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12th |  Financial Statement of a Company | Question No.  26 To 30 | Ts Grewal Solution 2022-2023

Question 26:


Prepare Balance Sheet of HP Ltd. as at 31st March, 2022 from the following information:

 

 `

 

 

 `

Equity Share Capital

20,00,000

 

Surplus, i.e., Balance in Statement of Profit and Loss (Cr.)

3,00,000

12% Preference Share Capital

10,00,000

 

Stock

6,00,000

Fixed Assets (At cost)

46,60,000

 

Sundry Debtors

8,00,000

Accumulated Depreciation

16,60,000

 

Cash

1,50,000

Investments

4,00,000

 

Loans and Advances

50,000

Current Liabilities

8,00,000

 

Provision for Taxation

2,00,000

12% Debentures

6,00,000

 

Workmen Compensation Reserve

1,00,000

 

Answer:


Balance Sheet of HP Ltd.

as at March 31, 2022

Particulars

Note No.

 ( `)

I. Equity and Liabilities

 

 

1. Shareholders’ Funds

 

 

a. Share Capital

1

30,00,000

b. Reserves and Surplus

2

4,00,000

2. Non-Current Liabilities

 

 

a. Long-term Borrowings

3

6,00,000

3. Current Liabilities

 

 

a. Other Current Liabilities

4

8,00,000

b. Short-term Provisions

5

2,00,000

Total

 

50,00,000

II Assets

 

 

1. Non-Current Assets

 

 

a. Fixed Assets

 

 

i) Tangible Assets

6

30,00,000

b. Non-Current Investments

7

4,00,000

2. Current Assets

 

 

a. Inventories

8

6,00,000

b. Trade Receivables

9

8,00,000

c. Cash and Cash Equivalents

10

1,50,000

d. Short-term Loans and Advances

11

50,000

Total

 

50,00,000

 

NOTES TO ACCOUNTS

Note No.

Particulars

Amount

( `)

1

Share Capital

 

 

Equity Share Capital

20,00,000

 

12% Preference Share Capital

10,00,000

 

 

30,00,000

2

Reserves and Surplus

 

 

Workmen Compensation Reserve

1,00,000

 

Balance in Statement of Profit and Loss (Credit)

3,00,000

 

 

4,00,000

 

 

 

3

Long-term Borrowings

 

 

12% Debentures

6,00,000

 

 

 

4

Other Current Liabilities

 

 

Current Liabilities

8,00,000

 

 

 

5

Short-term Provisions

 

 

Provision for Taxation

2,00,000

 

 

 

6

Tangible Assets

 

 

Fixed Assets (Cost)

46,60,000

 

 

Depreciation

(16,60,000)

30,00,000

 

 

 

7

Non-Current Investments

 

 

Investments

4,00,000

 

 

 

8

Inventories

 

 

Stock

6,00,000

 

 

 

9

Trade Receivables

 

 

Sundry Debtors

8,00,000

 

 

 

10

Cash and Cash Equivalents

 

 

Cash

1,50,000

 

 

 

11

Short-term Loans and Advances

 

 

Loans and Advances

50,000

 

 

 

 

Question 27:


Under which head following revenue items of a non-financial company will be classified or shown:
(i) Sales; (ii) Revenue from Services Rendered; (iii) Sale of Scrap; (iv) Interest Earned on Loans; and (v) Gain (profit) on Sale of Investments?

 

Answer:


 

ITEMS

HEAD

 Sales

 Revenue from Operations

 Revenue from services rendered

 Revenue from Operations

 Sale of scrap

 Revenue from Operations

 Interest earned or Loans

 Other Income

 Profit on Sale of Investment

 Other Income

 

 

 

Question 28:


Calculate Cost of Materials Consumed from the following:
Opening Inventory of Materials 
`5,00,000; Purchase of Materials  `25,00,000; and Closing Inventory of Materials   `4,00,000.

 

Answer:


 

Cost of material consumed

=

Opening Inventory of Materials + Purchase of Materials 

 

 

-          Closing Inventory of Materials

 

=

5,00,000+25,00,000-400,000

 

=

26,00,000

Cost of material consumed

=

26,00,000

 

Question 29:


Calculate Cost of Materials Consumed from the following:
Opening Inventory of Materials 
`3,50,000; Finished Goods  `75,000; Stock-in-Trade  `2,00,000; Closing Inventory of: Materials  `3,25,000; Finished Goods  `85,000; Stock-in-Trade  `1,50,000; Purchases during the year: Raw Material  `17,50,000; Stock-in-Trade  `9,00,000.

Answer:


Cost of material consumed

=

Opening Inventory of Materials + Purchase of Materials 

 

 

-          Closing Inventory of Materials

 

=

3,50,000+17,50,000-3,25,000

 

=

17,75,000

Cost of material consumed

=

17,75,000

 

Note: Opening Inventory of Finished Goods and Closing Inventory of Finished Goods will not be considered as these are shown under Change in Inventory of Finished Goods. Also, Opening, Closing and Purchases of Stock-in-Trade are not considered as they are not part of cost of materials consumed.

 

Question 30:


From the following information of Hospitality Ltd. for the year ended 31st March, 2018, calculate amount that will be shown in the Note to Accounts on Changes in inventiories of Finished Goods, WIP  and stock-in-Trade:

 

 

 

 

Particulars

Opening Inventory ( `)

Closing inventory( `)

 

Finished Goods

5,00,000

5,50,000

 

Work-in-Progress

4,50,000 

4,25,000

 

Stock-in-Trade

6,50,000

6,00,000

 

 

 

 

 

 

 

 

 

 

 

Answer:


NOTES TO ACCOUNTS

 

 

Note No.

Particulars

 ( `)

 

Change in Inventories of Finished Goods, WIP and Stock-in-Trade

 

(a)

Finished Goods

 

 

Opening Inventory

5,00,000

 

 

  Less: Closing Inventory

5,50,000

(50,000)

 

 

(50,000)

(b)

Work-in-Progress

 

 

Opening Inventory

4,50,000

 

 

  Less: Closing Inventory

4,25,000

25,000

 

 

25,000

(c)

Stock-in-Trade

 

 

Opening Inventory

6,50,000

 

 

  Less: Closing Inventory

6,00,000

50,000

 

 

50,000

 

Net Change (a+b+c)

25,000


 ` 25,000 will be shown in the Statement of Profit and Loss against the Change in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade.

 

 

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