Question

Assignment VI (Financial Statement of Company according to Company Act 2013 schedule III)
You are required to prepare the Statement of Profit & Loss for the year ended 31.03.2015 and the Balance Sheet as on that date after considering the following:
(a) Unsold stock on 31.03.2015 is valued at: 19,000.
(b) Depreciation is to be charged @ 10% on original cost on all fixed assets.
(c) 1/9 th of copyright is to be amortised
(d) Income tax to be provided @ 30%
(e) Dividend to be proposed @ 10% and the rate of Dividend Distribution tax is 10%. (f) 5% of profit is to be transferred to Reserve.
(g) Rent outstanding 1,000
(h) Income tax for the year 2015-16 is assessed at 4,200.

Answer 1

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