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Question
Prepare the balance sheet of Jyoti Ltd. as at March 31, 2017 from the following information:
Building Rs. 10,00,000; Investments in the shares of Metro Tyers Rs. 3,00,000; Stores & Spares Rs. 1,00,000; Discount on issue of 10% debentures Rs. 10,000; Statement of Profit and Loss (Dr.) Rs. 90,000; 5,00,000 Equity Shares of Rs. 20 each fully paid-up; Capital Redemption Reserve Rs. 1,00,000; 10% Debentures Rs. 3,00,000; Unpaid dividends Rs. 90,000; Share options outstanding account Rs. 10,000.
Solution
Balance Sheet
as at March 31, 2017
|
Particulars |
Note No. |
Amount (Rs) |
|
I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
a. Share Capital |
1 |
10,00,000 |
|
b. Reserves and Surplus |
2 |
10,000 |
|
2. Non-Current Liabilities |
|
|
|
3 |
3,00,000 |
|
3. Current Liabilities |
|
|
|
4 |
1,00,000 |
|
Total |
|
14,10,000 |
|
II Assets |
|
|
|
1. Non-Current Assets |
|
|
| a. Fixed Assets |
|
|
| i. Tangible Assets |
5 |
10,00,000 |
| b. Non-Current Investments |
6 |
3,00,000 |
|
2. Current Assets |
|
|
| a. Inventories |
7 |
1,00,000 |
| b. Other Current Assets |
8 |
10,000 |
|
Total |
|
14,10,000 |
Notes to Accounts
|
Particulars |
Amount (Rs) |
||
|
1.Share Capital |
|
||
|
Equity Share Capital (50,000* shares of Rs 20 each) |
10,00,000 |
||
|
2.Reserve and surplus |
|
||
|
Capital Redemption Reserve |
1,00,000 |
|
|
|
Less: Statement of Profit or Loss (Debit) |
90,000 |
10,000 |
|
|
|
10,000 |
||
|
3. Long-term Borrowings |
|
||
|
10% Debentures |
3,00,000 |
||
|
4. Other Current Liabilities |
|
||
|
Unpaid Dividend |
90,000 |
|
|
|
Share Option Outstanding |
10,000 |
1,00,000 |
|
|
|
1,00,000 |
||
|
5. Tangible Assets |
|
||
|
Building |
10,00,000 |
||
|
6. Non-Current Investments |
|
||
|
Shares of Metro Tyres |
3,00,000 |
||
|
7. Inventory |
|
||
|
Stores and Spares |
1,00,000 |
||
|
8. Other Current Assets |
|
||
|
Discount on Issue of 10% Debentures |
10,000 |
||
*Note: There is a misprint in the book. The number of equity shares issued must be 50,000 so that both the sides of the Balance Sheet stand equal.
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