Question 57 Chapter 8 -Unimax Publication Class 12 Part 2 – 2021

Question 57 Chapter 8 -Unimax

57. Following is the balance sheet of XYZ Ltd. as at 31st March, 2022:

Particulars	NOTE N0.	₹	₹
I. equity and liabilities:
(1) Shareholder’s funds
(a) Share capital		10,00,000	8,00,000
(b) Reserve & surplus		2,50,000	1,00,000
(2) Non-current liabilities
Long-term borrowing (10% debentures)		5,50,000	4,50,000
(3) Current liabilities
(a) Bank overdraft		1,00,000	75,000
(b) Trade payables		2,00,000	1,25,000
		21,00,000	15,50,000
II. Assets:
(1) Non-current assets
(a) Machinery		17,75,000	11,55,000
(I) Accumulated depreciation		(2,10,000)	(1,40,000)
		15,65,000	10,15,000
(ii) Intangible (goodwill)		2,00,000
(b) Non-current investments		1,00,000
(2) Current assets
(a) Current investments		40,000	70,000
(b) Inventories		1,22,000	72,000
(c) Cash and cash equivalents		73,000	43,000

Total		21,00,000	15,50,000

(1) Contingent liability
31.3.22 31.3.21
3,00,000 2,00,000

(2) 1,00,000, 10% debentures were issued on 31-3-2022
(3) During the year a piece of machinery costing 1,00,000 on which accumulated depreciation was 40,000, was sold at a loss of 10,000.

The solution of Question 57 Chapter 8 – Unimax Publication Class 12 Part 2-2021 : –

Plant & machinery A/C

Particulars	₹	Particulars	₹
To balance b/d	11,55,000	By bank	50,000
To bank (purchase)	7,20,000	By acc dep a/c	40,000
		By P&L	10,000
		By Bal c/d	17,75,000
	18,75,000		18,75,000

Accumulated Depreciation A/C

Particulars	₹	Particulars	₹
To plant & machinery a/c	40,000	By Bal b/d	1,40,000
To balance c/d	2,10,000	By depreciation	1,10,000


	2,50,000		2,50,000

Working notes:
1. Calculation of net profit before tax
Reserve & surplus balance on 31-3-22 2,50,000
Less: reserve & surplus balance on 31-3-21 1,00,000
1,50,000
Add: proposed dividend for previous year 2,00,000
3,50,000

The solution of Question 57 Chapter 8 – Unimax Publication Class 12 Part 2-2021 : –

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