Question

2. The following balances appear in the books of Bharath Ltd, after the preparation
of Profit and Loss Account for the year ended 31-03-2015.
Paid up share capital (25,000 shares of 10 each)
2,50,000
General Reserve
50,000
Surplus A/c (01.04.2014)
26,000
Profit for current year
64,000
Bank Loan
82,000
Bills payable
16,000
Sundry creditors
88,000
Unclaimed Dividend
1,000
Land and Building
91,000
Plant and Machinery
29,000
Stock
2,90,000
Debtors
1,42,000
Cash at bank
11,000
Prepaid expenses
14,000
The Board of Directors recommended the following appropriations,
a) Transfer to general reserve < 30,000
b) Proposed dividend 25,000
c) Provide 20% of dividend for CDT.
Authorised capital is 50,000 shares of 10 each. Prepare Balance sheet in
accordance with Schedule III of the Companies Act, 2013.
(Balance Sheet Total -5,77,000)
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Answer 1

Answer:

2. A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. ... During the year the firm earned a profit of Rs. 84,000. ... and 50,000 equity shares of Rs. 10 each issued