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I. P. C. C.- ANCY
J. K. SHAH CLASSES
CHAPTER-2
COMPANY FINAL S
Ans.1.
Raul Ltd. Balance Sheet as at 31 March, 20XX Particulars
Note No.
A EQUITY AND LIABILITIES 1 Shareholders’ funds (a) Share capital (b) Reserves and surplus (c) Money received against share warrants 2 Share application money pending allotment 3 Non-current liabilities (a) Long-term borrowings (b) Deferred tax liabilities (net) (c) Other long-term liabilities (d) Long-term provisions 4 Current liabilities (a) Short-term borrowings (b) Trade payables (c) Other current liabilities (d) Short-term provisions TOTAL B ASSETS 1 Non-Current Assets (a) Fixed assets (i) Tangible assets (ii) Intangible assets (iii) Capital work-in-progress (iv) Intangible assets under development (b) Non-current investments (c) Deferred tax assets (net) (d) Long-term loans and advances (e) Other non-current assets 2 Current Assets (a) Current investments (b) Inventories (c) Trade receivables (d) Cash and cash equivalents (e) Short-term loans and advances (f) Other current assets TOTAL
: 6 :
As at 31 March, 20XX As at 31 March, 20XX
`
2,00,000 1,57,000 ------1,00,000 ------------25,000 11,000 53,000 5,46,000
4,40,000 ------------------------45,000 46,000 15,000 ------5,46,000
`
I. P. C. C.- ANCY
J. K. SHAH CLASSES Raul Ltd
Statement of Profit and Loss for the year ended 31 March, 20XX " For the year ended "For the year ended Particulars
Note No.
1 Revenue from operations
“31 March, 20XX "
“31 March, 20XX"
`
`
3,50,000
2 Other income
----
3 Total revenue
3,50,000
4 Expenses (a) Cost of materials consumed
----
(b) Purchases of stock-in-trade
1,50,000
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (d) Employee benefits expense
0 ----
(e) Finance costs
10,000
(f) Depreciation and amortisation expense
38,000
(g) Other expenses
75,000
Total expenses
2,73,000
5 Profit / (Loss) before exceptional and 77,000
extraordinary items and tax (3 - 4) 6 Exceptional items
1,000
7 Profit / (Loss) before extraordinary items and tax
78,000 ----
8 Extraordinary items
78,000
9 Profit / (Loss) before tax
10 Tax expense: (a) Current tax expense
30,000
11 Profit for the period (PAT)
48,000
: 7 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Raul Ltd.
Notes attached to and forming part of s Particulars
31st March 20XX 31st March 20XX
Note : 1 Share Capital Authorised Capital 30,000 Equity shares of ` 10/- each
3,00,000 3,00,000
Issued, Subscribed and paid-up 20,000 Equity shares of ` 10/- each, fully paid up
2,00,000
(out of Above, 5000 Equity shares are issued as Bonus) Reconciliation of Number of Shares Shares at the beginning
15,000
Add: Issued during the year
5,000
Shares at the end
20,000 Total
2,00,000
Note : 2 Reserves and Surplus Securities
20,000
Less: Utilised for Bonus
20,000
Revaluation Reserve
----
----
Add: Transfer during the year
70,000
General Reserve
66,000
Less: Utilised for Bonus
30,000
Add: Transfer during the year
15,000
70,000
51,000
Surplus Surplus as at the beginning
35,000
Add: Profit for the period
48,000
Less: Transfer to General Reserve
-15,000
Less: Proposed Interim Dividend
-9,000
Less: Proposed Equity Dividend (including DDT @ 15%) Total
-23,000
36,000 1,57,000
Note : 3 Long Term Borrowings 10% Debentures
1,00,000
(secured against Plant and Machinery) Total
: 8 :
1,00,000
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note: 4 Trade payables Creditors
25,000 Total
25,000
Note: 5 Other Current Liabilities Interest on Debentures outstanding
5,000
TDS payable
6,000 Total
11,000
Note : 6 Short Term Provisions Proposed Equity Dividend
23,000
Provision for Tax
30,000 Total
53,000
Note : 7 Tangible Assets Land (1,10,000 + 70,000)
1,80,000
Plant and Machinery at Cost
3,80,000
Less: Provision for Depreciation
1,20,000 Total
2,60,000 4,40,000
Note : 8 Inventories Closing Stock
45,000 Total
45,000
Note : 9 Trade Receivables Debtors Due for more than six months
6,000
Other debts
40,000 Total
46,000 46,000
Note : 10 Cash and Cash Equivalents Cash and Bank
15,000 Total
15,000
Note : 11 Finance Cost Interest on Debentures
5,000
Add: Outstanding
5,000 Total
10,000 10,000
Note : 12 Other Expenses Factory Expenses
40,000
istration Expenses
15,000
Selling Expenses
20,000 Total
75,000
Note : 13 Exceptional Items Profit on Sale of Machinery
1,000 Total
: 9 :
1,000
I. P. C. C.- ANCY
J. K. SHAH CLASSES Existing number of Shares 15,000 Therefore Bonus shares issued 5,000 Bonus Amount ` 50,000 Journal Entry Securities A/c
Dr.
20,000
General Reserve A/c
Dr.
30,000
To Bonus to Equity Shareholders
50,000
Bonus to Equity Shareholders
Dr.
50,000
To Equity share capital
50,000
Ans.2.
Zidane Ltd. Balance Sheet as at 31 March, 20XX Particulars
Note No.
As at 31 March, 20XX As at 31 March, 20XX
` A EQUITY AND LIABILITIES 1 Shareholders’ funds (a) Share capital
5,00,000
(b) Reserves and surplus
2,76,000
(c) Money received against share warrants
----
2 Share application money pending allotment
----
3 Non-current liabilities (a) Long-term borrowings
----
(b) Deferred tax liabilities (net)
----
(c) Other long-term liabilities
----
(d) Long-term provisions
----
4 Current liabilities (a) Short-term borrowings
----
(b) Trade payables
20,000
(c) Other current liabilities
1,11,000
(d) Short-term provisions
56,000 TOTAL
9,63,000
B ASSETS 1 Non-current Assets (a) Fixed assets (i) Tangible assets
5,41,000
(ii) Intangible assets
----
(iii) Capital work-in-progress
----
(iv) Intangible assets under development
----
: 10 :
`
I. P. C. C.- ANCY
J. K. SHAH CLASSES (b) Non-current investments
2,45,000
(c) Deferred tax assets (net)
----
(d) Long-term loans and advances
----
(e) Other non-current assets
----
2 Current Assets (a) Current investments
----
(b) Inventories
50,000
(c) Trade receivables
75,000
(d) Cash and cash equivalents
32,000
(e) Short-term loans and advances
16,000
(f) Other current assets
4,000 TOTAL
9,63,000
Zidane Ltd. Statement of Profit and Loss for the year ended 31 March, 20XX Particulars
Note No. "For the year ended "For the year ended “31 March, 20XX"
“31 March, 20XX
`
`
1
Revenue from operations
1,80,000
2
Other income
4,000
3
Total revenue
1,84,000
4
Expenses (a) Cost of materials consumed
----
(b) Purchases of stock-in-trade
----
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (d) Employee benefits expense
20,000
(e) Finance costs
6,000
(f) Depreciation and amortisation expense
29,000
(g) Other expenses
33,000 Total expenses
5
----
88,000
Profit / (Loss) before exceptional and extraordinary items and tax (3 - 4)
96,000
6
Exceptional items
-4,000
7
Profit / (Loss) before extraordinary items and tax
92,000
8
Extraordinary items
9
Profit / (Loss) before tax
---92,000
10 Tax expense: (a) Current tax expense
10,000 82,000
11 Profit for the period (PAT)
: 11 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Zidane Ltd.
Notes attached to and forming part of s Particulars
31st March 20XX 31st March 20XX
Note : 1 Share Capital Authorised Capital 1,00,000 Equity shares of ` 10/- each
10,00,000 10,00,000
Issued, Subscribed and paid-up 50,000 Equity shares of ` 10/- each, fully paid up
5,00,000
(out of Above, 20,000 Equity shares are issued for consideration other than cash) Reconciliation of Number of Shares Shares at the beginning
30,000
Add: Issued during the year
20,000
Shares at the end
50,000 Total
5,00,000
Note : 2 Reserves and Surplus Securities
50,000
General Reserve
1,80,000
Surplus Surplus as at the beginning
10,000
Add: Profit for the period
82,000
Less: Proposed Equity Dividend (including DDT @ 15%)
46,000
Total
46,000 2,76,000
Note: 3 Trade Payables Creditors
20,000 Total
20,000
Note: 4 Other Current Liabilities Interest on Debentures outstanding
5,000
Interest on Auditors Remuneration
6,000
6% Debentures
1,00,000 Total
1,11,000
Note : 5 Short Term Provisions Proposed Equity Dividend
46,000
Provision for Tax
10,000 Total
: 12 :
56,000
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 6 Tangible Assets Land and Building at Cost
3,00,000
Less: Provision for Depreciation (50,000 + 9,000)
59,000
Plant and Machinery at Cost
4,00,000
Less: Provision for Depreciation
1,20,000
Live Stock
2,41,000
2,80,000 20,000
Total
5,41,000
Note : 7 Non Current Investments 4% Government Securities (MV= ` 1,10,000)
95,000
Investment in Equity Shares (MV = ` 1,70,000)
1,50,000
Total
2,45,000
Note : 8 Inventories Closing Stock
50,000 Total
50,000
Note : 9 Trade Receivables Debtors Due for more than six months
20,000
Other debts
40,000 60,000
Less: Provision for Doubtful Debts
-5,000
Bills Receivable
55,000 20,000
Total
75,000
Note : 10 Cash and Cash Equivalents Cash at bank
30,000
Cash on Hand
2,000 Total
32,000
Note : 11 Short Term Loans and Advances Prepaid Insurance
1,000
Advance Tax
15,000 Total
16,000
Note : 12 other Current Assets Interest income receivable
4,000
Discount on issue of debentures
4,000
Less: Write off
4,000 Total
: 13 :
---4,000
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 13 Contingent liabilities and Commitments Commitments Uncalled amount of ` 50,000 on partly paid shares held as investments Note : 14 other Incomes Interest Income
----
Add: Receivable
4,000
4,000
Total
4,000
Note : 15 Employee Benefit Expenses Salaries
20,000 Total
20,000
Note : 16 Finance Cost Interest on Debentures
----
Add: Outstanding
6,000
6,000
Total
6,000
Note : 17 Other Expenses Provision for Doubtful Debts
5,000
Auditors Remuneration
5,000
General Expenses
15,000
Less: Prepaid
-1,000
14,000
Directors Fees
9,000 Total
33,000
Note : 18 Exceptional Items Discount on Issue of Debentures w/off
4,000 Total
4,000
Working Notes Adj (b) Bonus Ratio 1 : 3 Existing number of Shares 15,000 Therefore Bonus shares issued 5,000 Bonus Amount ` 50,000 Journal Entry Securities A/c
Dr.
