Question 36 Chapter 1 VK Publications Class 12 Part 2 – 2021
36. The following ledger balances were extracted from the books of Varun Ltd. on 31st March, 2018:
Land and Building Rs. 2,00,000; 12 % Debentures Rs. 2,00,000; Share Capital Rs. 1,00,000 ; Equity Shares of Rs. 10 each fully paid up; Plant and Machinery Rs. 8,00,000; Goodwill Rs. 2,00,000Non-current Investments Rs. 2,00,000; Bills Receivable Rs. 50,000; Debtors Rs. 1,50,000: Trade Payables Rs. 1,00,000; Bank Overdraft Rs. 1,00,000; Provision for Taxation Rs. 50,000; Other Non-Current Assets Rs. 5,000; Unpaid Dividend Rs. 55,000; Inventories Rs. 1,00,000; Genera lReserve Rs. 2,00,000.
You are required to prepare the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013.
The solution of Question 36 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 Capitals | 1. | 10,00,000 | |
| (b) Reserves and Surplus | 2. | 2,00,000 | |
| 2. Current Liabilities | |||
| (a) Long-term Borrowings | 3. | 2,00,000 | |
| 3. Current Liabilities | |||
| (a) Short-term Borrowings | 4. | 1,00,000 | |
| (b) Trade Payables | 1,00,000 | ||
| (c) Short-term Provisions | 5. | 50,000 | |
| (d) Other Current Liabilities | 6. | 55,000 | |
| Total | 17,05,000 | ||
| II. ASSETS |
|||
| 1. Non-current Assets |
|||
| (a) Fixed Assets |
|||
| (i) Tangible Assets | 7. | 10,00,000 | |
| (ii) Intangible Assets | 8. | 2,00,000 | |
| (b) Non-Current Investments | 2,00,000 | ||
| (c) Other Non-Current Investments | 5,000 | ||
| 2. Current Assets | |||
| (a) Inventories | 1,00,000 | ||
| (b) Trade Receivables | 9. | 2,00,000 | |
| Total | 17,05,000 |
Notes to Accounts:
| Particulars | Amount (Rs.) | |
| 1. Share Capital | ||
| 1,00,000 equity shares of Rs. 10 each 10,00,000 | 10,00,000 | |
| 2. Reserves and Surplus: | ||
| General Reserve | 2,00,000 | |
| 3. Long-term Borrowings | ||
| 12% Debentures | 2,00,000 | |
| 4. Short-term Borrowings | ||
| Bank Overdraft | 1,00,000 | |
| 5. Short-term Provisions | ||
| Provision for Taxation | 50,000 | |
| 6. Other Current Liabilities | ||
| Unclaimed Dividend | 55,000 | |
| 7. Fixed Assets (Tangible) | ||
| Land and Building | 2,00,000 | |
| Plant and Machinery | 8,00,000 | 10,00,000 |
| 8. Fixed Assets (Intangible) | ||
| Goodwill | 2,00,000 | |
| 9. Trade Receivable | ||
| Bills Receivable | 50,000 | |
| Debtor | 1,50,000 | 2,00,000 |
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)
- 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