Particulars | 1st January, 2018 (Rs.) | 31st December, 2018 (Rs.) |
Advance Subscription Received | 14,000 | 5,600 |
(i) 20,000, 12% debentures of Rs. 50 each issued at 10% premium, repayable at 20% premium. |
(ii) 15,000, 10% debentures of Rs. 100 each issued at 10% premium, repayable at par. |
(iii) 20,000, 12% debentures of Rs.50 each issued at par, repayable at 10% premium. |
(i) Debtors were of Rs. 62,100. Anju takes over debtors amounted to Rs. 60,000 at Rs. 58,600 and the remaining debtors were sold to a debt collecting agency at 50% of the value. |
(ii) Sundry assets were of Rs. 58,500. Manju is to take over some sundry assets at Rs. 36,000 (being 10% less than the book value). Sanju is to take over remaining sundry assets at 80% of the book value. |
(iii) Sanju assumes the responsibility of discharge of Mrs Sanju's loan of Rs. 5,750 together with accrued interest of Rs. 1,150. |
(i) Contingent liability worth Rs. 7,000 proved to be actual liability and was to be paid by the firm. |
(ii) Bill of Rs. 2,000 discounted with the bank has been dishonoured by the drawee. |
(iii) Contingent liability worth Rs. 25,000 was undertaken by Q for Rs. 15,000. |
(iv) An employee met with an accident in the factory and suffered serious injuries. The firm has been ordered by the court to pay a compensation of Rs. 20,000 to the employee. The firm has made the payment. |
(v) Claim for damages by the customer amounting to Rs 8,000 was admitted by the firm and paid. |
(vi) The firm lost a litigation case and was ordered to pay a penalty of Rs. 16,000 which was paid. |
Receipts | Amt (Rs.) | Payments | Amt (Rs.) |
To Balanced b/d | 4,080 | By Salaries | 14,400 |
To Subscriptions | 36,120 | By Travelling Expenses | 3,600 |
To Donations | 1,800 | By Stationery | 1,380 |
To Sale of Furniture (Book value Rs. 3,600) | 2,400 | By Rent | 9,600 |
To Entrance Fees | 480 | By Repairs | 420 |
To Life Membership Fees | 4,200 | By Books Purchased | 3,600 |
To Interest on Investment @5% for Full Year | 3,000 | By Building Purchased | 18,000 |
By Balance c/d | 1,080 | ||
52,080 | 52,080 |
Particulars | 1st January, 2018 (Rs.) | 31st December, 2018, (Rs.) | |
(i) | Subscription Received in Advance | 600 | 1,920 |
(ii) | Outstanding Subscription | 1,200 | 2,220 |
(iii) | Stock of Stationery | 720 | 480 |
(iv) | Books | 8,100 | 9,900 |
(v) | Furniture | 9,600 | 4,800 |
(vi) | Outstanding Rent | 600 | 1,200 |
Years | Profit/Loss | |
2013 | 30,000 | |
2014 | 70,000 | (including an abnormal gain of Rs. 10,000) |
2015 | 1,00,000 | (after charging an abnormal loss of Rs. 20,000) |
2016 | 1.40,000 | |
2017 | 1.20,000 |
Particulars | Amt (Rs.) | Particulars | Amt (Rs.) | ||
To Sundry Assets A/c | By Sundry Liabilities A/c | ||||
Debtors | 26,000 | Provision for Doubtful Debts | 2,000 | ||
Investments | 40,000 | Investment Fluctuation Fund | 20,000 | ||
Inventory | 10,000 | Bank Overdraft | 30,000 | 52,000 | |
Plant | 10,000 | By Ishu?s Capital A/c (Investments taken) | 35,000 | ||
Buildings | 60,000 | 1,46,000 | By Bank A/c (Assets Realised) | ||
To Bank A/c (Bank Overdraft Paid) | 30,000 | Debtors | 26,000 | ||
To Bank A/c (Payment of Compensation to Employees) | 10,000 | Inventory | 8,500 | ||
To???. | . | Plant | 8,000 | ||
Buildings | 1,00,000 | 1,42,500 | |||
2,29,500 | 2,29,500 |
Particulars | Ishu (Rs.) | Nishu (Rs.) | Particulars | Ishu (Rs.) | Nishu (Rs.) |
To Balance b/d | - | 30,000 | By..... | 50,000 | ... |
To???.. | . | . | By..... | . | . |
To Bank A/c (Final Payment) | . | . | By General Reserve A/c | 37,333 | 18,667 |
1,16,333 | 33,167 | 1,16,333 | 33,167 |
Particulars | Amt (Rs.) | Particulars | Amt (Rs.) |
To Balance b/d | By ...... | . | |
Cash in Hand | 6,000 | By ...... | . |
Cash in Bank | 10,000 | By Ishu's Loan A/c | 34,000 |
To Realisation A/c (Assets Realised) | 1,42,500 | By Ishu's Capital A/c | 81,333 |
