Based upon the trial balance given in Problem 3 of Chapter 5 (profit and loss statement) prepare

Question:

Based upon the trial balance given in Problem 3 of Chapter 5 (profit and loss statement) prepare the balance sheet of Shivam Industries Limited as on 31st March 2017.


Problem 3

Based upon the given Trial Balance and the additional information, prepare the statement of profit and loss of Shivam Industries Limited for the year ended 31st March 2017:


Trial Balance of Shivam Industries Limited as on 31st March 2017

Particulars Share capital (1,20,000 equity shares of 10 each) General reserve Calls in arrear (20,000 shares

Provision for depreciation (1.4.2016) Machinery Building Motor vehicles Furniture Advance income tax


Additional Information

1. Stock in hand on 31st March 2017 

₹ 297,360 

2. Provide depreciation on the fixed assets at original cost at the following

Plant and machinery Motor vehicles Furniture Buildings 10% 20% 10% 2%

3. Interest accrued on investments 

₹ 5,500 

4. Provision for doubtful debts to be made 2% 

5. Provision for tax for the current year to be made 

₹ 120,000 

6. Salary for the month of March 2017 is outstanding 

₹ 4,800 

7. General expenses include insurance paid amounting to ₹ 8,000 for the period from 1st January 2017 to 31st December 2017.

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