20,000
General Reserve A/c
Dr.
30,000
To Bonus to Equity Shareholders
50,000
Bonus to Equity Shareholders
Dr.
To Equity Share Capital
50,000 50,000
: 14 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Ans.3.
S Ltd. Balance Sheet as at 31 March, 20XX Particulars
Note No.
As at 31 March, 20XX As at 31 March, 20XX
`
A EQUITY AND LIABILITIES 1
Shareholders’ funds (a) Share capital
6,00,000
(b) Reserves and surplus
1,32,024
(c) Money received against share warrants
----
2
Share application money pending allotment
----
3
Non-current liabilities (a) Long-term borrowings
4
3,00,000
(b) Deferred tax liabilities (net)
----
(c) Other long-term liabilities
----
(d) Long-term provisions
----
Current liabilities (a) Short-term borrowings
----
(b) Trade payables
80,000
(c) Other current liabilities
29,500
(d) Short-term provisions
1,35,024
TOTAL
12,76,548
B ASSETS 1
Non-current Assets (a) Fixed assets (i) Tangible assets
6,44,548
(ii) Intangible assets
2,30,000
(iii) Capital work-in-progress
----
(iv) Intangible assets under development
2
----
(b) Non-current investments
----
(c) Deferred tax assets (net)
----
(d) Long-term loans and advances
----
(e) Other non-current assets
----
Current Assets (a) Current investments
----
(b) Inventories
59,000
(c) Trade receivables
1,76,000
(d) Cash and cash equivalents
94,000
(e) Short-term loans and advances
73,000
(f)
Other current assets
----
TOTAL
12,76,548
: 15 :
`
I. P. C. C.- ANCY
J. K. SHAH CLASSES S Ltd.
Statement of Profit and Loss for the year ended 31 March, 20XX For the year ended For the year ended Particulars
Note No.
31 March, 20XX
31 March, 20XX
`
`
1
Revenue from operations
6,20,000
2
Other income
----
3
Total Revenue
6,20,000
4
Expenses (a) Cost of materials consumed
----
(b) Purchases of stock-in-trade
2,80,000
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (d) Employee benefits expense
64,000
(e) Finance costs
45,000
(f) Depreciation and amortisation expense
75,012
(g) Other expenses
51,900
Total expenses 5
-24,000
4,91,912
Profit / (Loss) before exceptional and extraordinary items and tax (3 - 4)
1,28,088
6
Exceptional items
3,960
7
Profit / (Loss) before extraordinary items and tax
8
Extraordinary items
9
Profit / (Loss) before tax
1,32,048 ---1,32,048
10 Tax expense: (a) Current tax expense
66,024
(b) Short IT Provision
1,000
65,024
11 Profit for the period (PAT)
: 16 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES S Ltd.
Notes attached to and forming Part of s Particulars
31st March 20XX 31st March 20XX
Note : 1 Share Capital ?
Authorised Capital
? Issued, Subscribed and paid-up ………… Equity shares of ` …/- each, fully paid up
6,00,000
(out of Above, 20,000 Equity shares are issued for consideration other than cash) Total
6,00,000
Note : 2 Reserves and Surplus Securities
20,000
General Reserve
62,000
Add: Transfer during the year
38,000
1,00,000
Surplus Surplus as at the beginning
54,000
Add: Profit for the period
65,024
Less: Transfer to General Reserve
-38,000
Less: Proposed Equity Dividend (including DDT @ 15%)
-69,000
Total
12,024 1,32,024
Note: 3 Long Term Borrowings 15% Debentures
3,00,000
(Secured against assets of the company) Total
3,00,000
Note: 4 Trade Payables Creditors
80,000 Total
80,000
Note: 5 Other Current Liabilities Interest on Debentures outstanding
22,500
Interest on Auditors Remuneration
4,000
IT Payable
3,000 Total
29,500
: 17 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 6 Short Term Provisions Proposed Equity Dividend
69,000
Provision for Tax
66,024 Total
1,35,024
Note : 7 Tangible Assets Land and Building at Cost
4,00,000
Less: Provision for Depreciation (30,000 + 7,400)
37,400
Plant and Machinery at Cost
4,20,000
Less: Provision for Depreciation (1,28,000 + 58,400)
1,86,400
office Equipmnet at Cost
3,62,600
2,33,600
30,000
Less: Provision for Depreciation (7,000 + 2,300)
9,300
Motor Car at Cost
50,000
Less: Provision for Depreciation (15,440 + 6,912)
22,352
Total
20,700
27,648 6,44,548
Note : 8 Intangible Assets Goodwill
2,30,000 Total
2,30,000
Note : 8 Inventories Closing Stock
59,000 Total
59,000
Note : 9 Trade Receivables Debtors Due for more than six months
26,000
Other Debts
1,50,000 1,76,000
Less: Provision for Doubtful Debts
1,76,000
Total
1,76,000
: 18 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 10 Cash and Cash Equivalents Cash at Bank and Hand
94,000 Total
94,000
Note : 11 Short Term Loans and Advances Prepaid Expenses
3,000
Advance Tax
70,000 Total
73,000
Note : 14 Change in Inventories Opening Stock
35,000
Less: Closing Stock
-59,000 Total
-24,000 -24,000
Note : 15 Employee Benefit Expenses Salaries
64,000 Total
64,000
Note : 16 Finance Cost Interest on Debentures
22,500
Add: Outstanding
22,500 Total
45,000 45,000
Note : 17 Other Expenses Auditors Remuneration
4,000
Rent and Taxes
15,000
Travelling Expenses
9,000
Repairs and Renewals
2,500
Printing and Stationery
6,500
Motor Car Expenses
14,900 Total
51,900
Note : 18 Exceptional Items Profit on sale of Motor Car
3,960 Total
3,960
: 19 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Ans.4.
Savita Ltd. Balance Sheet as at 31 March, 20XX Particulars
Note No. As at 31 March, 20XX As at 31 March, 20XX
` A EQUITY AND LIABILITIES 1
Shareholders’ funds (a)
Share capital
15,00,000
(b)
Reserves and surplus
6,95,900
(c)
Money received against share warrants
----
2
Share application money pending allotment
----
3
Non-current liabilities
4
(a)
Long-term borrowings
5,00,000
(b)
Deferred tax liabilities (net)
----
(c)
Other long-term liabilities
----
(d)
Long-term provisions
----
Current liabilities (a)
Short-term borrowings
----
(b)
Trade payables
(c)
Other current liabilities
----
(d)
Short-term provisions
4,17,500
6,28,400
TOTAL
37,41,800
B ASSETS 1
Non-current Assets (a)
Fixed assets (i) Tangible assets
2
15,90,000
(ii) Intangible assets
----
(iii) Capital work-in-progress
----
(iv) Intangible assets under development
----
(b)
Non-current investments
1,00,000
(c)
Deferred tax assets (net)
----
(d)
Long-term loans and advances
----
(e)
Other non-current assets
----
Current Assets (a)
Current investments
----
(b)
Inventories
8,30,000
(c)
Trade receivables
9,88,750
(d)
Cash and cash equivalents
(e)
Short-term loans and advances
(f)
Other current assets
27,500 2,05,550 ----
TOTAL
37,41,800
: 20 :
