Question 26 Chapter 1 VK Publications Class 12 Part 2 – 2021
Table of Contents
26. The following particulars have been extracted from the books of Creative Ltd. as at 31stMarch, 2018:
| Particulars | Rs. | Particulars | Rs. |
| Provisions for taxation | 2,70,000 | Laon and advance | 18,000 |
| Reserves and Surplus | 5,94,000 | Current assets | 8,80,200 |
| Current liabilities | 5,92,200 | Inventories | 36,000 |
| Short term Bank loan | 90,000 | 7% Debentures | 2,70,000 |
| Non current investment | 3,42,000 | Equity Share Capital | 7,20,000 |
| Fixed assets | 12,60,000 | (Fully paid shares of Rs. 100 each) |
A law suit is pending against the company for a claim of Rs 15,000. Prepare the Balance Sheetof the company as prescribed under Schedule III, Part I of the Companies Act.
The solution of Question 26 Chapter 1 VK Publications Class 12 Part 2: –
| Particulars | Note No. | Current Year (Rs. ) | Previous Year (Rs.) |
| EQUITY AND LIABILITIES | |||
| 1.Shareholders’ Funds | |||
| (a) Share Capital | 1. | 7,20,000 | |
| (b) Reserves and Surplus | 2. | 5,94,000 | |
| 2. Non-current Liabilities | |||
| (a) Long-term Borrowings | 3. | 2,70,000 | |
| 3. Current Liabilities | |||
| (a) Short-term Borrowings | 4. | 90,000 | |
| (b) Other Current Liabilities | 5. | 5,92,200 | |
| (c) Short-term Provisions | 6. | 2,70,000 | |
| Total | 25,36,200 | ||
| II. ASSETS |
|||
| 1. Non-current Assets |
|||
| a) Fixed Assets |
12,60,000 | ||
| b) Non-current Investments | 3,42,000 | ||
| 2. Current Assets | |||
| (a) Short-term Loans and Advances | 18,000 | ||
| (b) Inventories | 36,000 | ||
| (c) Other Current Assets | 8,80,200 | ||
| Total | 25,36,200 |
Notes to Accounts:
| Particulars | Amount (Rs.) |
| 1. Shareholders’ Fund | |
| Share Capital (7,200 Fully paid shares of 100 each) | 7,20,000 |
| 2. Long-term Borrowings | |
| 7% debentures | 2,70,000 |
| 3.Short-term Borrowings | |
| Short-term Bank Loan | 90,000 |
| 4. Short-term Provisions | |
| Provision for Taxation | 2,70,000 |
There is a contingent liability in respect of a claim of 15,000 against the company, acknowledged as debt.
Financial Statements of a Company and Its formats
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
- Chapter No. 1 – Financial Statement of Not-For-Profit Organisations
- Chapter No. 2 – Accounting for Partnership Firms – Fundamentals
- Chapter No. 3 – Goodwill: Nature and Valuation
- Chapter No. 4 – Change in Profit-Sharing Ratio Among the Existing Partners
- Chapter No. 5 – Admission of a Partner
- Chapter No. 6 – Retirement/Death of a Partner
- Chapter No. 7 – Dissolution of a Partnership Firm
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 8 – Company Accounts – Accounting for Share Capital
- Chapter No. 9 – Company Accounts – Issue of Debentures
- Chapter No. 10 – Redemption of Debentures
T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)
- Chapter No. 1 – Financial Statements of a Company
- Chapter No. 2 – Financial Statement Analysis
- Chapter No. 3 – Tools of Financial Statement Analysis – Comparative Statements and Common- Size Statements
- Chapter No. 4 – Accounting Ratios
- Chapter No. 5 – Cash Flow Statement
Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication