Question 32 Chapter 1 VK Publications Class 12 Part 2

Question 32 Chapter 1 VK Publications Class 12 Part 2 – 2021

Table of Contents

The solution of Question 32 Chapter 1 VK Publications Class 12 Part 2: –

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

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