Question

48. Following balances are extracted from books of Star Ltd. Prepare Final accounts of the company
as per schedule - Ill of Companies Act, 2013
Balances
Amount (Rs.)
Interest due but not received
20,000
Office and sales expenses
40,000
Sales
16,00,000
Salary
30,000
Wages
40,000
Purchase
7,10,000
Franchise
10,00,000
Preference Share Capital
10,00,000
Bank overdraft
34,000
Cash credit
50,000
Workers accident compensation fund
20,000
Prepaid expenses
20,000
Unclaimed dividend
4,00,000
Advances to suppliers
2,30,000
Public deposit
1,30,000
Shares of X company (for 3 years)
5,00,000
Custom deposit
2,25,000
Creditors
20,000
Proposed dividend
60,000
Opening stock
60,000
Calls-in-arrears
20,000
Profit on sale of investments
26,000
Sale of scrap
70,000
Debtors
23,000
Interest on Public Deposit
40,000
Advertisement Campaign expenses written off
1,00,000
Fixed deposit with bank
1,00,000
Premium on Redemption of Preference Shares
2,00,000
Forfeited Shares account
50,000
Capital Reserve
1,00,000
Tools & Equipments
5,00,000
Provident Fund
2,00,000
P.F. Investments
1,50,000
Loose tools
50,000
Interest on Bank O D.
1,000
Plant-Machinery
6,00,000
Depreciation
30,000
Advertisement Campaign expenditure(to be w/o. in 5 years)
5,00,000
Cash on hand
2.000
Units of Mutual fund (for 6 months)
10.000
7% Debentures
10,41,000
Other information :
1) Closing stock is Rs.50,000.
ii) Make Provision for tax at 50% of net profit.​

Answer 1

Answer:

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Explanation:

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