Question 67 Chapter 7 -Unimax Publication Class 12 Part 2 – 2021

Question No -67 Chapter no - 7 Unimax Class - 12 Part -II
Question No -67 Chapter no - 7 Unimax Class - 12 Part -II

Question 67 Chapter 7 – Unimax Publication Class 12 Part 2 – 2021

67. The following is the balance sheet of Simran Mills Ltd. As on 31st December 2022.

Liabilities Amount Assets Amount
Sundry creditors 60,000 Bank   50,000
Bills payable 1,00,000 Trade investments   1,50,000
Tax provision 1,30,000 Sundry debtors   2,00,000
Outstanding expenses 10,000 Stock   3,00,000
12% debentures 7,00,000 Fixed assets  18,00,000  
10% preference shares 1,00,000 Less: depreciation   -5,00,000  
Equity shares 4,00,000      
Reserve fund 4,00,000      
  20,00,000     20,00,000

Other information supplied n as follows:

Particulars Amount
(a) net sales 30,00,000
(b) cost of goods sold 25,80,000
(c) net income before tax 2,00,000
(d) net income after tax 1,00,000

You are required to calculate:
(1) quick ratio, (2) current ratio, (3) gross profit ratio, (4) net profit ratio

The solution of Question 67 Chapter 7 – Unimax Publication Class 12 Part 2-2021 : –

(i) Quick Ratio = Quick assets
Current liabilities
  = 50,000+1,50,000+2,00,000
60,000+1,00,000+10,000+1,30,000
  = 4,00,000
3,00,000
  = 1.33 : 1 Ans.
(ii) Current Ratio = Current assets
Current liabilities
  = 50,000+1,50,000+2,00,000+3,00,000
60,000+1,00,000+10,000+1,30,000
  = 7,00,000
3,00,000
  = 2.33 : 1 Ans.
(iii) G.P = Net sales – C.O.G.S
  = 30,00,000 – 25,80,000
  = 4,20,000
G.P. ratio = G.P. X 100
Net sales
  = 4,20,000 X 100
30,00,000
  = 14% Ans.    
(iv) Net profit ratio = Net Profit x 100
Net Sales
  = 3.33% Ans.    

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Accounting Ratios – Meaning and Definition

 

Unimax Publication – Accountancy PSEB Class 12 – Volume I – Solution

Unimax Publication – Accountancy PSEB (Class 12) – Part – II – Solution

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