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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

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

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

LiabilitiesAmountAssetsAmount
Sundry creditors60,000Bank 50,000
Bills payable1,00,000Trade investments 1,50,000
Tax provision1,30,000Sundry debtors 2,00,000
Outstanding expenses10,000Stock 3,00,000
12% debentures7,00,000Fixed assets 18,00,000 
10% preference shares1,00,000Less: depreciation  -5,00,000 
Equity shares4,00,000   
Reserve fund4,00,000   
 20,00,000  20,00,000

Other information supplied n as follows:

ParticularsAmount
(a) net sales30,00,000
(b) cost of goods sold25,80,000
(c) net income before tax2,00,000
(d) net income after tax1,00,000

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.

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(iii) G.P=Net sales – C.O.G.S
 =30,00,000 – 25,80,000
 =4,20,000
G.P. ratio=G.P.X100
Net sales
 =4,20,000X100
30,00,000
 =14% Ans.  
(iv) Net profit ratio=Net Profitx100
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

Check out T.S. Grewal +2 Book 2023@ Official Website of Sultan Chand Publication

 

 

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