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

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

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Question 57 Chapter 8 -Unimax

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

ParticularsNOTE N0.
I. equity and liabilities:    
(1) Shareholder’s funds     
(a) Share capital  10,00,0008,00,000
(b) Reserve & surplus  2,50,0001,00,000
(2) Non-current liabilities    
Long-term borrowing (10% debentures)  5,50,0004,50,000
(3) Current liabilities    
(a) Bank overdraft  1,00,00075,000
(b) Trade payables  2,00,0001,25,000
   21,00,00015,50,000
II. Assets:    
(1) Non-current assets    
(a) Machinery  17,75,00011,55,000
(I) Accumulated depreciation  (2,10,000)(1,40,000)
   15,65,00010,15,000
(ii) Intangible (goodwill)  2,00,000 
(b) Non-current investments  1,00,000 
(2) Current assets    
(a) Current investments  40,00070,000
(b) Inventories  1,22,00072,000
(c) Cash and cash equivalents  73,00043,000
     
Total  21,00,00015,50,000

(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 : –

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Plant & machinery A/C

Particulars Particulars
To balance b/d11,55,000By bank50,000
To bank (purchase)7,20,000By acc dep a/c40,000
  By P&L10,000
  By Bal c/d17,75,000
 18,75,000 18,75,000

Accumulated Depreciation A/C

Particulars Particulars
To plant & machinery a/c40,000By Bal b/d1,40,000
To balance c/d2,10,000By depreciation1,10,000
    
    
 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

 

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