The following balances are extracted from the books of Banshi Lal Power Cables Ltd. (a) Authorized Capital
Question:
The following balances are extracted from the books of Banshi Lal Power Cables Ltd.
(a) Authorized Capital ₹1 crore divided into Equity Shares of ₹2 each.
(b) Issued and fully paid up 2 lakh equity shares of ₹2 each (including 25,000 equity shares issued during the year).
(c) Fixed Assets: Expenditure up to 1 January, 2016 (i) Land and Buildings ₹20 lakh; (b) Machinery ₹10 lakh
(d) Additions during the year—Machinery ₹5.5 lakh
(e) Depreciation: (i) Machinery ₹2 lakh, and b) Buildings ₹2 lakh.
(f) 12 per cent Debentures ₹10 lakh secured by a charge on fixed assets.
(g) A/c payables ₹2 lakh; Reserve Fund ₹5 lakh; Investments at cost ₹5 lakh; (Market Value ₹5,25,000).
(h) Inventory ₹3 lakh; A/c Receivables ₹5 lakh; Cash at Bank ₹4 lakh; Cash on Hand ₹1 lakh.
You are instructed to prepare the Balance Sheet as on 31 December, 2016 according to Schedule III to the Companies Act, 2013.
Based on the above information, you are required to complete the following balance sheet.
Fill the blank portions:
Step by Step Answer:
Financial Accounting For Management
ISBN: 9789385965661
4th Edition
Authors: Neelakantan Ramachandran, Ram Kumar Kakani