Question 18 Chapter 4 – Unimax Publication Class 12 Part 2 – 2021
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.
| Particulars | Debit ₹ | Credit ₹ |
| Equity share capital (face value of ₹ 100 each) | 10,00,000 | |
| Land and Building | 5,50,000 | |
| Plant and Machinery | 5,25,000 | |
| Furniture | 50,00 | |
| General reserve | 2,10,000 | |
| Loan form state financial corporation | 1,50,000 | |
| Calls in arrears | 1,000 | |
| Stock in Raw Materials | 50,00 | |
| Stock of finished goods | 2,00,000 | |
| Provision for taxation | 68,000 | |
| Sundry debtors | 2,00,000 | |
| Proposed | ||
| Dividend | 60,000 | |
| Profit and Loss account | 1,00,000 | |
| Cash in hand | 30,000 | |
| Cash at bank | 2,47,000 | |
| Preliminary expenses | 13,300 | |
| Unsecured Loans | 1,21,000 | |
| Sundry creditors | 2,00,000 | |
| Advance | 42,700 | |
| Total | 19,09,000 | 19,09,000 |
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 100 | 10,00,000 | ||
| – Calls in arrears | (1,000) | 9,99,000 | |
| Reserve and Surplus | |||
| Gen. reserve | 2,10,000 | ||
| 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 | 1 | 11,25,000 | |
| Current Assets | Nil | ||
| R. Material | 50,000 | ||
| Finished stock | 2,00,000 | 2,50,000 | |
| Trade Receivable | |||
| Debtors | 2,00,000 | ||
| Cash and cash equivalent |
|||
| Cash on hand | 30,000 | ||
| Cash at bank | 2,47,000 | 2,77,000 | |
| Short term loan and advance | 42,700 | ||
| 18,94,700 |
Note :1
Fixed Assets
| Particulars | Details | Amount ₹ |
| Land | 4,00,000 | |
| Addition | 1,50,000 | |
| 5,50,000 | ||
| Plant | 7,00,000 | |
| -Dep. | 1,75,00 | 5,25,000 |
| Furniture | 63,500 | |
| -Dep. | 13,500 | 50,000 |
| 11,25,000 |
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Financial Statements of a Company and Its formats
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Unimax Publication – Accountancy PSEB Class 12 – Volume I – Solution
- Chapter No. 1 – Accounting Not-for-Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Introduction)
- Chapter No. 3 – Partnership Accounts – II (Goodwill: Nature and Valuation)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit sharing ratio among Existing Partners )
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
Unimax Publication – Accountancy PSEB (Class 12) – Part – II – Solution
- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Company Accounts (Issue of Debentures)
- Chapter No. 3 – Company Accounts (Redemption of Debentures)
- Chapter No. 4 – Financial Statements of a Company
- Chapter No. 5 – Financial Statement Analysis
- Chapter No. 6 – Tools of Financial Statement Analysis- Comparative and Common Size
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
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