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Question 28 Chapter 1 VK Publications Class 12 Part 2 – 2021
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Table of Contents
28, The following balances were extracted from the books of Queen Limited as at 31st ,March 2018:
| Particulars | Rs. | Particulars | Rs. |
| Land and Building | 10,00,000 | Plant and Machinery | 10,00,000 |
| Loose Tools | 10,000 | Bills Receivable | 2,30,000 |
| Surplus ,i.e., Balance in statement of profit and loss ( Dr.) | 1,20,000 | Share Capital | 18,00,000 |
| 12% Debentures | 4,00,000 | Bank Overdraft | 1,00,000 |
| Sundry creditors | 50,000 | Provision for Taxation | 10,000 |
Prepare Balance Sheet of the company as per Schedule III, Part I of the companies act, 2013.
The solution of Question 28 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 | 18,00,000 | ||
| (b) Reserves and Surplus | 1. | 1,20,000 | |
| 2. Non-current Liabilities | |||
| (a) Long-term Borrowings | 2. | 4,00,000 | |
| 3. Current Liabilities | |||
| (a) Short-term Borrowings | 3. | 1,00,000 | |
| (b) Other Current Liabilities | 4. | 50,000 | |
| (c) Short-term Provisions | 5. | 10,000 | |
| Total | 22,40,000 | ||
| II. ASSETS | |||
| 1. Non-current Assets | |||
| a) Fixed Assets | 20,00,000 | ||
| 2. Current Assets | |||
| (a) Inventories | 10,000 | ||
| (b) Trade Payables | 2,30,000 | ||
| Total | 22,40,000 |
Notes to Accounts:
| Particulars | Amount (Rs.) | |
| 1. Reserves and Surplus: | ||
| Surplus, i.e., Balance in Statement of Profit and Loss (Dr.) | 1,20,000 | |
| 2. Long-term Borrowings | ||
| 12% debentures | 4,00,000 | |
| 3.Short-term Borrowings | ||
| Bank Overdraft | 1,00,000 | |
| 4. Trade Payable | ||
| Sundry Creditors | 50,000 | |
| 5. Short-term Provisions | ||
| Provision for Taxation | 10,000 | |
| 6. Fixed Assets (Tangible) | ||
| Plant and Machinery | 10,00,000 | |
| Land and Building | 10,00,000 | 20,00,000 |
| 7. Inventories : | ||
| Loose Tools | 10,000 | |
| 8. Trade Receivables | ||
| Bills Receivables | 2,30,000 |
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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