`
I. P. C. C.- ANCY
J. K. SHAH CLASSES Savita Ltd.
Notes attached to and forming part of s Particulars
31st March 20XX 31st March 20XX
Note : 1 Share Capital Authorised Capital 25000 Equtiy Shares of ` 100/- each
25,00,000 25,00,000
Issued, Subscribed and paid-up 15000 Equity shares of ` 100/- each, fully paid up
15,00,000
(out of Above, 2500 Equity shares are issued as bonus) Reconciliation Shares at the beginning
12,500
Add: Issued during the year
2,500
Shares at the end
15,000 Total
15,00,000
Note : 2 Reserves and Surplus Securities
25,000
Debenture redemption Reserve
1,00,000
Add: Transfer during the year
1,00,000
General Reserve
5,50,000
Add: Utilised for Bonus
5,00,000
2,00,000
50,000
Surplus Surplus as at the beginning
2,86,900
Add: Profit for the period
4,56,500
Less: Transfer to DRR
1,00,000
Less: Proposed Interim Dividend
50,000
Less: Proposed Equity Dividend (including DDT @ 15%) 1,72,500 Total
4,20,900 6,95,900
Note: 3 Long Term Borrowings 12% Debentures
5,00,000 Total
5,00,000
Note: 4 Trade Payables Creditors
6,28,400 Total
6,28,400
: 21 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 6 Short Term Provisions Proposed Equity Dividend
1,72,500
Provision for Tax
2,45,000 Total
4,17,500
Note : 7 Tangible Assets Plant and Machinery at Cost
20,00,000
Less: Provision for Depreciation
5,40,000
Furniture at Cost
1,75,000
Less: Provision for Depreciation
45,000 Total
14,60,000
1,30,000 15,90,000
Note : 8 Non- Current Investment Investment in Equity Shares of Vanita Ltd (MV ` 1,05,000) Total
1,00,000 1,00,000
Note : 8 Inventories Closing Stock
8,30,000 Total
8,30,000
Note : 9 Trade Receivables Debtors
9,88,750 Total
9,88,750
Note : 10 Cash and Cash Equivalents Cash at bank and hand
2,500
Current with Bank
25,000 Total
27,500
Note : 11 Short Term Loans and Advances Prepaid Expenses
15,000
Advance Tax
1,90,550 Total
2,05,550
Note : 12 Contingent Liab & Commitments Contingent Liabilities Claims against the company not acknowledged as debts ` 5,00,000
: 22 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Ans.5.
Wholesale Traders Ltd. Balance Sheet as at 31 March, 20XX Particulars
Note No. As at 31 March, 20XX As at 31 March, 20XX
` A EQUITY AND LIABILITIES 1 Shareholders’ funds (a) Share capital
4,20,000
(b) Reserves and surplus
3,38,752
(c) Money received against share warrants
----
2 Share application money pending allotment
----
3 Non-current liabilities (a) Long-term borrowings
1,50,000
(b) Deferred tax liabilities (net)
----
(c) Other long-term liabilities
----
(d) Long-term provisions
----
4 Current liabilities (a) Short-term borrowings
7,300
(b) Trade payables
1,51,000
(c) Other current liabilities
6,130
(d) Short-term provisions
2,95,619 TOTAL
13,68,800
B ASSETS 1 Non-current Assets (a) Fixed assets (i) Tangible assets
7,19,200
(ii) Intangible assets
----
(iii) Capital work-in-progress
----
(iv) Intangible assets under development
----
(b) Non-current investments
67,500
(c) Deferred tax assets (net)
----
(d) Long-term loans and advances
----
(e) Other non-current assets
----
2 Current Assets (a) Current investments
----
(b) Inventories
1,67,000
(c) Trade receivables
3,10,000
(d) Cash and cash equivalents
1,05,100
(e) Short-term loans and advances
----
(f) Other current assets
---TOTAL
13,68,800
: 23 :
`
I. P. C. C.- ANCY
J. K. SHAH CLASSES Wholesale Traders Ltd.
Statement of Profit and Loss for the year ended 31 March, 20XX For the year ended For the year ended Particulars
Note No.
“31 March, 20XX
“31 March, 20XX
`
`
1
Revenue from operations
20,65,000
2
Other income
39,400
3
Total Revenue
21,04,400
4
Expenses (a)
Cost of materials consumed
(b)
Purchases of stock-in-trade
(c)
Changes in inventories of finished goods,
13,87,500
work-in-progress and stock-in-trade
-47,000
(d)
Employee benefits expense
54,630
(e)
Finance costs
16,300
(f)
Depreciation and amortisation expense
24,800
(g)
Other expenses
1,76,500 Total expenses
5
16,12,730
Profit / (Loss) before exceptional and 4,91,670
extraordinary items and tax (3 - 4) 6
Exceptional items
----
7
Profit / (Loss) before extraordinary items and tax
8
Extraordinary items
9
Profit / (Loss) before tax
4,91,670 ---4,91,670
10 Tax expense: (a)
Current tax expense
2,70,419
2,21,252
11 Profit for the period (PAT)
: 24 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Wholesale Traders Ltd.
Notes attached to and forming part of s Particulars
31st March 20XX 31st March 20XX
Note : 1 Share Capital Authorised Capital 42,000 Equity Shares of ` 10/- Each
4,20,000 4,20,000
Issued, Subscribed and paid-up 42000 Equity shares of ` 10/- each, fully paid up
4,20,000
Total
4,20,000
Note : 2 Reserves and Surplus Capital Reserve
----
Add: Transfer during the year
2,000
General Reserve
2,000
1,00,000
Add: Transfer during the year
10,000
1,10,000
Surplus Surplus as at the beginning
57,500
Add: Profit for the period
2,21,252
Less: Transfer to General Reserve
-10,000
Less: Proposed Interim Dividend
16,800
Less: Proposed Equity Dividend (DDT ignored)
25,200
Total
2,26,752 3,38,752
Note: 3 Long Term Borrowings 7% Debentures
1,50,000 Total
1,50,000
Note: 4 Short Term Borrowing Bank overdraft
7,300 Total
7,300
Note: 5 Trade Payables Creditors
1,51,000 Total
1,51,000
Note: 6 Other Current Liabilities Unclaimed Dividend
1,500
Managerail Remuneration o/s
4,630 Total
6,130
: 25 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 7 Short Term Provisions Proposed Equity Dividend
25,200
Provision for Tax
2,70,419 Total
2,95,619
Note : 8 Tangible Assets Leasehold Properties
1,40,000
Less: Provision for Depreciation (21,000 + 3,500) Other properties
24,500
1,15,500
6,60,000
Less: Provision for Depreciation (50,000 + 18,300)
68,300
Motor Car at Cost
25,000
Less: Provision for Depreciation (10,000 + 3,000)
13,000
Total
5,91,700
12,000 7,19,200
Note : 9 Non current Investments Investments
67,500 Total
67,500
Note : 10 Inventories Closing Stock
1,67,000 Total
1,67,000
Note : 11 Trade Receivables Debtors
3,10,000 Total
3,10,000
Note : 12 Cash and Cash Equivalents Cash at Bank
15,100
Cash in Hand
90,000 Total
1,05,100
Note : 13 Other Incomes Rent
36,000
Investment Income
3,400 Total
39,400
: 26 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 14 Change in Inventories Opening Stock
1,20,000
Less: Closing Stock
-1,67,000 Total
-47,000 -47,000
Note : 15 Employee Benefit Expenses MD remuneration
50,000
Add: O/s
4,630 Total
54,630 54,630
Note : 16 Finance Cost Interest on Debentures
10,500
Add: Outstanding
----
Bank Interest
10,500 5,800
Total
16,300
Note : 17 Other Expenses istration and Selling Expenses
1,76,500
Total
1,76,500
Calculation of Net Profit for Managerial remuneration Sales
20,65,000
Add: Closing Stock
1,67,000
Less: Opening Stock
1,20,000
Less: Purchases
13,87,500
Gross Profit
7,24,500
Add: Other Incomes
39,400
Less: Finance Cost
16,300
Less: Other Expenses
1,76,500
Less: Depreciation as per books
24,800
NP for managerial remuneration
5,46,300
Remuneration entitled @ 10%
54,630
: 27 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Ans.6.
Bharat Implements Ltd. Balance Sheet as at 31 March, 20XX Particulars
Note No.
As at 31 March, 20XX As at 31 March, 20XX
`
A EQUITY AND LIABILITIES 1 Shareholders’ funds (a) Share capital
20,000
(b) Reserves and surplus
39,179
2 Share application money pending allotment
----
3 Non-current liabilities (a) Long-term borrowings
29,480
(b) Deferred tax liabilities (Net)
----
(c) Other long-term liabilities
----
(d) Long-term provisions
----
4 Current liabilities (a) Short-term borrowings (b) Trade payables
1,10,775
(c) Other current liabilities
2,129
(d) Short-term provisions
25,362 TOTAL
2,26,925
B ASSETS 1 Non-current assets (a) Fixed assets (i)
Tangible assets
35,870
(ii) Intangible assets
----
(iii) Capital work-in-progress
----
(iv) Intangible assets under development
----
(b) Non-current investments
190
(c) Deferred tax assets (net)
----
(d) Long-term loans and advances
580
(e) Other non-current assets
----
2 Current Assets (a) Current investments
----
(b) Inventories
1,31,000
(c) Trade receivables
58,940
(d) Cash and cash equivalents
320
(e) Short-term loans and advances
----
(f) Other current assets
25 TOTAL
2,26,925
: 28 :
`
I. P. C. C.- ANCY
J. K. SHAH CLASSES Bharat Implements Ltd.
Statement of Profit and Loss for the year ended 31 March, 20XX For the year ended For the year ended Particulars
Note No.
