The following are the balances of Suhani Ltd. as on 31 March, 2020.
Credit Balance Rs. Debit Balance Rs.
Equity Share Capital 5,00,000 Building 3,50,000
5% Debentures 1,25,000 Plant & Machinery 1,25,000
Bank overdraft 60,000 Stock 1,50,000
Creditors 40,000 Debtors 1,00,000
Sales 9,25,000 Goodwill 65,000
Discount 11,500 Cash & Bank 65,000
Return outward 500 Discount 7,500
Fuel 12,850
Purchases 3,04,500
Carriage Inward 5,875
Wages 2,76,000
General Expenses 87,000
Short term Investment 75,000
Loose Tools 30,000
Bad Debts 5,150
Debenture Interest Paid 3,125
16,62,000 16,62,000
Additional Information:
i. The authorized capital of the company is Rs. 10,00,000
ii. Depreciate plant & machinery by 20% and revalue loose tools at 20,500.
iii. Half year’s Debenture interest is due.
iv. Create 5% provision for doubtful debts.
v. Make a provision for income tax @ 40%.
vi. Stock on 31 March, 2020 was Rs. 1,75,000.
vii. A claim of Rs. 25,000 for workmen compensation is being disputed by the company.i. The Board declared a dividend of 15% on paid up capital.
ix. Transfer to general reserve 10% of current year profits.
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