Q1) (20 marks) From the following trial balance of Treasure Island Limited, you are required to...

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Q1) (20 marks) From the following trial balance of Treasure Island Limited, you are required to prepare Balance Sheet as on 31.3.2020, Statement of Profit and Loss and also relevant notes to accounts for the year ended 31.3.2020 as per Schedule III of Companies Act 2013. Particulars Land Property Plant and Equipment Trade Receivables Closing Inventory Cash and cash Equivalents Adjusted Purchases Administrative Expenses Advertisement Expenses Miscellaneous Expenses HDFC Loan Interest Interim Dividend Paid Debit (Rs.) 250,000 Credit (Rs.) 760,000 95,000 90,000 70,000 330,000 65,000 50,000 40,000 25,000 25,000 Capital Work in Progress 500,000 Equity Capital (Face Value of Rs. 10 each) 300,000 HDFC Loan 250,000 General Reserve 100,000 Profit & Loss A/c (Opening Balance) 80,000 Securities Premium Sales Trade Payables 42,000 800,000 563,000 Accumulated Depreciation 165,000 2,300,000 2,300,000 Additional Information: (i) The authorised share capital of the company is 50,000 equity shares of Rs. 10 each. (ii) Proposed a final dividend @ 50%. Page 1 of 3 (iii) Depreciation is to be provided on Property Plant and Equipment at 20% on cost. (iv) HDFC Loan was used for Capital Work in Progress. Asset will be taking substantial time to get ready for its intended use (v) Trade receivable outstanding for period exceeding 6 months is Rs. 35000.Create a provision for doubtful debt @ 50% on trade receivable outstanding for more than 6 months and @ 10% on remaining trade receivables. (vi) Create a provision for income tax @ 30%. Q1) (20 marks) From the following trial balance of Treasure Island Limited, you are required to prepare Balance Sheet as on 31.3.2020, Statement of Profit and Loss and also relevant notes to accounts for the year ended 31.3.2020 as per Schedule III of Companies Act 2013. Particulars Land Property Plant and Equipment Trade Receivables Closing Inventory Cash and cash Equivalents Adjusted Purchases Administrative Expenses Advertisement Expenses Miscellaneous Expenses HDFC Loan Interest Interim Dividend Paid Debit (Rs.) 250,000 Credit (Rs.) 760,000 95,000 90,000 70,000 330,000 65,000 50,000 40,000 25,000 25,000 Capital Work in Progress 500,000 Equity Capital (Face Value of Rs. 10 each) 300,000 HDFC Loan 250,000 General Reserve 100,000 Profit & Loss A/c (Opening Balance) 80,000 Securities Premium Sales Trade Payables 42,000 800,000 563,000 Accumulated Depreciation 165,000 2,300,000 2,300,000 Additional Information: (i) The authorised share capital of the company is 50,000 equity shares of Rs. 10 each. (ii) Proposed a final dividend @ 50%. Page 1 of 3 (iii) Depreciation is to be provided on Property Plant and Equipment at 20% on cost. (iv) HDFC Loan was used for Capital Work in Progress. Asset will be taking substantial time to get ready for its intended use (v) Trade receivable outstanding for period exceeding 6 months is Rs. 35000.Create a provision for doubtful debt @ 50% on trade receivable outstanding for more than 6 months and @ 10% on remaining trade receivables. (vi) Create a provision for income tax @ 30%.