31 March, 20XX
31 March, 20XX
`
`
1
Revenue from operations
6,69,700
2
Other income
2,880
3
Total revenue
6,72,580
4
Expenses (a) Cost of materials consumed (b) Purchases of stock-in-trade
4,68,410
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (d) Employee benefits expense
31,839
(e) Finance costs
1,620
(f) Depreciation and amortisation expense
3,550
(g) Other expenses
1,16,020 Total expenses
5
18,990
6,40,429
Profit / (Loss) before exceptional and 32,151
extraordinary items and tax (3 - 4) 6
Exceptional items
----
7
Profit / (Loss) before extraordinary items and tax
8
Extraordinary items
9
Profit / (Loss) before tax
32,151 ---32,151
10 Tax expense: (a) Current tax expense
19,612
12,539
11 Profit for the period (PAT)
: 29 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Bharat Implements Ltd.
Notes attached to and forming part of s Particulars
31st March 20XX 31st March 20XX
Note : 1 Share Capital Authorised Capital 2000 Equity Shares of ` 10/- Each
20,000 20,000
Issued, Subscribed and paid-up 2000 Equity shares of ` 10/- each, fully paid up
20,000
Total
20,000
Note : 2 Reserves and Surplus Development Reabate Reserve
2,340
Add: Transfer during the year
340
Investment Allowance Reserve
2,680 4,250
General Reserve General Reserve as at the beginning
25,800
Add: Profit for the period
12,539
Less: Transfer to DRR
340
Less: Proposed Equity Dividend (DDT @ 15%) Total
5,750
32,249 39,179
Note: 3 Long Term Borrowings Secured Loans
13,480
Fixed Deposits
16,000 Total
29,480
Note: 4 Trade Payables Creditors
1,10,775 Total
1,10,775
Note: 5 Other Current Liabilities Managerail Remuneration o/s
2,129 Total
2,129
Note : 6 Short Term Provisions Proposed Equity Dividend
5,750
Provision for Tax
19,612 Total
: 30 :
25,362
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 7 Tangible Assets Fixed assets at Cost
63,870
Less: Provision for Depreciation
28,000 Total
35,870
Note : 8 Non current Investments investments (Market Value = ` 150)
190 Total
190
Note : 9 Long term Loans and Advances Loans and advances
580 Total
580
Note : 10 Inventories Closing Stock Raw Materials
30,010
WIP
25,040
Finished Goods
75,950 Total
1,31,000
Note : 11 Trade Receivables Debtors Due for more than six months
121
Other debts
58,879 59,000
Less: Provision for Doubtful Debts
60 Total
58,940 58,940
Note : 12 Cash and Cash Equivalents Cash at Bank
320 Total
320
Note : 13 other Current Assets Interest Accrued
25 Total
25
Note : 14 Other Incomes Other Income
2,880 Total
2,880
Note : 15 Cost of Materials Consumed Opening stock of Raw Material
50,020
Add : Purchases of Raw Material
4,48,400
Less: Closing Stock of Raw Material
30,010 Total
: 31 :
4,68,410
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 16 Change in Inventories Opening Stock of FG + WIP
1,19,980
Less: Closing Stock of FG + WIP
1,00,990 Total
18,990 18,990
Note : 17 Employee Benefit Expenses Salaries
29,710
MD remuneration
----
Add: O/s
2,129 Total
2,129 31,839
Note : 18 Finance Cost Interest on Fixed Loan
620
Other Interest
1,000 Total
1,620
Note : 19 Other Expenses Auditors Remuneration Audit Fees
50
Other Matters
15
Other Expenses
65 1,15,955
Total
1,16,020
Calculation of Net Profit for Managerial remuneration Sales
6,69,700
Add: Closing Stock
1,31,000
Less: Opening Stock
1,61,000
Less: Purchases
4,48,400
Gross Profit
1,91,300
Add: Other Incomes
2,880
Less: Salaries and Wages
29,710
Finance Cost
1,620
Other Expenses
1,16,020
Depreciation as per Sch. XIV
4,250
Net Profit for Managerial Remuneration Remuneration entitled @ 5%
42,580 2,129
: 32 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES
Ans.7.Calculation of Remuneration Payable to the Manager
`
Particulars Gross Profit
` 9,00,000
Add: Subsidies received from the Government
60,000
Revenue profit on sale of the Asset
70,000
1,30,000
Less: Salaries, Wages and Bonus
1,92,500
General Expenses
74,000
Depreciation as per Sch XIV
81,000
Net Profit for Managerial Remuneration
6,82,500
Remuneration entitled @ 5%
Ans.8.
3,47,500
34,125
Journal Entries in the Books of A Ltd.
Conversion of Partly Paid shares into fully paid
(1)
Share Final Call A/c
Dr.
80,000
To Equity Share Capital (2)
80,000
Bonus to Equity share holders
Dr.
80,000
To Share Final Call (3)
80,000
General Reserve
Dr.
80,000
To Bonus to Equity Shareholders
80,000
Bonus issue entries
(1)
Capital Reserve A/c
Dr.
1,00,000
Securities A/c
Dr.
3,00,000
Capital Redemption Reserve
Dr.
3,40,000
General Reserve A/c
Dr.
60,000
To Bonus to Equity Shareholders (2)
Bonus to Equity Shareholders
8,00,000 Dr.
To Equity Share Capital
8,00,000 8,00,000
: 33 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Ans.9.
ET Ltd. Balance Sheet as at 31 March, 20XX Particulars
Note No.
As at 31 March, 20XX As at 31 March, 20XX `
A EQUITY AND LIABILITIES 1
Shareholders’ funds (a) Share capital
25,000
(b) Reserves and surplus
19,442
(c) Money received against share warrants
----
2
Share application money pending allotment
----
3
Non-current liabilities (a) Long-term borrowings
4
36,549
(b) Deferred tax liabilities (net)
----
(c) Other long-term liabilities
----
(d) Long-term provisions
241
Current liabilities (a) Short-term borrowings
30,672
(b) Trade payables
8,807
(c) Other current liabilities
11,000
(d) Short-term provisions
7,275 TOTAL
1,38,986
B ASSETS 1
Non-current Assets (a) Fixed assets (i) Tangible assets
44,537
(ii) Intangible assets
----
(iii) Capital work-in-progress
596
(iv) Intangible assets under development
----
(b) Non-current investments
----
(c) Deferred tax assets (net)
----
(d) Long-term loans and advances
4,518
(e) Other non-current assets 2
----
Current Assets (a) Current investments
----
(b) Inventories
61,502
(c) Trade receivables
24,231
(d) Cash and cash equivalents
103
(e) Short-term loans and advances
3,489
(f) Other current assets
10 TOTAL
: 34 :
1,38,986
`
I. P. C. C.- ANCY
J. K. SHAH CLASSES E Ltd.
Notes attached to and forming part of s (` in 000’s) Particulars
31st March 20XX 31st March 20XX
Note : 1 Share Capital Authorised Capital 3,50,000 Equity Shares of ` 100/- Each
35,000 35,000
Issued, Subscribed and paid-up 2,50,000 Equity shares of ` 100/- each, fully paid up
25,000 Total
25,000
Note : 2 Reserves and Surplus Development Reabate Reserve
6,271
Investment Allowance Reserve
-----
Add: Transfer During the year
5,400
General reserve
5,400 6,031
Profit and Loss (PBT)
14,509
Less: Provision for Managerial Remuneration
94
Less: Provision for Tax
4,400
Less: Transfer to Investment Allowance Reserve
5,400
Less: Proposed Dividend (including DDT @ 15%)
2,875 Total
1,740 19,442
Note: 3 Long Term Borrowings Loan from State Government (secured by charge on land)
575
other Secured Loans (secured by charge on biulding and plant and mach)
32,460
Fixed Deposits from Public
2,400
Unsecured Loans
1,114 Total
36,549
Note: 4 Long Term Provision Provision for Gratuity and Pension
241 Total
241
Note: 4 Short Term Borrowings Cash Credit from Banks (Hypothecation of Stocks)
30,672 Total
30,672
Note: 4 Trade payables Acceptances
2,645
Sundry Creditors
6,162 Total
8,807
Note: 5 Other Current Liabilities Other current liabilities
10,317
Interest accrued but not due on loans
589
Managerial Remuneration o/s
94 Total
: 35 :
11,000
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 6 Short Term Provisions Provision for Income tax Proposed Dividend
4,400 2,875 7,275
Total Note : 7 Tangible Assets Land at Cost Building at Cost Less: Provision for Depreciation Plant and Machinery at Cost Less: Provision for Depreciation Furniture, Fixtures and office Equipment at Cost Less: Provision for Depreciation Vehicles at cost Less: Provision for Depreciation
2,225 9,316 2,193 64,282 30,328 1,594 568 454 245
7,123 33,954 1,026
Total
209 44,537
Total
4,518 4,518
Total
42,014 6,116 1,414 2,771 9,187 61,502
Total
24,231 24,231
Note : 9 Long term Loans and Advances Loans and advances Note : 10 Inventories Closing Stock Raw Materials WIP Finished Goods Stores and Spare Tools, Jigs and Dies Note : 11 Trade receivables Debtors Note : 12 Cash and Cash Equivalents Cash in Hand Balance with Bank On current s On deposit s
37 39 27 Total
66 103
Total
3,489 3,489
Total
8 2 10
Note : 13 Short Term Loans and Advances Advance Tax Note : 13 other Current Assets Preliminary Expenses Interest accrued on Deposits Computation of Net profit for Managerial Remuneration Net Profit before Tax Add: Depreciation as per books Salaries and perquisities to manager Less: Depreciation as per Sch XIV Net profit for Managerial Remuneration Remuneration entitled @ 1% Already paid Provision required
: 36 :
14,509 12,424 72 10,424 16,581 166 72 94
J. K. SHAH CLASSES
CHAPTER-2
COMPANY FINAL S
Ans.1.
