QI. The following is the trial balance of Alliance Pvt. Ltd. as at 31" March 2020: Amount Amount Particulars Opening stock 10 % Government Bonds (Purchased on 1.4.2017) (Rs.) Particulars (Rs.) 41,000 Purchase returns 6,000 Share Capital (Authorised: 1,00,000 1,00,000 shares of Rs. 10 ecach) 6,00,000 Building (addition in mid-year of Rs. 2,00,000) 12% Debentures (Issued on 8,50,000 1.10.2019) 3,00,000 Purchases 2,20,000 Sales 4,44,100 Productive Wages Repairs & Maintenance expense 30,000 Provision for bad debt 7,000 30,000 Debtors 70,000 Bad debts 9,000 Carriage Inward 1,100 Interest on Government Bond accrued 6,000 Total 13.57.100 Total 13,57,100 The following is the additional information available: 1) The physical stock in our godown on 31.3.2020 is Rs. 50,000. 2) On 1.3.2020, goods costing Rs. 80,000 were sent to Mr. Bramha at 20% profit on sales on approval basis. The transaction was recorded as a part of sales on 1.3.2020. Out of the total goods, Mr. Bramha has approved only 50% by 31.3.2020. The remaining goods will be returned back to Alliance Pvt Ltd. 3) It was decided to transfer 25% of the current year profit to general reserve. 4) Depreciate Fixoed Assets @ 10% p.a. 5) Create Provision for bad debt @ 10% on debtors. 6) Provide for Income tax @ 30%. Prepare Balance Sheet and Statement of Profit and Loss for Alliance Pvt. Ltd. for the year ended 31.3.2020 and also relevant notes to accounts as per Schedule III of Companies Act 2013.
QI. The following is the trial balance of Alliance Pvt. Ltd. as at 31" March 2020: Amount Amount Particulars Opening stock 10 % Government Bonds (Purchased on 1.4.2017) (Rs.) Particulars (Rs.) 41,000 Purchase returns 6,000 Share Capital (Authorised: 1,00,000 1,00,000 shares of Rs. 10 ecach) 6,00,000 Building (addition in mid-year of Rs. 2,00,000) 12% Debentures (Issued on 8,50,000 1.10.2019) 3,00,000 Purchases 2,20,000 Sales 4,44,100 Productive Wages Repairs & Maintenance expense 30,000 Provision for bad debt 7,000 30,000 Debtors 70,000 Bad debts 9,000 Carriage Inward 1,100 Interest on Government Bond accrued 6,000 Total 13.57.100 Total 13,57,100 The following is the additional information available: 1) The physical stock in our godown on 31.3.2020 is Rs. 50,000. 2) On 1.3.2020, goods costing Rs. 80,000 were sent to Mr. Bramha at 20% profit on sales on approval basis. The transaction was recorded as a part of sales on 1.3.2020. Out of the total goods, Mr. Bramha has approved only 50% by 31.3.2020. The remaining goods will be returned back to Alliance Pvt Ltd. 3) It was decided to transfer 25% of the current year profit to general reserve. 4) Depreciate Fixoed Assets @ 10% p.a. 5) Create Provision for bad debt @ 10% on debtors. 6) Provide for Income tax @ 30%. Prepare Balance Sheet and Statement of Profit and Loss for Alliance Pvt. Ltd. for the year ended 31.3.2020 and also relevant notes to accounts as per Schedule III of Companies Act 2013.
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Transcribed Image Text:Q1.
The following is the trial balance of Alliance Pvt. Ltd, as at 31" March 2020:
Amount
Amount
Particulars
(Rs.)
Particulars
(Rs.)
Opening stock
41,000 Purchase returns
6,000
10 % Government Bonds (Purchased
on 1.4.2017)
Share Capital (Authorised:
1,00,000 1,00,000 shares of Rs. 10 cach)
6,00,000
12% Debentures (Issued on
Building (addition in mid-year of Rs.
2,00,000)
8,50,000 1.10.2019)
3,00,000
Purchases
2,20,000 Sales
4,44,100
Productive Wages
30,000 Provision for bad debt
7,000
Repairs & Maintenance expense
30,000
Debtors
70,000
Bad debts
9,000
Carriage Inward
Interest on Government Bond
accrued
1,100
6,000
Total
13,57,100
Total
13,57,100
The following is the additional information available:
1) The physical stock in our godown on 31.3.2020 is Rs. 50,000.
2) On 1.3.2020, goods costing Rs. 80,000 were sent to Mr. Bramha at 20% profit on sales on
approval basis. The transaction was recorded as a part of sales on 1.3.2020. Out of the total
goods, Mr. Bramha has approved only 50% by 31.3.2020. The remaining goods will be
returned back to Alliance Pvt Ltd.
3) It was decided to transfer 25% of the current year profit to general reserve.
4) Depreciate Fixed Assets @ 10% p.a.
5) Create Provision for bad debt @ 10% on debtors.
6) Provide for Income tax @ 30%.
Prepare Balance Sheet and Statement of Profit and Loss for Alliance Pvt. Ltd. for the year ended
31.3.2020 and also relevant notes to accounts as per Schedule III of Companies Act 2013.
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