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