Raul Ltd. Balance Sheet as at 31 March, 20XX Particulars
Note No.
A EQUITY AND LIABILITIES 1 Shareholders’ funds (a) Share capital (b) Reserves and surplus (c) Money received against share warrants 2 Share application money pending allotment 3 Non-current liabilities (a) Long-term borrowings (b) Deferred tax liabilities (net) (c) Other long-term liabilities (d) Long-term provisions 4 Current liabilities (a) Short-term borrowings (b) Trade payables (c) Other current liabilities (d) Short-term provisions TOTAL B ASSETS 1 Non-Current Assets (a) Fixed assets (i) Tangible assets (ii) Intangible assets (iii) Capital work-in-progress (iv) Intangible assets under development (b) Non-current investments (c) Deferred tax assets (net) (d) Long-term loans and advances (e) Other non-current assets 2 Current Assets (a) Current investments (b) Inventories (c) Trade receivables (d) Cash and cash equivalents (e) Short-term loans and advances (f) Other current assets TOTAL
: 6 :
As at 31 March, 20XX As at 31 March, 20XX
`
2,00,000 1,57,000 ------1,00,000 ------------25,000 11,000 53,000 5,46,000
4,40,000 ------------------------45,000 46,000 15,000 ------5,46,000
`
I. P. C. C.- ANCY
J. K. SHAH CLASSES Raul Ltd
Statement of Profit and Loss for the year ended 31 March, 20XX " For the year ended "For the year ended Particulars
Note No.
1 Revenue from operations
“31 March, 20XX "
“31 March, 20XX"
`
`
3,50,000
2 Other income
----
3 Total revenue
3,50,000
4 Expenses (a) Cost of materials consumed
----
(b) Purchases of stock-in-trade
1,50,000
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (d) Employee benefits expense
0 ----
(e) Finance costs
10,000
(f) Depreciation and amortisation expense
38,000
(g) Other expenses
75,000
Total expenses
2,73,000
5 Profit / (Loss) before exceptional and 77,000
extraordinary items and tax (3 - 4) 6 Exceptional items
1,000
7 Profit / (Loss) before extraordinary items and tax
78,000 ----
8 Extraordinary items
78,000
9 Profit / (Loss) before tax
10 Tax expense: (a) Current tax expense
30,000
11 Profit for the period (PAT)
48,000
: 7 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Raul Ltd.
Notes attached to and forming part of s Particulars
31st March 20XX 31st March 20XX
Note : 1 Share Capital Authorised Capital 30,000 Equity shares of ` 10/- each
3,00,000 3,00,000
Issued, Subscribed and paid-up 20,000 Equity shares of ` 10/- each, fully paid up
2,00,000
(out of Above, 5000 Equity shares are issued as Bonus) Reconciliation of Number of Shares Shares at the beginning
15,000
Add: Issued during the year
5,000
Shares at the end
20,000 Total
2,00,000
Note : 2 Reserves and Surplus Securities
20,000
Less: Utilised for Bonus
20,000
Revaluation Reserve
----
----
Add: Transfer during the year
70,000
General Reserve
66,000
Less: Utilised for Bonus
30,000
Add: Transfer during the year
15,000
70,000
51,000
Surplus Surplus as at the beginning
35,000
Add: Profit for the period
48,000
Less: Transfer to General Reserve
-15,000
Less: Proposed Interim Dividend
-9,000
Less: Proposed Equity Dividend (including DDT @ 15%) Total
-23,000
36,000 1,57,000
Note : 3 Long Term Borrowings 10% Debentures
1,00,000
(secured against Plant and Machinery) Total
: 8 :
1,00,000
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note: 4 Trade payables Creditors
25,000 Total
25,000
Note: 5 Other Current Liabilities Interest on Debentures outstanding
5,000
TDS payable
6,000 Total
11,000
Note : 6 Short Term Provisions Proposed Equity Dividend
23,000
Provision for Tax
30,000 Total
53,000
Note : 7 Tangible Assets Land (1,10,000 + 70,000)
1,80,000
Plant and Machinery at Cost
3,80,000
Less: Provision for Depreciation
1,20,000 Total
2,60,000 4,40,000
Note : 8 Inventories Closing Stock
45,000 Total
45,000
Note : 9 Trade Receivables Debtors Due for more than six months
6,000
Other debts
40,000 Total
46,000 46,000
Note : 10 Cash and Cash Equivalents Cash and Bank
15,000 Total
15,000
Note : 11 Finance Cost Interest on Debentures
5,000
Add: Outstanding
5,000 Total
10,000 10,000
Note : 12 Other Expenses Factory Expenses
40,000
istration Expenses
15,000
Selling Expenses
20,000 Total
75,000
Note : 13 Exceptional Items Profit on Sale of Machinery
1,000 Total
: 9 :
1,000
I. P. C. C.- ANCY
J. K. SHAH CLASSES Existing number of Shares 15,000 Therefore Bonus shares issued 5,000 Bonus Amount ` 50,000 Journal Entry Securities A/c
Dr.
20,000
General Reserve A/c
Dr.
30,000
To Bonus to Equity Shareholders
50,000
Bonus to Equity Shareholders
Dr.
50,000
To Equity share capital
50,000
Ans.2.
Zidane Ltd. Balance Sheet as at 31 March, 20XX Particulars
Note No.
As at 31 March, 20XX As at 31 March, 20XX
` A EQUITY AND LIABILITIES 1 Shareholders’ funds (a) Share capital
5,00,000
(b) Reserves and surplus
2,76,000
(c) Money received against share warrants
----
2 Share application money pending allotment
----
3 Non-current liabilities (a) Long-term borrowings
----
(b) Deferred tax liabilities (net)
----
(c) Other long-term liabilities
----
(d) Long-term provisions
----
4 Current liabilities (a) Short-term borrowings
----
(b) Trade payables
20,000
(c) Other current liabilities
1,11,000
(d) Short-term provisions
56,000 TOTAL
9,63,000
B ASSETS 1 Non-current Assets (a) Fixed assets (i) Tangible assets
5,41,000
(ii) Intangible assets
----
(iii) Capital work-in-progress
----
(iv) Intangible assets under development
----
: 10 :
`
I. P. C. C.- ANCY
J. K. SHAH CLASSES (b) Non-current investments
2,45,000
(c) Deferred tax assets (net)
----
(d) Long-term loans and advances
----
(e) Other non-current assets
----
2 Current Assets (a) Current investments
----
(b) Inventories
50,000
(c) Trade receivables
75,000
(d) Cash and cash equivalents
32,000
(e) Short-term loans and advances
16,000
(f) Other current assets
4,000 TOTAL
9,63,000
Zidane Ltd. Statement of Profit and Loss for the year ended 31 March, 20XX Particulars
Note No. "For the year ended "For the year ended “31 March, 20XX"
“31 March, 20XX
`
`
1
Revenue from operations
1,80,000
2
Other income
4,000
3
Total revenue
1,84,000
4
Expenses (a) Cost of materials consumed
----
(b) Purchases of stock-in-trade
----
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (d) Employee benefits expense
20,000
(e) Finance costs
6,000
(f) Depreciation and amortisation expense
29,000
(g) Other expenses
33,000 Total expenses
5
----
88,000
Profit / (Loss) before exceptional and extraordinary items and tax (3 - 4)
96,000
6
Exceptional items
-4,000
7
Profit / (Loss) before extraordinary items and tax
92,000
8
Extraordinary items
9
Profit / (Loss) before tax
---92,000
10 Tax expense: (a) Current tax expense
10,000 82,000
11 Profit for the period (PAT)
: 11 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Zidane Ltd.
Notes attached to and forming part of s Particulars
31st March 20XX 31st March 20XX
Note : 1 Share Capital Authorised Capital 1,00,000 Equity shares of ` 10/- each
10,00,000 10,00,000
Issued, Subscribed and paid-up 50,000 Equity shares of ` 10/- each, fully paid up
5,00,000
(out of Above, 20,000 Equity shares are issued for consideration other than cash) Reconciliation of Number of Shares Shares at the beginning
30,000
Add: Issued during the year
20,000
Shares at the end
50,000 Total
5,00,000
Note : 2 Reserves and Surplus Securities
50,000
General Reserve
1,80,000
Surplus Surplus as at the beginning
10,000
Add: Profit for the period
82,000
Less: Proposed Equity Dividend (including DDT @ 15%)
46,000
Total
46,000 2,76,000
Note: 3 Trade Payables Creditors
20,000 Total
20,000
Note: 4 Other Current Liabilities Interest on Debentures outstanding
5,000
Interest on Auditors Remuneration
6,000
6% Debentures
1,00,000 Total
1,11,000
Note : 5 Short Term Provisions Proposed Equity Dividend
46,000
Provision for Tax
10,000 Total
: 12 :
56,000
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 6 Tangible Assets Land and Building at Cost
3,00,000
Less: Provision for Depreciation (50,000 + 9,000)
59,000
Plant and Machinery at Cost
4,00,000
Less: Provision for Depreciation
1,20,000
Live Stock
2,41,000
2,80,000 20,000
Total
5,41,000
Note : 7 Non Current Investments 4% Government Securities (MV= ` 1,10,000)
95,000
Investment in Equity Shares (MV = ` 1,70,000)
1,50,000
Total
2,45,000
Note : 8 Inventories Closing Stock
50,000 Total
50,000
Note : 9 Trade Receivables Debtors Due for more than six months
20,000
Other debts
40,000 60,000
Less: Provision for Doubtful Debts
-5,000
Bills Receivable
55,000 20,000
Total
75,000
Note : 10 Cash and Cash Equivalents Cash at bank
30,000
Cash on Hand
2,000 Total
32,000
Note : 11 Short Term Loans and Advances Prepaid Insurance
1,000
Advance Tax
15,000 Total
16,000
Note : 12 other Current Assets Interest income receivable
4,000
Discount on issue of debentures
4,000
Less: Write off
4,000 Total
: 13 :
---4,000
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 13 Contingent liabilities and Commitments Commitments Uncalled amount of ` 50,000 on partly paid shares held as investments Note : 14 other Incomes Interest Income
----
Add: Receivable
4,000
4,000
Total
4,000
Note : 15 Employee Benefit Expenses Salaries
20,000 Total
20,000
Note : 16 Finance Cost Interest on Debentures
----
Add: Outstanding
6,000
6,000
Total
6,000
Note : 17 Other Expenses Provision for Doubtful Debts
5,000
Auditors Remuneration
5,000
General Expenses
15,000
Less: Prepaid
-1,000
14,000
Directors Fees
9,000 Total
33,000
Note : 18 Exceptional Items Discount on Issue of Debentures w/off
4,000 Total
4,000
Working Notes Adj (b) Bonus Ratio 1 : 3 Existing number of Shares 15,000 Therefore Bonus shares issued 5,000 Bonus Amount ` 50,000 Journal Entry Securities A/c
Dr.
