Question

The trainee accountant of John Smith and company Ltd, who gained a little knowledge of accounts, has
drafted the following Balance sheet:
Balance sheet for the year ended 314 March 2015
Amount
Assets
Land and building LA
PD. Fixed deposit accepted AL
Furniture
GoodwillA
Inventories A
Creditors
Machinery
Cash A
Bills payable
Bank
General reserve
Calls in arrearſ on 1000
shares)
Securities premium
Amount
Liabilities
1,09,500 Capital- 18,000 Equity shares
15,000 of Rs.10 each as fully called up
30,000 Preliminary expenses L
10,000 10% debentures L
24,000 Provision for tax-
9,000 Discount on issue of shares
25,000 Statement of profit and loss L
38,000 (Cr)
7,000 Investment in Zee Ltd. A
72,000 Bills receivable A
12,000 Proposed dividends.CL
2,000 Debtors A
10,000 Unclaimed dividends
Authorised capital-20,000
equity shares of Rs. 10 each
Share forfeiture
1,80,000
12,000
35,000
22,000
10,000
48,000
15,000
7,000
14,000
9,000
11,000
500
You are required to redraft the balance sheet as per schedule III part I of the Companies Act 2013.
Note to
(C.​