By Nishu's Capital A/c | 3,167 | ||
1,58,000 | 1,58,500 |
(i) Applicants for 80,000 shares were allotted 60,000 shares. |
(ii) Applicants for 60,000 shares were allotted 40,000 shares. |
Liabilities | Amt (Rs.) | Assets | Amt (Rs.) | |
Creditors | 1,10,000 | Bank | 88,000 | |
Employees Provident fund | 22,000 | Debtors | 2,20,000 | |
Profit and Loss A/c | 1,87,000 | Stock | 1,76,000 | |
Capital A/cs | Fixed Assets | 1,32,000 | ||
A | 88,000 | |||
B | 1,36,400 | |||
C | 72,600 | 2,97,000 | ||
6,16,000 | 6,16,000 |
Liabilities | Amt (Rs.) | Assets | Amt (Rs.) | |
Creditors | 1,05,000 | Cash in Hand | 70,000 | |
Workmen?s Compensation Fund | 1,25,000 | Debtors | 80,000 | |
General Reserve | 80,000 | Stock | 60,000 | |
Capital A/cs | Machinery | 50,000 | ||
X | 50,000 | Building | 1,40,000 | |
Y | 40,000 | 90,000 | ||
4,00,000 | 4,00,000 |
(i) Under what head and sub-head will the company show stores and spares and loose tools in its balance sheet? |
(ii) What is the accounting treatment of stores and spares and loose tools, when the company will calculate its inventory turnover ratio? |
(iii) What is the objective of this analysis? |
(iv) Identify the value being followed by XYZ Ltd. |
(i) Debt equity ratio | (ii) Proprietary ratio | (iii) Total assets to debt ratio |
Particulars | Amt (Rs.) | |
I. | EQUITY AND LIABILITIES | |
1. Shareholders? Funds | ||
(a) Equity Share Capital | 30,00,000 | |
(b) Reserves and Surplus | 12,00,000 | |
2. Non-current Liabilities | ||
Long-term Borrowings (12% Debentures) | 10,00,000 | |
3. Current Liabilities | ||
(a) Short-term Borrowings | 4,00,000 | |
(b) Trade Payables | 24,00,000 | |
Total | 80,00,000 | |
II. | ASSETS | |
1. Non-current Assets | ||
(a) Fixed Assets | 33,00,000 | |
(b) Long-term Investments | 3,20,000 | |
2. Current Assets | ||
(a) Inventories | 18,20,000 | |
(b) Trade receivables | 24,80,000 | |
(c) Cash and Cash Equivalents | 80,000 | |
Total | 80,00,000 |
Particulars | 2016 Amt (Rs.) | 2017 Amt (Rs.) |
Revenue from Operations | 10,00,000 | 12,50,000 |
Depreciation and Amortisation | 20,000 | 30,000 |
Changes in Inventories of Stock-in-trade | 30,000 | 50,000 |
Other Expenses | 30,000 | 50,000 |
Purchases of Stock-in-trade | 7,20,000 | 8,70,000 |
Tax | 50,000 | 50,000 |
Particulars | Note No. | 31st March, 2017 Amt (Rs.) | 31st March, 2016 Amt (Rs.) | |
I. | EQUITY AND LIABILITIES | |||
1. Shareholders? Funds | ||||
(a) Share Capital | 1 | 1,87,500 | 1,87,500 | |
(b) Reserves and Surplus | 2 | 77,500 | (5,000) | |
2. Non-current Liabilities (8% Debentures) | 65,000 | 37,500 | ||
3. Current Liabilities | ||||
(a) Short-term Borrowings | 10,000 | 12,500 | ||
(b) Trade Payables | 30,000 | 27,500 | ||
(c) Short-term Provisions | 12,500 | 10,000 | ||
Total | 3,82,500 | 270,000 | ||
II. | ASSETS | |||
1. Non-current Assets | ||||
(a) Tangible Fixed Assets (Net) | 2,15,000 | 1,55,000 | ||
(b) Intangible Assets | 2,15,000 | 1,55,000 | ||
(c) Non-current Investments | 31,250 | 20,000 | ||
2. Current Assets | ||||
(a) Current Investments | 1,250 | 3,750 | ||
(b) Inventories | 48,750 | 25,000 | ||
(c) Trade Receivables | 50,000 | 50,000 | ||
(d) Cash and Cash Equivalents | 32,500 | 6,250 | ||
Total | 3,82,500 | 2,70,000 |
Particulars | 2017 (Rs.) | 2016 (Rs.) | |
1. | Share Capital | ||
Equity Share Capital | 1,37,500 | 1,12,500 | |
5% Preference Share Capital | 50,000 | 75,000 | |
2. | Reserves and Surplus | ||
General Reserve | 37,500 | 30,000 | |
Statement of Profit and Loss | 37,500 | (35,000) | |
Securities Premium Reserve | 2,500 | - | |
3. | Short-term Borrowings | ||
8% Bank Loan | 10,000 | 12,500 | |
4. | Short-term Provisions | ||
Provision for Tax | 12,500 | 10,000 | |
5. | Intangible Assets | ||
Goodwill | 3.750 | 10.000 |
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