20,000
General Reserve A/c
Dr.
30,000
To Bonus to Equity Shareholders
50,000
Bonus to Equity Shareholders
Dr.
To Equity Share Capital
50,000 50,000
: 14 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Ans.3.
S Ltd. Balance Sheet as at 31 March, 20XX Particulars
Note No.
As at 31 March, 20XX As at 31 March, 20XX
`
A EQUITY AND LIABILITIES 1
Shareholders’ funds (a) Share capital
6,00,000
(b) Reserves and surplus
1,32,024
(c) Money received against share warrants
----
2
Share application money pending allotment
----
3
Non-current liabilities (a) Long-term borrowings
4
3,00,000
(b) Deferred tax liabilities (net)
----
(c) Other long-term liabilities
----
(d) Long-term provisions
----
Current liabilities (a) Short-term borrowings
----
(b) Trade payables
80,000
(c) Other current liabilities
29,500
(d) Short-term provisions
1,35,024
TOTAL
12,76,548
B ASSETS 1
Non-current Assets (a) Fixed assets (i) Tangible assets
6,44,548
(ii) Intangible assets
2,30,000
(iii) Capital work-in-progress
----
(iv) Intangible assets under development
2
----
(b) Non-current investments
----
(c) Deferred tax assets (net)
----
(d) Long-term loans and advances
----
(e) Other non-current assets
----
Current Assets (a) Current investments
----
(b) Inventories
59,000
(c) Trade receivables
1,76,000
(d) Cash and cash equivalents
94,000
(e) Short-term loans and advances
73,000
(f)
Other current assets
----
TOTAL
12,76,548
: 15 :
`
I. P. C. C.- ANCY
J. K. SHAH CLASSES S Ltd.
Statement of Profit and Loss for the year ended 31 March, 20XX For the year ended For the year ended Particulars
Note No.
31 March, 20XX
31 March, 20XX
`
`
1
Revenue from operations
6,20,000
2
Other income
----
3
Total Revenue
6,20,000
4
Expenses (a) Cost of materials consumed
----
(b) Purchases of stock-in-trade
2,80,000
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (d) Employee benefits expense
64,000
(e) Finance costs
45,000
(f) Depreciation and amortisation expense
75,012
(g) Other expenses
51,900
Total expenses 5
-24,000
4,91,912
Profit / (Loss) before exceptional and extraordinary items and tax (3 - 4)
1,28,088
6
Exceptional items
3,960
7
Profit / (Loss) before extraordinary items and tax
8
Extraordinary items
9
Profit / (Loss) before tax
1,32,048 ---1,32,048
10 Tax expense: (a) Current tax expense
66,024
(b) Short IT Provision
1,000
65,024
11 Profit for the period (PAT)
: 16 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES S Ltd.
Notes attached to and forming Part of s Particulars
31st March 20XX 31st March 20XX
Note : 1 Share Capital ?
Authorised Capital
? Issued, Subscribed and paid-up ………… Equity shares of ` …/- each, fully paid up
6,00,000
(out of Above, 20,000 Equity shares are issued for consideration other than cash) Total
6,00,000
Note : 2 Reserves and Surplus Securities
20,000
General Reserve
62,000
Add: Transfer during the year
38,000
1,00,000
Surplus Surplus as at the beginning
54,000
Add: Profit for the period
65,024
Less: Transfer to General Reserve
-38,000
Less: Proposed Equity Dividend (including DDT @ 15%)
-69,000
Total
12,024 1,32,024
Note: 3 Long Term Borrowings 15% Debentures
3,00,000
(Secured against assets of the company) Total
3,00,000
Note: 4 Trade Payables Creditors
80,000 Total
80,000
Note: 5 Other Current Liabilities Interest on Debentures outstanding
22,500
Interest on Auditors Remuneration
4,000
IT Payable
3,000 Total
29,500
: 17 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 6 Short Term Provisions Proposed Equity Dividend
69,000
Provision for Tax
66,024 Total
1,35,024
Note : 7 Tangible Assets Land and Building at Cost
4,00,000
Less: Provision for Depreciation (30,000 + 7,400)
37,400
Plant and Machinery at Cost
4,20,000
Less: Provision for Depreciation (1,28,000 + 58,400)
1,86,400
office Equipmnet at Cost
3,62,600
2,33,600
30,000
Less: Provision for Depreciation (7,000 + 2,300)
9,300
Motor Car at Cost
50,000
Less: Provision for Depreciation (15,440 + 6,912)
22,352
Total
20,700
27,648 6,44,548
Note : 8 Intangible Assets Goodwill
2,30,000 Total
2,30,000
Note : 8 Inventories Closing Stock
59,000 Total
59,000
Note : 9 Trade Receivables Debtors Due for more than six months
26,000
Other Debts
1,50,000 1,76,000
Less: Provision for Doubtful Debts
1,76,000
Total
1,76,000
: 18 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 10 Cash and Cash Equivalents Cash at Bank and Hand
94,000 Total
94,000
Note : 11 Short Term Loans and Advances Prepaid Expenses
3,000
Advance Tax
70,000 Total
73,000
Note : 14 Change in Inventories Opening Stock
35,000
Less: Closing Stock
-59,000 Total
-24,000 -24,000
Note : 15 Employee Benefit Expenses Salaries
64,000 Total
64,000
Note : 16 Finance Cost Interest on Debentures
22,500
Add: Outstanding
22,500 Total
45,000 45,000
Note : 17 Other Expenses Auditors Remuneration
4,000
Rent and Taxes
15,000
Travelling Expenses
9,000
Repairs and Renewals
2,500
Printing and Stationery
6,500
Motor Car Expenses
14,900 Total
51,900
Note : 18 Exceptional Items Profit on sale of Motor Car
3,960 Total
3,960
: 19 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Ans.4.
Savita Ltd. Balance Sheet as at 31 March, 20XX Particulars
Note No. As at 31 March, 20XX As at 31 March, 20XX
` A EQUITY AND LIABILITIES 1
Shareholders’ funds (a)
Share capital
15,00,000
(b)
Reserves and surplus
6,95,900
(c)
Money received against share warrants
----
2
Share application money pending allotment
----
3
Non-current liabilities
4
(a)
Long-term borrowings
5,00,000
(b)
Deferred tax liabilities (net)
----
(c)
Other long-term liabilities
----
(d)
Long-term provisions
----
Current liabilities (a)
Short-term borrowings
----
(b)
Trade payables
(c)
Other current liabilities
----
(d)
Short-term provisions
4,17,500
6,28,400
TOTAL
37,41,800
B ASSETS 1
Non-current Assets (a)
Fixed assets (i) Tangible assets
2
15,90,000
(ii) Intangible assets
----
(iii) Capital work-in-progress
----
(iv) Intangible assets under development
----
(b)
Non-current investments
1,00,000
(c)
Deferred tax assets (net)
----
(d)
Long-term loans and advances
----
(e)
Other non-current assets
----
Current Assets (a)
Current investments
----
(b)
Inventories
8,30,000
(c)
Trade receivables
9,88,750
(d)
Cash and cash equivalents
(e)
Short-term loans and advances
(f)
Other current assets
27,500 2,05,550 ----
TOTAL
37,41,800
: 20 :
