Question 31 Chapter 1 VK Publications Class 12 Part 2 – 2021

Question 31 - CH-1 Solution
Question 31 - CH-1 Solution

Question 31 Chapter 1 VK Publications Class 12 Part 2 – 2021

31. The following balances were extracted from the books of Vishal Ltd. on March 31, 2018 : Plant and Machinery Rs. 1,00,000; Shares in Apte Ltd.: Rs. 50,000; Stock-in-Trade Rs. 40,000; Bills Receivable Rs. 5,000; Discount on Issues of Debentures Rs. 5,000 to be written off after 3 years; Share Capital: Rs. 1,00,000; Capital Redemption Reserve: Rs. 60,000; 12% Debentures: Rs. 30,000; Short-term Loan from Monika Ltd.: Rs. 5,000 and Provision forTaxation: Rs. 5,000.

Prepare the Balance Sheet of the Company as per Schedule III , Part I of the Companies Act, 2013.

The solution of Question 31 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   1,00,000  
(b) Reserves and Surplus 1. 60,000  
2. Non-current Liabilities      
(a) Long-term Borrowings 2. 30,000  
3. Current Liabilities      
(a) Short-term Borrowings 3. 5,000  
(c) Short-term Provisions 4. 5,000  
       
Total   2,00,000  
       
II. ASSETS
     
1. Non-current Assets
     
a) Fixed Assets
5. 1,00,000  
(b) Non-current Investments 6. 50,000  
       
2. Current Assets      
(a) Inventories   40,000  
(b) Trade Receivables 7. 5,000  
(c) Other Current Assets 8. 5,000  
       
Total   2,00,000  

Notes to Accounts:

Particulars   Amount (Rs.)
1. Reserves and Surplus:    
Capital Redemption Reserve   60,000
     
2. Long-term Borrowings    
12% Debentures   30,000
     
 3. Short-term Borrowings    
Loan from Monika Ltd.   5,000
     
4. Short-term Provisions    
Provision for Taxation   5,000
     
5. Fixed Assets (Tangible)    
Plant and Machinery   1,00,000
     
6. Non-Current investments    
Shares in Apte Ltd   50,000
     
7. Inventories    
Stock-in-Trade   40,000
     
8. Trade Receivables    
Bills Receivable   5,000
     
9. Other Current Assets    
Dividend Receivable   5,000

There is a contingent liability in respect of Rs. 10 Crores 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)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

T.S. Grewal’s Double Entry Book Keeping (Vol. II: Accounting for Companies)

Check out T.S. Grewal +2 Book 2020@ Official Website of Sultan Chand Publication

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