Question 34 Chapter 1 VK Publications Class 12 Part 2 – 2021

Question 34 - CH-1 Solution
Question 34 - CH-1 Solution

Question 34 Chapter 1 VK Publications Class 12 Part 2 – 2021

34. Prepare a Balance Sheet of Bharat Textile Ltd. as at March 31, 2017, on the basis of the following information:

Particulars Rs. Particulars Rs.
Goodwill 4,00,000 Current Liabilities 5,60,000
Building 14,40,000 Debtors 4,40,000
Plants & Machinery 1,00,000 Cash and Cash Equivalent 3,50,000
Equity Shares Capital 12,00,000 Bills Receivable 1,00,000
10% preference share Capital 4,00,000 Inventories 2,90,000
General Reserve 3,00,000 Prepaid Insurance 40,000
Surplus , i.e., Balance in Statement of profit and loss 7,00,000    

The solution of Question 34 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. 16,00,000  
(b) Reserves and Surplus 2. 10,000  
2. Current Liabilities   5,60,000  
       
Total   31,60,000  
       
II. ASSETS
     
1. Non-current Assets
     
a) Fixed Assets
     
(i) Tangible Assets 3. 15,40,000  
(ii) Intangible Assets 4. 4,00,000  
       
2. Current Assets      
(a) Inventories   2,90,000  
(b) Trade Receivables 5. 5,40,000  
(c) Cash and Cash Equivalents:   3,50,000  
(d) Other Current Assets 6. 40,000  
       
Total   31,60,000  

Notes to Accounts:

Particulars   Amount (Rs.)
1. Share Capital:    
Equity Share Capital 12,00,000  
10% Preference Share Capital 4,00,000 16,00,000
     
2. Reserves and Surplus:    
General Reserve 3,00,000  
Surplus, i.e, Balance in Statement of Profit and Loss (Dr.) 7,00,000 10,00,000
     
3. Tangible Assets:    
Plant and Machinery 1,00,000  
Building 14,40,000 15,40,000
     
4. Intangible Assets    
Goodwill   4,00,000
     
5. Trade Receivables:    
Debtors 4,40,000  
Bills Receivable 1,00,000 5,40,000
     
6. Other Current Assets    
Prepaid Expenses   40,000

 

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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