Page 1 :
Que., Following is the Trial Balance of Sheetal Ltd as on 31 March 2017., Particulars, Debit Rs Credit Rs, 30000 Equity shares of Rs 10 each, 300000, General Reserve, 41000, Loan from State Financial Corporation, 175000, Securities premium, 30000, Profit and Loss account(on 01/04/2016), 40000, (opening balance), 8% debentures of Rs 10 each, 250000, Sundry creditors, 40000, Bills Payable, 20000, Stock as on 31 March 2017, 36000, Plant and Machinery, 250000, Land and Building, 400000, Sundry debtors(unsecured and Good), 37500, Advance to staff, 45000, Investments, 160000, Cash in hand, 15000, Bank balance, 35000, Preliminary expenses, 25000, Bills Receivable, 17000, Debenture interest, 10000, Gross profit, 224000, Dividend Received, 24000, Staff salary, 48000, Rent and taxes, 22000, General expenses, 14000, Audit fees, 10000, Advertising, 7500, Directors fees, 12000, 1144000 1144000, Additional Information:1) Provision for taxation was made during the year @ 30%, 2) Authorised share capital was consisting of 50000 Equity shares of Rs 10 each., 3) Debtors includes debtors amounting Rs 2500 were due for more than six months, 4) Tranfer Rs 20000 to General reserve, 5) Investment represents investment in 16000 equity shares of Max Ltd of Rs 10 each, fully paid up., 6) Provide for depreciation on Land and Building @5% and on Plant and Machinery @ 10%., 7) Loan from SFC is secured against Plant and machinery, 8) 1/5 Preliminery expenses were written off during the year., From the above information prepare Statement of Profit and loss for the year ended, 31 March 2017 and Balance sheet as on same date as per the Schedule III requirement of the, Companies Act., Model Ansewer-Sheetal Ltd, Balance sheet of sheetal Ltd as on 31 March 2017
Page 2 :
Particulars, A) Equity and Liabilities, 1) Shareholders Funds, a) Share Capital, b) Reserve and Surplus, , Note No, , 1, 2, , 2) Non current liabilities, a) Long term borrowings, , 3, , 3) Current Liabilities, a) Trade Payables, b) Other current Liabilities, c) Short term provision, , 4, 5, 6, , Rs, , 300000, 156150, , Rs, , 456150, , 425000, , 60000, 10000, 19350, , 89350, 970500, , B) Assets, 1. Non current Assets, a) Fixed Assets, Tangible, , 7, , 605000, , b) Non current investments, , 8, , 160000, , 765000, , 2. Current Assets, a) Inventories, b) Trade Receivables, c) Cash and cash equivalent, d) Short term loans and advances, e) Other Current assets, , 9, 10, 11, 12, 13, , 36000, 54500, 50000, 45000, 20000, , 205500, 970500, , Particulars, , Statement of profit and loss for the year ended 31/03/2017, Note No, Rs, Rs, , I) Revenue from operations, , 14, , 224000, , II) Other Income, , 15, , 24000, , III) Total Revenue, , 248000, , IV) Expenses, Employee benefit expenses, , 16, , 48000, , Finance cost, , 17, , 20000, , Depreciation and Amortisation expenses, , 18, , 45000
Page 3 :
Other Expenses, , 19, , 70500, , Total expenses, , 183500, , V) Profit before Tax, , 64500, , VI) Less Provision for tax ( 30% on PBT), , 19350, , Net Profit after tax, , 45150, , Notes to accounts, SR No, 1, , Particulars, Share capital, , Rs, , Authorised share capital, 50000 Equity shares of Rs 10 each, Issued subscribed and fully paid shares, 30000 Equity shares of Rs 10 each, 2, , Reserve and Surplus, General reserve, Add Transfer during the year, Securities premium, Profit and loss balance(opening), Add Current year profit, less :Tranfer to Gen.reserve, , 3, , 4, , 5, , 6, , 7, , Rs, , 500000, 300000, , 41000, 20000, 40000, 45150, 85150, 20000, , Long term borrowings, 8% 25000 Debentures of Rs 10 each, Loan from SFC (Secured against Plant & Machinery), , Trade payables, sundry creditors, bills payables, , 61000, 30000, , 65150, , 156150, , 250000, 175000, , 425000, , 40000, 20000, , 60000, , Other current liabilities, Unpaid interest on debentures, , 10000, , Short term provisions, provision for tax, , 19350, , Tangible Assets, Land and Building, , 400000
Page 4 :
Less Dep @ 5%, Plant and Machinery, Less Dep @10%, , 8, , 9, , 10, , 11, , 12, , 13, , 14, , 15, , 16, , 17, , 18, , 20000, 250000, 25000, , 380000, 225000, , Non Current Investment, Investment in equity shares of Max Ltd, (16000 shares of Rs.10 each fully paid up), , 160000, , Inventories, Stock in trade, Trade Receivables, Debtors unsecured and considerded good, Due for more than six months, others, , 605000, , 36000, , 2500, 35000, , 37500, , Bills Receivables, , 17000, , 54500, , Cash and cash equivalent, Cash in hand, Bank balance, , 15000, 35000, , 50000, , Short term loans and Advances, Advance to staff, , Other current assets, Prelim.Exp, Less W/off during the year, , 45000, , 25000, 5000, , Revenue from operation, Gross Profit, , 20000, , 224000, , Other Income, Dividend received, , 24000, , Employee Benefit expenses, Staff salart, , 48000, , Finance cost, Interest on debentures, Add:- outstanding during the year, , 10000, 10000, , 20000, , 20000, 25000, , 45000, , Depreciation and amortization expenses, Depreciation on Land and Building, Depreciation on plant & machinery
Page 5 :
19, , Other expense, Rent and taxes, General expenses, Audit fees, Advertising, Directors fees, Preliminary expenses W/off, During the year, , 22000, 14000, 10000, 7500, 12000, 5000, , 70500
Page 7 :
25000, 5000, 20000, , 10000, 10000, 20000
