Question

3 The Balance sheet of Harsh Ltd. as on 1-4-2019 is
as under :
Rs.
Rs. Assets
Liabilities
Share capital
14,40,000 Fixed Assets
18,00,000
3,60,000 Stock
3,00,000
10% Debentures 4,80,000 Debtors
1,80,000
Creditors
1,20,000 Cash and Bank
1,20,000
24,00,000
24,00,000
Reserves
Other Information :
(1) During the year 2019-20 total purchases, sales and
operating expenses were Rs. 16,20,000, Rs. 24,00,000
and Rs. 2,04,000 respectively.
(2) Debenture interest for the year was paid on 31st March,
2020.
(3) On 31st March, 2020 the balance of stock debtors and
creditors were Rs. 2,40,000, Rs. 2,88,000 and Rs. 1,80,000,
(4) Depreciation on fixed assets is to be provided at 10%
per annum.
(5) Stock is valued as per FIFO method.
(6) General price indices were as follows : 1-4-2019 - 210
and 31-3-2020 - 315, Average - 252.
5
Prepare final accounts for the year 2019-20 under historical
cost method and current purchasing power method.​

Answer 1

Answer:

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Explanation:

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