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Question No 18 Chapter 4 – UNIMAX Class 12 Part 2 – 2021
From the following particulars furnished by ABC Ltd., prepares the balance sheet as at 31st March, 2022 as required by Part 1 Schedule 3 of the Companies Act, 2013. Give necessary notes at the foot of balance sheet.
| Particulars | Debit ₹ | Credit ₹ |
| Equity share capital (face value of ₹ 100 each) | 10,00,000 | |
| Land and Building | 5,50,000 | |
| Plant and Machinery | 5,25,000 | |
| Furniture | 50,00 | |
| General reserve | 2,10,000 | |
| Loan form state financial corporation | 1,50,000 | |
| Calls in arrears | 1,000 | |
| Stock in Raw Materials | 50,00 | |
| Stock of finished goods | 2,00,000 | |
| Provision for taxation | 68,000 | |
| Sundry debtors | 2,00,000 | |
| Proposed | ||
| Dividend | 60,000 | |
| Profit and Loss account | 1,00,000 | |
| Cash in hand | 30,000 | |
| Cash at bank | 2,47,000 | |
| Preliminary expenses | 13,300 | |
| Unsecured Loans | 1,21,000 | |
| Sundry creditors | 2,00,000 | |
| Advance | 42,700 | |
| Total | 19,09,000 | 19,09,000 |
Additional information:
(1) Miscellaneous expenses included ₹ 5,000 audit fee and ₹ 700 for out of pocket expenses paid to the auditors.
(2) 2,000 equity shares were issued for consideration other than cash.
(3) Debtors of ₹ 52,000 are due for more than six months.
(4) The cost of assets : land and Building ₹ 4,00,000, Plant and Machinery ₹ 7,00,000, Furniture ₹ 63,500.
(5) The balance of ₹ 1,50,000 in the loan account with state Financial corporation is inclusive of ₹ 7,500 for interest accrued but not due. The loan is secured by hypothecation of plant and machinery.
(6) Balance at bank includes ₹ 2,000 with perfect bank Ltd., which is not a scheduled bank.
(7) Bill Receivable for ₹ 2,75,000 maturing on 30th June, 2021 have been discounted.
(8) The company had contract for the erection of Machinery at ₹ 1,50,000 which is still incomplete.
The solution of Question No 18 Chapter 4 – UNIMAX Class 12 Part 2 – 2021: –
Balance sheet of ABC Ltd. As At 31st March 2022
| Particulars | Note | Amount ₹ | |
| Equity and Liabilities | |||
| Share capital | |||
| 10,000 equity shares of 100 | 10,00,000 | ||
| – Calls in arrears | (1,000) | 9,99,000 | |
| Reserve and Surplus | |||
| Gen. reserve | 2,10,000 | ||
| Profit & Loss (cr. balance) | 1,00,000 | ||
| – Preliminary exp. | (13,300) | 2,96,700 | |
| Non-Current Liabilities | |||
| Long term borrowing | |||
| Loan for state financial corporation | 1,42,500 | ||
| Insecured loan | 12,10,000 | ||
| Current Liabilities | |||
| Trade payable – creditors | 2,00,000 | ||
| Short term provisions | |||
| Taxation | 68,000 | ||
| Dividend | 60,000 | ||
| Other current liabilities – o/s interest | 7,500 | ||
| 18,94,700 | |||
| Assets | |||
| Non-Current Assets | |||
| Fixed Assets | |||
| Non-current investment | 1 | 11,25,000 | |
| Current Assets | Nil | ||
| R. Material | 50,000 | ||
| Finished stock | 2,00,000 | 2,50,000 | |
| Trade Receivable | |||
| Debtors | 2,00,000 | ||
| Cash and cash equivalent | |||
| Cash on hand | 30,000 | ||
| Cash at bank | 2,47,000 | 2,77,000 | |
| Short term loan and advance | 42,700 | ||
| 18,94,700 |
Note :1
Fixed Assets
| Particulars | Details | Amount ₹ |
| Land | 4,00,000 | |
| Addition | 1,50,000 | |
| 5,50,000 | ||
| Plant | 7,00,000 | |
| -Dep. | 1,75,00 | 5,25,000 |
| Furniture | 63,500 | |
| -Dep. | 13,500 | 50,000 |
| 11,25,000 |
End of Solution
Check Out the Solution of all questions for this chapter:
The solution to all questions of Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only) Class 12 Unimax is shown as follows, click on the image of the question to get the solution.
Question No 02 Chapter 4 – UNIMAX Class 12 Part 2 – 2021
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Question No 14 Chapter 4 – UNIMAX Class 12 Part 2 – 2021
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Check out all books for PSEB
1. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 1 Class 12 by Unimax
UnimaxSolutions.in offers a comprehensive solution for students studying Advanced Accountancy Part 1 in Class 12. With their meticulously curated study material, students can access comprehensive solutions to all the questions in each chapter. By selecting the chapter name from the study material, students can easily navigate through the topics and find detailed explanations and step-by-step solutions to the problems presented in that section. Whether it’s understanding complex accounting concepts, mastering calculation techniques, or analyzing financial statements, Unimax provides a valuable resource to aid students in their learning journey. With these comprehensive solutions at their disposal, students can enhance their understanding, clarify doubts, and improve their problem-solving skills in Advanced Accountancy, ensuring they are well-prepared for their Class 12 examinations.
- Chapter No. 1 – Accounts of Non-Profit Organisations
- Chapter No. 2 – Partnership Accounts – I (Basic Concepts)
- Chapter No. 3 – Partnership Accounts – II (Goodwill)
- Chapter No. 4 – Partnership Accounts – III (Change in Profit Sharing Ratio among Existing Partners)
- Chapter No. 5 – Partnership Accounts – IV (Admission of A Partner)
- Chapter No. 6 – Partnership Accounts – V (Retirement and Death of A Partner)
- Chapter No. 7 – Partnership Accounts – VI (Dissolution of Partnership Firm)
2. Comprehensive Solutions for All Chapters of Advanced Accountancy Part 2 Class 12 by Unimax
UnimaxSolutions.in presents an exceptional resource for students studying Advanced Accountancy Part 2 in Class 12. With their comprehensive study material, students can conveniently access extensive solutions to all the questions in each chapter. By simply selecting the desired chapter from the study material, students can effortlessly navigate through the topics and gain access to detailed explanations and step-by-step solutions to every problem presented in that particular section. Whether it involves understanding intricate accounting principles, honing calculation techniques, or analyzing complex financial statements, Unimax provides a valuable tool to support students in their learning journey. Equipped with these comprehensive solutions, students can enhance their comprehension, resolve any uncertainties, and strengthen their problem-solving abilities in Advanced Accountancy, empowering them to excel in their Class 12 examinations with confidence.
- Chapter No. 1 – Company Accounts (Share Capital)
- Chapter No. 2 – Issue of Debentures
- Chapter No. 3 – Redemption of Debentures
- Chapter No. 4 – Financial Statements of a Company (Balance Sheet Only)
- Chapter No. 5 -Financial Statement Analysis
- Chapter No. 6 – Tools/Methods of Financial Analysis
- Chapter No. 7 – Ratio Analysis
- Chapter No. 8 – Cash Flow Statement
Punjab School Education Board (PSEB) Solutions of Usha Publication.
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