Question

Balance Sheet of XYZ Ltd as on 31‐Mar‐2015 and 31‐Mar‐2016 31.03.1531.03.16 31.03.1531.03.16LiabilitiesRs in 000Rs in 000AssetsRs in 000Rs in 000Share Capital14401920Fixed Assets38404560Capital Reserve 48Less: Depreciation11041392General Reserve816960 27363168Profit & Loss Account288360Investments4803849% Debenture960672Cash210312Current Liabilities576624Other Current assets (including stock)11341272Proposed Dividend144174Preliminary Expenses9648Provision for Tax432408   Unpaid Dividend 18    46565184 46565184      Additional Information   1. During the year 2015 ‐ 2016, Fixed Assets with a book value of Rs 2,40,000 (accumulated depreciation Rs 84,000) was sold for Rs 1,20,0002. Provided Rs 4,20,000 as depreciation3. Some investments are sold at a profit of Rs 48,000 and the Profit was credited to Capital Reserve4. It was decided that stocks be valued at cost, whereas previously the practice was to value stock at cost less 10 percent. The stock was R

Answer 1

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