`
I. P. C. C.- ANCY
J. K. SHAH CLASSES Savita Ltd.
Notes attached to and forming part of s Particulars
31st March 20XX 31st March 20XX
Note : 1 Share Capital Authorised Capital 25000 Equtiy Shares of ` 100/- each
25,00,000 25,00,000
Issued, Subscribed and paid-up 15000 Equity shares of ` 100/- each, fully paid up
15,00,000
(out of Above, 2500 Equity shares are issued as bonus) Reconciliation Shares at the beginning
12,500
Add: Issued during the year
2,500
Shares at the end
15,000 Total
15,00,000
Note : 2 Reserves and Surplus Securities
25,000
Debenture redemption Reserve
1,00,000
Add: Transfer during the year
1,00,000
General Reserve
5,50,000
Add: Utilised for Bonus
5,00,000
2,00,000
50,000
Surplus Surplus as at the beginning
2,86,900
Add: Profit for the period
4,56,500
Less: Transfer to DRR
1,00,000
Less: Proposed Interim Dividend
50,000
Less: Proposed Equity Dividend (including DDT @ 15%) 1,72,500 Total
4,20,900 6,95,900
Note: 3 Long Term Borrowings 12% Debentures
5,00,000 Total
5,00,000
Note: 4 Trade Payables Creditors
6,28,400 Total
6,28,400
: 21 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 6 Short Term Provisions Proposed Equity Dividend
1,72,500
Provision for Tax
2,45,000 Total
4,17,500
Note : 7 Tangible Assets Plant and Machinery at Cost
20,00,000
Less: Provision for Depreciation
5,40,000
Furniture at Cost
1,75,000
Less: Provision for Depreciation
45,000 Total
14,60,000
1,30,000 15,90,000
Note : 8 Non- Current Investment Investment in Equity Shares of Vanita Ltd (MV ` 1,05,000) Total
1,00,000 1,00,000
Note : 8 Inventories Closing Stock
8,30,000 Total
8,30,000
Note : 9 Trade Receivables Debtors
9,88,750 Total
9,88,750
Note : 10 Cash and Cash Equivalents Cash at bank and hand
2,500
Current with Bank
25,000 Total
27,500
Note : 11 Short Term Loans and Advances Prepaid Expenses
15,000
Advance Tax
1,90,550 Total
2,05,550
Note : 12 Contingent Liab & Commitments Contingent Liabilities Claims against the company not acknowledged as debts ` 5,00,000
: 22 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Ans.5.
Wholesale Traders Ltd. Balance Sheet as at 31 March, 20XX Particulars
Note No. As at 31 March, 20XX As at 31 March, 20XX
` A EQUITY AND LIABILITIES 1 Shareholders’ funds (a) Share capital
4,20,000
(b) Reserves and surplus
3,38,752
(c) Money received against share warrants
----
2 Share application money pending allotment
----
3 Non-current liabilities (a) Long-term borrowings
1,50,000
(b) Deferred tax liabilities (net)
----
(c) Other long-term liabilities
----
(d) Long-term provisions
----
4 Current liabilities (a) Short-term borrowings
7,300
(b) Trade payables
1,51,000
(c) Other current liabilities
6,130
(d) Short-term provisions
2,95,619 TOTAL
13,68,800
B ASSETS 1 Non-current Assets (a) Fixed assets (i) Tangible assets
7,19,200
(ii) Intangible assets
----
(iii) Capital work-in-progress
----
(iv) Intangible assets under development
----
(b) Non-current investments
67,500
(c) Deferred tax assets (net)
----
(d) Long-term loans and advances
----
(e) Other non-current assets
----
2 Current Assets (a) Current investments
----
(b) Inventories
1,67,000
(c) Trade receivables
3,10,000
(d) Cash and cash equivalents
1,05,100
(e) Short-term loans and advances
----
(f) Other current assets
---TOTAL
13,68,800
: 23 :
`
I. P. C. C.- ANCY
J. K. SHAH CLASSES Wholesale Traders Ltd.
Statement of Profit and Loss for the year ended 31 March, 20XX For the year ended For the year ended Particulars
Note No.
“31 March, 20XX
“31 March, 20XX
`
`
1
Revenue from operations
20,65,000
2
Other income
39,400
3
Total Revenue
21,04,400
4
Expenses (a)
Cost of materials consumed
(b)
Purchases of stock-in-trade
(c)
Changes in inventories of finished goods,
13,87,500
work-in-progress and stock-in-trade
-47,000
(d)
Employee benefits expense
54,630
(e)
Finance costs
16,300
(f)
Depreciation and amortisation expense
24,800
(g)
Other expenses
1,76,500 Total expenses
5
16,12,730
Profit / (Loss) before exceptional and 4,91,670
extraordinary items and tax (3 - 4) 6
Exceptional items
----
7
Profit / (Loss) before extraordinary items and tax
8
Extraordinary items
9
Profit / (Loss) before tax
4,91,670 ---4,91,670
10 Tax expense: (a)
Current tax expense
2,70,419
2,21,252
11 Profit for the period (PAT)
: 24 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Wholesale Traders Ltd.
Notes attached to and forming part of s Particulars
31st March 20XX 31st March 20XX
Note : 1 Share Capital Authorised Capital 42,000 Equity Shares of ` 10/- Each
4,20,000 4,20,000
Issued, Subscribed and paid-up 42000 Equity shares of ` 10/- each, fully paid up
4,20,000
Total
4,20,000
Note : 2 Reserves and Surplus Capital Reserve
----
Add: Transfer during the year
2,000
General Reserve
2,000
1,00,000
Add: Transfer during the year
10,000
1,10,000
Surplus Surplus as at the beginning
57,500
Add: Profit for the period
2,21,252
Less: Transfer to General Reserve
-10,000
Less: Proposed Interim Dividend
16,800
Less: Proposed Equity Dividend (DDT ignored)
25,200
Total
2,26,752 3,38,752
Note: 3 Long Term Borrowings 7% Debentures
1,50,000 Total
1,50,000
Note: 4 Short Term Borrowing Bank overdraft
7,300 Total
7,300
Note: 5 Trade Payables Creditors
1,51,000 Total
1,51,000
Note: 6 Other Current Liabilities Unclaimed Dividend
1,500
Managerail Remuneration o/s
4,630 Total
6,130
: 25 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 7 Short Term Provisions Proposed Equity Dividend
25,200
Provision for Tax
2,70,419 Total
2,95,619
Note : 8 Tangible Assets Leasehold Properties
1,40,000
Less: Provision for Depreciation (21,000 + 3,500) Other properties
24,500
1,15,500
6,60,000
Less: Provision for Depreciation (50,000 + 18,300)
68,300
Motor Car at Cost
25,000
Less: Provision for Depreciation (10,000 + 3,000)
13,000
Total
5,91,700
12,000 7,19,200
Note : 9 Non current Investments Investments
67,500 Total
67,500
Note : 10 Inventories Closing Stock
1,67,000 Total
1,67,000
Note : 11 Trade Receivables Debtors
3,10,000 Total
3,10,000
Note : 12 Cash and Cash Equivalents Cash at Bank
15,100
Cash in Hand
90,000 Total
1,05,100
Note : 13 Other Incomes Rent
36,000
Investment Income
3,400 Total
39,400
: 26 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 14 Change in Inventories Opening Stock
1,20,000
Less: Closing Stock
-1,67,000 Total
-47,000 -47,000
Note : 15 Employee Benefit Expenses MD remuneration
50,000
Add: O/s
4,630 Total
54,630 54,630
Note : 16 Finance Cost Interest on Debentures
10,500
Add: Outstanding
----
Bank Interest
10,500 5,800
Total
16,300
Note : 17 Other Expenses istration and Selling Expenses
1,76,500
Total
1,76,500
Calculation of Net Profit for Managerial remuneration Sales
20,65,000
Add: Closing Stock
1,67,000
Less: Opening Stock
1,20,000
Less: Purchases
13,87,500
Gross Profit
7,24,500
Add: Other Incomes
39,400
Less: Finance Cost
16,300
Less: Other Expenses
1,76,500
Less: Depreciation as per books
24,800
NP for managerial remuneration
5,46,300
Remuneration entitled @ 10%
54,630
: 27 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Ans.6.
Bharat Implements Ltd. Balance Sheet as at 31 March, 20XX Particulars
Note No.
As at 31 March, 20XX As at 31 March, 20XX
`
A EQUITY AND LIABILITIES 1 Shareholders’ funds (a) Share capital
20,000
(b) Reserves and surplus
39,179
2 Share application money pending allotment
----
3 Non-current liabilities (a) Long-term borrowings
29,480
(b) Deferred tax liabilities (Net)
----
(c) Other long-term liabilities
----
(d) Long-term provisions
----
4 Current liabilities (a) Short-term borrowings (b) Trade payables
1,10,775
(c) Other current liabilities
2,129
(d) Short-term provisions
25,362 TOTAL
2,26,925
B ASSETS 1 Non-current assets (a) Fixed assets (i)
Tangible assets
35,870
(ii) Intangible assets
----
(iii) Capital work-in-progress
----
(iv) Intangible assets under development
----
(b) Non-current investments
190
(c) Deferred tax assets (net)
----
(d) Long-term loans and advances
580
(e) Other non-current assets
----
2 Current Assets (a) Current investments
----
(b) Inventories
1,31,000
(c) Trade receivables
58,940
(d) Cash and cash equivalents
320
(e) Short-term loans and advances
----
(f) Other current assets
25 TOTAL
2,26,925
: 28 :
`
I. P. C. C.- ANCY
J. K. SHAH CLASSES Bharat Implements Ltd.
Statement of Profit and Loss for the year ended 31 March, 20XX For the year ended For the year ended Particulars
Note No.
31 March, 20XX
31 March, 20XX
`
`
1
Revenue from operations
6,69,700
2
Other income
2,880
3
Total revenue
6,72,580
4
Expenses (a) Cost of materials consumed (b) Purchases of stock-in-trade
4,68,410
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (d) Employee benefits expense
31,839
(e) Finance costs
1,620
(f) Depreciation and amortisation expense
3,550
(g) Other expenses
1,16,020 Total expenses
5
18,990
6,40,429
Profit / (Loss) before exceptional and 32,151
extraordinary items and tax (3 - 4) 6
Exceptional items
----
7
Profit / (Loss) before extraordinary items and tax
8
Extraordinary items
9
Profit / (Loss) before tax
32,151 ---32,151
10 Tax expense: (a) Current tax expense
19,612
12,539
11 Profit for the period (PAT)
: 29 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Bharat Implements Ltd.
