Debit Balances Amount (Rs.) Credit Balances Amount (Rs.)
Inventories (1-4-2019) 7,50,000 Purchases Returns 1,00,000
Purchases 24,50,000 Sales 34,00,000
Wages 3,00,000 Discount Received 30,000
Carriage 10,000 Surplus Account (1-4-2019) 1,50,000
Furniture 1,70,000 Share Capital (Rs. 10 each) 10,00,000
Salaries 75,000 Creditors 1,75,000
Rent 40,000 General Reserve 1,55,000
General Expense 70,000 Bills Payable 70,000
Debtors 3,75,000
Computers 2,90,000
Cash and Bank Balance 3,62,000
Patents 48,000
Bills Receivable 50,000
Dividend Paid (2018-19)
including Corporate Dividend
Tax
90,000
Total 50,80,000 Total 50,80,000
Additional Information:
(i) Inventories on March 31, 2020 were Rs. 8,80,000. (ii) Provide for income tax @ 40%. (iii)
Depreciate computers at 15%, furniture at 10% and patents at 5%. (iv) Outstanding rent amounts
to Rs. 10,000 and outstanding salaries Rs. 10,000. (v) Provide Rs. 2,100 for doubtful debts. (vi)
The directors proposed a dividend @15% for the year ended March 31, 2020 after 5% transfer of
profits to general reserve. (vii) Provide for corporate dividend tax at 20.36% (viii) A claim of Rs.
10,000 for workmen’s compensation is being disputed by the company.
Prepare profit and loss statement for the year ended March 31, 2020 and balance sheet as on that
date as per Schedule III of Companies Act 2013.
4. A Ltd. agreed to acquire the business of B Ltd. as on March 31, 2020. The Balance Sheet
of B Ltd. as on that date was as under:
EQUITY AND LIABILITIES Rs.
Authorized, Issued and Subscribed Capital
80,000; 12% Preference Shares of Rs. 10 each fully paid up
1,60,000 Equity Shares of Rs. 10 each fully paid up
General Reserve
Profit and Loss Account
11% Debentures
Sundry Creditors
Total
8,00,000
16,00,000
1,60,000
2,40,000
8,00,000
12,00,000
48,00,000
ASSETS Rs.
Land and Buildings 16,00,000
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Answer:
debit balance amount get maximum and innovation 70808 80006 3 lacs 160000 240000 800000/12 lakh forty eight legs is rupees land building 16 lacs buy equity shares of rupees each fully paid up general reserve profit and loss accounts 11% debentures and its total is a falling amount please mark me as a brainliest
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