Question 27 Chapter 1 VK Publications Class 12 Part 2 – 2021
27 The following balances have been extracted from the books of Hard Working Ltd. as at 31stMarch, 2018:
Share Capital Rs. 5,00,000, Capital Reserve Rs. 1,00,000, 15% Debentures Rs. 3,00,000 , Creditors Rs. 1,00,000 ,Outstanding Salary Rs. 10,000, Surplus, i.e., Balance in Statement of Profit and Loss (Dr.) Rs. 10,000, Plant and Machinery Rs. 6,00,000, IFCI Bonds Rs. 2,00,000, Raw Materials Rs. 1,75,000 and Discount on Issue of Debentures Rs. 25,000 to be written off after 2 years.
Prepare the Balance Sheet of the Company as per Schedule I1, Part I of the Companies Act,2013.
The solution of Question 27 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 | 5,00,000 | ||
| (b) Reserves and Surplus | 1. | 5,000 | |
| 2. Non-current Liabilities | |||
| (a) Long-term Borrowings | 2. | 3,00,000 | |
| 3. Current Liabilities | |||
| (a) Trade Payables | 3. | 1,00,000 | |
| (b) Other Current Liabilities | 4. | 10,000 | |
| Total | 9,75,000 | ||
| II. ASSETS |
|||
| 1. Non-current Assets |
|||
| a) Fixed Assets |
5. | 6,00,000 | |
| b) Non-current Investments | 6. | 2,00,000 | |
| 2. Current Assets | |||
| (a) Inventories | 7. | 1,75,000 | |
| Total | 9,75,000 |
Notes to Accounts:
| Particulars | Amount (Rs.) | |
| 1. Reserves and Surplus: | ||
| General Reserve | 1,00,000 | |
| Less: Discount on Issue of 15% Debentures | 25,000 | |
| 75,000 | ||
| Surplus, i.e, Balance in Statement of Profit and Loss (Dr.) | 10,000 | 65,000 |
| 2. Long-term Borrowings | ||
| 15% debentures | 3,00,000 | |
| 3. Trade payables | ||
| Creditors | 1,00,000 | |
| 4. Other current liabilities | ||
| Outstanding salaries | 10,000 | |
| 5. Fixed Assets (Tangible) | ||
| Plant & Machinery | 6,00,000 | |
| 6. Non- Current Investment : | ||
| IFCI Bonds | 2,00,000 | |
| 7. Inventories : | ||
| Raw Materials | 1,75,000 |
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