Notes attached to and forming part of s Particulars
31st March 20XX 31st March 20XX
Note : 1 Share Capital Authorised Capital 2000 Equity Shares of ` 10/- Each
20,000 20,000
Issued, Subscribed and paid-up 2000 Equity shares of ` 10/- each, fully paid up
20,000
Total
20,000
Note : 2 Reserves and Surplus Development Reabate Reserve
2,340
Add: Transfer during the year
340
Investment Allowance Reserve
2,680 4,250
General Reserve General Reserve as at the beginning
25,800
Add: Profit for the period
12,539
Less: Transfer to DRR
340
Less: Proposed Equity Dividend (DDT @ 15%) Total
5,750
32,249 39,179
Note: 3 Long Term Borrowings Secured Loans
13,480
Fixed Deposits
16,000 Total
29,480
Note: 4 Trade Payables Creditors
1,10,775 Total
1,10,775
Note: 5 Other Current Liabilities Managerail Remuneration o/s
2,129 Total
2,129
Note : 6 Short Term Provisions Proposed Equity Dividend
5,750
Provision for Tax
19,612 Total
: 30 :
25,362
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 7 Tangible Assets Fixed assets at Cost
63,870
Less: Provision for Depreciation
28,000 Total
35,870
Note : 8 Non current Investments investments (Market Value = ` 150)
190 Total
190
Note : 9 Long term Loans and Advances Loans and advances
580 Total
580
Note : 10 Inventories Closing Stock Raw Materials
30,010
WIP
25,040
Finished Goods
75,950 Total
1,31,000
Note : 11 Trade Receivables Debtors Due for more than six months
121
Other debts
58,879 59,000
Less: Provision for Doubtful Debts
60 Total
58,940 58,940
Note : 12 Cash and Cash Equivalents Cash at Bank
320 Total
320
Note : 13 other Current Assets Interest Accrued
25 Total
25
Note : 14 Other Incomes Other Income
2,880 Total
2,880
Note : 15 Cost of Materials Consumed Opening stock of Raw Material
50,020
Add : Purchases of Raw Material
4,48,400
Less: Closing Stock of Raw Material
30,010 Total
: 31 :
4,68,410
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 16 Change in Inventories Opening Stock of FG + WIP
1,19,980
Less: Closing Stock of FG + WIP
1,00,990 Total
18,990 18,990
Note : 17 Employee Benefit Expenses Salaries
29,710
MD remuneration
----
Add: O/s
2,129 Total
2,129 31,839
Note : 18 Finance Cost Interest on Fixed Loan
620
Other Interest
1,000 Total
1,620
Note : 19 Other Expenses Auditors Remuneration Audit Fees
50
Other Matters
15
Other Expenses
65 1,15,955
Total
1,16,020
Calculation of Net Profit for Managerial remuneration Sales
6,69,700
Add: Closing Stock
1,31,000
Less: Opening Stock
1,61,000
Less: Purchases
4,48,400
Gross Profit
1,91,300
Add: Other Incomes
2,880
Less: Salaries and Wages
29,710
Finance Cost
1,620
Other Expenses
1,16,020
Depreciation as per Sch. XIV
4,250
Net Profit for Managerial Remuneration Remuneration entitled @ 5%
42,580 2,129
: 32 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES
Ans.7.Calculation of Remuneration Payable to the Manager
`
Particulars Gross Profit
` 9,00,000
Add: Subsidies received from the Government
60,000
Revenue profit on sale of the Asset
70,000
1,30,000
Less: Salaries, Wages and Bonus
1,92,500
General Expenses
74,000
Depreciation as per Sch XIV
81,000
Net Profit for Managerial Remuneration
6,82,500
Remuneration entitled @ 5%
Ans.8.
3,47,500
34,125
Journal Entries in the Books of A Ltd.
Conversion of Partly Paid shares into fully paid
(1)
Share Final Call A/c
Dr.
80,000
To Equity Share Capital (2)
80,000
Bonus to Equity share holders
Dr.
80,000
To Share Final Call (3)
80,000
General Reserve
Dr.
80,000
To Bonus to Equity Shareholders
80,000
Bonus issue entries
(1)
Capital Reserve A/c
Dr.
1,00,000
Securities A/c
Dr.
3,00,000
Capital Redemption Reserve
Dr.
3,40,000
General Reserve A/c
Dr.
60,000
To Bonus to Equity Shareholders (2)
Bonus to Equity Shareholders
8,00,000 Dr.
To Equity Share Capital
8,00,000 8,00,000
: 33 :
I. P. C. C.- ANCY
J. K. SHAH CLASSES Ans.9.
ET Ltd. Balance Sheet as at 31 March, 20XX Particulars
Note No.
As at 31 March, 20XX As at 31 March, 20XX `
A EQUITY AND LIABILITIES 1
Shareholders’ funds (a) Share capital
25,000
(b) Reserves and surplus
19,442
(c) Money received against share warrants
----
2
Share application money pending allotment
----
3
Non-current liabilities (a) Long-term borrowings
4
36,549
(b) Deferred tax liabilities (net)
----
(c) Other long-term liabilities
----
(d) Long-term provisions
241
Current liabilities (a) Short-term borrowings
30,672
(b) Trade payables
8,807
(c) Other current liabilities
11,000
(d) Short-term provisions
7,275 TOTAL
1,38,986
B ASSETS 1
Non-current Assets (a) Fixed assets (i) Tangible assets
44,537
(ii) Intangible assets
----
(iii) Capital work-in-progress
596
(iv) Intangible assets under development
----
(b) Non-current investments
----
(c) Deferred tax assets (net)
----
(d) Long-term loans and advances
4,518
(e) Other non-current assets 2
----
Current Assets (a) Current investments
----
(b) Inventories
61,502
(c) Trade receivables
24,231
(d) Cash and cash equivalents
103
(e) Short-term loans and advances
3,489
(f) Other current assets
10 TOTAL
: 34 :
1,38,986
`
I. P. C. C.- ANCY
J. K. SHAH CLASSES E Ltd.
Notes attached to and forming part of s (` in 000’s) Particulars
31st March 20XX 31st March 20XX
Note : 1 Share Capital Authorised Capital 3,50,000 Equity Shares of ` 100/- Each
35,000 35,000
Issued, Subscribed and paid-up 2,50,000 Equity shares of ` 100/- each, fully paid up
25,000 Total
25,000
Note : 2 Reserves and Surplus Development Reabate Reserve
6,271
Investment Allowance Reserve
-----
Add: Transfer During the year
5,400
General reserve
5,400 6,031
Profit and Loss (PBT)
14,509
Less: Provision for Managerial Remuneration
94
Less: Provision for Tax
4,400
Less: Transfer to Investment Allowance Reserve
5,400
Less: Proposed Dividend (including DDT @ 15%)
2,875 Total
1,740 19,442
Note: 3 Long Term Borrowings Loan from State Government (secured by charge on land)
575
other Secured Loans (secured by charge on biulding and plant and mach)
32,460
Fixed Deposits from Public
2,400
Unsecured Loans
1,114 Total
36,549
Note: 4 Long Term Provision Provision for Gratuity and Pension
241 Total
241
Note: 4 Short Term Borrowings Cash Credit from Banks (Hypothecation of Stocks)
30,672 Total
30,672
Note: 4 Trade payables Acceptances
2,645
Sundry Creditors
6,162 Total
8,807
Note: 5 Other Current Liabilities Other current liabilities
10,317
Interest accrued but not due on loans
589
Managerial Remuneration o/s
94 Total
: 35 :
11,000
I. P. C. C.- ANCY
J. K. SHAH CLASSES Note : 6 Short Term Provisions Provision for Income tax Proposed Dividend
4,400 2,875 7,275
Total Note : 7 Tangible Assets Land at Cost Building at Cost Less: Provision for Depreciation Plant and Machinery at Cost Less: Provision for Depreciation Furniture, Fixtures and office Equipment at Cost Less: Provision for Depreciation Vehicles at cost Less: Provision for Depreciation
2,225 9,316 2,193 64,282 30,328 1,594 568 454 245
7,123 33,954 1,026
Total
209 44,537
Total
4,518 4,518
Total
42,014 6,116 1,414 2,771 9,187 61,502
Total
24,231 24,231
Note : 9 Long term Loans and Advances Loans and advances Note : 10 Inventories Closing Stock Raw Materials WIP Finished Goods Stores and Spare Tools, Jigs and Dies Note : 11 Trade receivables Debtors Note : 12 Cash and Cash Equivalents Cash in Hand Balance with Bank On current s On deposit s
37 39 27 Total
66 103
Total
3,489 3,489
Total
8 2 10
Note : 13 Short Term Loans and Advances Advance Tax Note : 13 other Current Assets Preliminary Expenses Interest accrued on Deposits Computation of Net profit for Managerial Remuneration Net Profit before Tax Add: Depreciation as per books Salaries and perquisities to manager Less: Depreciation as per Sch XIV Net profit for Managerial Remuneration Remuneration entitled @ 1% Already paid Provision required
: 36 :
14,509 12,424 72 10,424 16,581 166 72 94
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