erection of Machinery at ₹ 1,50,000 which is still incomplete.

The solution of Question 18 Chapter 4 – Unimax Publication Class 12 Part 2- 2021 : –

Balance sheet of ABC Ltd. As At 31st March 2022

Particulars Note Amount ₹
Equity and Liabilities    
Share capital    
10,000 equity shares of 10010,00,000  
– Calls in arrears(1,000) 9,99,000
Reserve and Surplus   
Gen. reserve2,10,000  
Profit & Loss (cr. balance)1,00,000  
– Preliminary exp.(13,300) 2,96,700
Non-Current Liabilities    
Long term borrowing    
Loan for state financial corporation   1,42,500
Insecured loan   12,10,000
Current Liabilities   
Trade payable – creditors  2,00,000
Short term provisions    
Taxation  68,000
Dividend  60,000
Other current liabilities – o/s interest  7,500
   18,94,700
Assets    
Non-Current Assets   
Fixed Assets    
Non-current investment 111,25,000
Current Assets   Nil
R. Material50,000  
Finished stock2,00,000 2,50,000
Trade Receivable    
Debtors  2,00,000
Cash and cash equivalent
   
Cash on hand30,000  
Cash at bank2,47,000 2,77,000
Short term loan and advance  42,700
   18,94,700

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Note :1

Fixed Assets

ParticularsDetailsAmount ₹
Land 4,00,000
Addition 1,50,000
  5,50,000
Plant7,00,000 
-Dep.1,75,005,25,000
Furniture63,500 
-Dep.13,50050,000
  11,25,000

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Financial Statements of a Company and Its formats

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

Unimax Publication – Accountancy PSEB (Class 12) – Part – II – Solution

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