Question 26:
Prepare Balance Sheet of HP Ltd. as at 31st March, 2022 from the following information:
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` |
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Equity
Share Capital |
20,00,000 |
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Surplus,
i.e., Balance in Statement of Profit and Loss (Cr.) |
3,00,000 |
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12%
Preference Share Capital |
10,00,000 |
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Stock |
6,00,000 |
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Fixed
Assets (At cost) |
46,60,000 |
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Sundry
Debtors |
8,00,000 |
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Accumulated
Depreciation |
16,60,000 |
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Cash |
1,50,000 |
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Investments |
4,00,000 |
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Loans
and Advances |
50,000 |
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Current
Liabilities |
8,00,000 |
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Provision
for Taxation |
2,00,000 |
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12%
Debentures |
6,00,000 |
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Workmen
Compensation Reserve |
1,00,000 |
Answer:
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Balance Sheet of HP Ltd. as at March 31, 2022 |
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Particulars |
Note No. |
( `) |
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I. Equity and Liabilities |
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1. Shareholders’ Funds |
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a. Share Capital |
1 |
30,00,000 |
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b. Reserves and Surplus |
2 |
4,00,000 |
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2. Non-Current Liabilities |
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a. Long-term Borrowings |
3 |
6,00,000 |
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3. Current Liabilities |
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a. Other Current Liabilities |
4 |
8,00,000 |
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b. Short-term Provisions |
5 |
2,00,000 |
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Total |
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50,00,000 |
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II Assets |
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1. Non-Current Assets |
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a. Fixed Assets |
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i) Tangible Assets |
6 |
30,00,000 |
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b. Non-Current Investments |
7 |
4,00,000 |
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2. Current Assets |
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a. Inventories |
8 |
6,00,000 |
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b. Trade Receivables |
9 |
8,00,000 |
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c. Cash and Cash Equivalents |
10 |
1,50,000 |
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d. Short-term Loans and Advances |
11 |
50,000 |
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Total |
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50,00,000 |
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NOTES TO ACCOUNTS |
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Note No. |
Particulars |
Amount ( `) |
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1 |
Share Capital |
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Equity Share Capital |
20,00,000 |
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12% Preference Share Capital |
10,00,000 |
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30,00,000 |
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2 |
Reserves and Surplus |
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Workmen Compensation Reserve |
1,00,000 |
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Balance in Statement of Profit and Loss (Credit) |
3,00,000 |
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4,00,000 |
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3 |
Long-term Borrowings |
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12% Debentures |
6,00,000 |
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4 |
Other Current Liabilities |
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Current Liabilities |
8,00,000 |
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5 |
Short-term Provisions |
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Provision for Taxation |
2,00,000 |
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6 |
Tangible Assets |
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Fixed Assets (Cost) |
46,60,000 |
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Depreciation |
(16,60,000) |
30,00,000 |
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7 |
Non-Current Investments |
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Investments |
4,00,000 |
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8 |
Inventories |
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Stock |
6,00,000 |
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9 |
Trade Receivables |
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Sundry Debtors |
8,00,000 |
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10 |
Cash and Cash Equivalents |
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Cash |
1,50,000 |
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11 |
Short-term Loans and Advances |
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Loans and Advances |
50,000 |
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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:
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ITEMS |
HEAD |
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Sales |
Revenue
from Operations |
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Revenue
from services rendered |
Revenue
from Operations |
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Sale
of scrap |
Revenue
from Operations |
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Interest
earned or Loans |
Other
Income |
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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:
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Cost
of material consumed |
= |
Opening Inventory of Materials +
Purchase of Materials |
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-
Closing Inventory of
Materials |
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= |
5,00,000+25,00,000-400,000 |
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= |
26,00,000 |
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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:
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Cost
of material consumed |
= |
Opening Inventory of Materials +
Purchase of Materials |
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-
Closing Inventory of
Materials |
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= |
3,50,000+17,50,000-3,25,000 |
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= |
17,75,000 |
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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:
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Particulars |
Opening Inventory ( `) |
Closing inventory( `) |
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Finished
Goods |
5,00,000 |
5,50,000 |
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Work-in-Progress |
4,50,000 |
4,25,000 |
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Stock-in-Trade |
6,50,000 |
6,00,000 |
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Answer:
NOTES
TO ACCOUNTS
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Note No. |
Particulars |
( `) |
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Change in Inventories of Finished Goods, WIP and
Stock-in-Trade |
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(a) |
Finished Goods |
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Opening Inventory |
5,00,000 |
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Less: Closing Inventory |
5,50,000 |
(50,000) |
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(50,000) |
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(b) |
Work-in-Progress |
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Opening Inventory |
4,50,000 |
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Less: Closing Inventory |
4,25,000 |
25,000 |
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25,000 |
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(c) |
Stock-in-Trade |
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Opening Inventory |
6,50,000 |
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Less: Closing Inventory |
6,00,000 |
50,000 |
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50,000 |
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Net Change (a+b+c) |
25,000 |
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` 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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Ts Grewal Solution 2022-2023
Class 12 / Volume – 3
Chapter 1 – Financial Statement of a Company
Question No. 1 To 5
Question No. 6 To 10
Question No. 11 To 15
Question No. 16 To 20
Question No. 21 To 25
Question No. 26 To 30
Question No. 31 To 33
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12th TS Grewal’s Accountancy Solutions