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Practical Problems

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Anirban Biswas
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11 views

Practical Problems

Uploaded by

Anirban Biswas
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Question – 1

Show the following items in the balance sheet of Amba Ltd. as on March
31, 2017: Rs.
8% Debentures 10,00,000
Equity share capital 50,00,000
Securities premium 20,000
Preliminary expenses 40,000
Statement of Profit & Loss (cr.) 1,50,000
Loose tools 20,000
Bank balance 60,000
Cash in hand 38,000

Question – 2
From the given particulars of Shine and Bright Co. Ltd., as at March 31,
2017, prepare balance sheet in accordance to the Schedule III:

Particulars Amount Particulars Amount


(Rs.) (Rs.)
Preliminary expenses 2,40,000 Goodwill 30,000
10% Debentures 2,00,000 Loose Tools 12,000
Stock in trade 1,40,000 Motor vehicles 4,75,000
Cash at bank 1,35,000 Provision for tax 16,000
Bills receivables 1,20,000

Question – 3
From the following particulars, prepare Statement of profit and loss for the
year ending March 2017, showing profit before tax as per schedule III of
the companies Act – 2013.
Balances (Rs.) (Rs.)
Plant and Machinery 1,60,000
Land 6,74,000
Depreciation on Plant and Machinery 16,000
Purchases (Adjusted) 4,00,000
Closing stock 1,50,000
Wages 1,20,000
Sales (Net) 10,00,000
Salaries 80,000
Bank overdraft 2,00,000
10% debentures (issued on 1st April, 2016) 1,00,000
Equity share capital – shares of Rs. 100 each (fully paid) 2,00,000
Preference share capital – 1,000; 6% shares of Rs. 100 1,00,000
each (fully paid)

Question – 4
Following is a Trial Balance of Amit Pvt. Ltd. as of 31st March,2023.
Prepare a Statement of Profit and Loss after making the necessary
adjustments given:
Adjustments:
1. Closing Inventory valued at ₹80,000.
2. Provide 5% on Trade Receivables for doubtful debts and also provide for
2% for discount on Trade Receivables and Trade Payables.
3. One month rent @ ₹3,600 p.a was due on 31st March, 2023.
4. Insurance was paid on 1st October, 2022 to run for one year ₹4,000.
5. Write off 1/3rd of Share Issue Expense.

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