Question 32 Chapter 1 VK Publications Class 12 Part 2 – 2021
Table of Contents
32. From the following list of assets and liabilities, prepare the Balance Sheet of Somic & co. Ltd. as er Schedule III, Part I of the Companies Act, 2013
| Particulars | Rs. | Particulars | Rs. |
| Sundry creditors | 1,00,000 | Cash at Bank | 69,800 |
| General Reserve | 40,000 | Cash in hand | 1,500 |
| Outstanding interest on debentures | 28,000 | Non-Current Investment | 95,000 |
| Authorised Share capital : | Goodwill | 40,000 | |
| 1,20,000 shares of Rs. 10 each | 12,00,000 | Building | 6,00,000 |
| Subscribed Capital : | Plant and Machinery | 5,94,000 | |
| 80,000 shares of Rs. 10 each | 8,00,000 | Work-in-Progress | 9,000 |
| Less : Calls-in-Arrears 15,000 | 7,85,000 | Loans and advances | 85,000 |
| Surplus , i.e., Balance in Statement of profit and loss | 65,000 | Inventories | 10,000 |
| 6% Debentures | 6,00,000 | Trade Receivable | 1,65,300 |
| Bills Payable | 66,000 | Furniture | 14,400 |
The solution of Question 32 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. | 7,85,000 | |
| (b) Reserves and Surplus | 2. | 1,05,000 | |
| 2. Non-current Liabilities | |||
| (a) Long-term Borrowings | 3. | 6,00,000 | |
| 3. Current Liabilities | |||
| (a) Trade Payables | 4. | 1,66,000 | |
| (b) Other Current Liabilities | 5. | 28,000 | |
| Total | 16,84,000 | ||
| II. ASSETS |
|||
| 1. Non-current Assets |
|||
| a) Fixed Assets |
|||
| (i) Tangible Assets | 6. | 12,08,000 | |
| (ii) Intangible Assets | 7. | 40,000 | |
| (b) Non-current Investments | 95,000 | ||
| 2. Current Assets | |||
| (a) Inventories | 8. | 19,000 | |
| (b) Trade Receivables | 1,65,300 | ||
| (c) Cash and Cash Equivalents: | 9. | 71,300 | |
| (d) Short term loans and advances | 85,000 | ||
| Total | 16,84,000 |
Notes to Accounts:
| Particulars | Amount (Rs.) | |
| 1. Share Capital: | ||
| Authorized Share Capital (1,20,000 shares of Rs. 10 each) | 12,00,000 | |
| Subscribed Share Capital: | ||
| Subscribed but not fully paid-up 80,000 shares of 10 each (15,000) | 8,00,000 | |
| Less: Calls-in-Arrears | 15,000 | 7,85,000 |
| 2. Reserves and Surplus: | ||
| General Reserve | 40,000 | |
| Surplus, i.e., Balance in Statement of Profit and Loss | 65,000 | 1,05,000 |
| 3. Long-term Borrowings | ||
| 6% Debentures | 5,000 | |
| 4. Trade Payables: | ||
| Sundry Creditors | 1,00,000 | |
| Bills Payables | 66,000 | 1,66,000 |
| 5. Other Current Liabilities | ||
| Outstanding Interest on Debentures | 28,000 | |
| 6. Tangible Assets: | ||
| Buildings | 6,00,000 | |
| Furniture | 14,400 | |
| Plant and Machinery | 5,94,000 | 12,08,400 |
| 7. Intangible Assets: | ||
| Goodwill | 40,000 | |
| 8. Inventories: | ||
| Stock (Inventories) | 10,000 | |
| Work-in-progress | 9,000 | 19,000 |
| 9. Cash and Cash Equivalents: | ||
| Cash at Bank | 69,800 | |
| Cash in Hand | 1,500 | 71,300 |
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