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Question 24 Chapter 1 of +2-B
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24. (Balance Sheet with Notes to Accounts/GST) The following balances were extracted from the books of Rahul Limited on 31st March 2018.
| Particular | Rs |
| Plant and Machinery | 1,00,000 |
| Shares in Radhika Limited | 50,000 |
| Inventories | 20,000 |
| Trade receivable | 10,000 |
| Share Capital | 1,00,000 |
| Capital Redemption Reserve | 60,000 |
| 10% Debentures | 30,000 |
| Short term loan from Monika Limited | 5,000 |
| Provision for Taxation | 5,000 |
| Input IGST | 4,000 |
| Input CGST | 8,000 |
| Input SGST | 8,000 |
Prepare the Balance Sheet of the company as per schedule III of the Companies Act, 2013.
The solution of Question 24 Chapter 1 of +2-B: –
Balance Sheet as on 31st March 2018
| Particulars |
Note no. | Amount |
| II Equity & Liabilities | ||
| 1. Shareholders’ Fund | ||
| Share Capital | 1 | 1,00,000 |
| Reserve & Surplus | 2 | 60,000 |
| 2. Non-Current Liabilities | ||
| Long term Borrowing | 30,000 | |
| 3. Current Liabilities | ||
| Short term Borrowings | 3 | 5,000 |
| Short term Provisions | 4 | 5,000 |
| Total | 2,00,000 | |
| II Assets | ||
| 1. Non-current Assets | ||
| Fixed Assets | ||
| Tangible Assets | 5 | 1,00,000 |
| Non-Current Investments | 6 | 50,000 |
| 2. Current Assets | ||
| Inventories | 40,000 | |
| Trade Receivable | 10,000 | |
| Other Current Assets | 20,000 | |
| Total | 2,00,000 |
Working Note
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| Particulars |
Note no. | Amount | |
| 1. Reserve and Surplus | |||
| Capital Redemption Reserve | 60,000 | ||
| 2. Long term Borrowings | |||
| 10% Debentures | 30,000 | ||
| 3. Short term Borrowings | |||
| Short term loan from Monika Limited | 5,000 | ||
| 4. Short term Provisions | |||
| Provision for Taxation | 5,000 | ||
| 5. Tangible Assets | |||
| Plant & Machinery | 1,00,000 | ||
| 6. Non-Current Investments | |||
| Shares in Radhika Limited | 50,000 | ||
| 7. Other current Assets | |||
| Input IGST | 4,000 | ||
| Input CGST | 8,000 | ||
| Input SGST | 8,000 | 20,000 | |
To understand more about Balance Sheet please check out following links:
Balance Sheet: Meaning, Format & Examples
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The solution to all questions of Chapter No. 11 – Financial Statements of a Company Class 12 Usha Publication – 2024 is shown as follows, click on the image of the question to get the solution.
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Question 05 Chapter 1 of +2-B – USHA Publication 12 Class
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Question 11 Chapter 1 of +2-B – USHA Publication 12 Class
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Question 17 Chapter 1 of +2-B – USHA Publication 12 Class
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Question 23 Chapter 1 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
Check out Solutions to all questions of the every chapter shown as under. The Solution of Accountancy – Part 2 Class 12 – Session 2024-25 is provided as per the new book published by Usha Publication.
Chapter No. 8 – Company Accounts (Share Capital)
Chapter No. 9 – Company Accounts (Issue of Debentures)
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Chapter No. 10 – Company Accounts (Redemption of Debentures)
Chapter No. 11 – Financial Statements of a Company
Chapter No. 12 – Financial Statement Analysis
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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Also, Check out our Comprehensive Chapter-wise solution of Advanced Accountancy Part 2 Class 12 by Unimax Publication
- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
- Chapter No. 5 -Financial Statement Analysis
- Chapter No. 6 – Tools/Methods of Financial Analysis
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
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1. Accountancy – Part 1 Class 12 – Session 2024-25 By Usha Publication
2. Advanced Accountancy Part 1 Class 12 by Unimax Publication