The summarised balance sheets of XYZ Ltd., as at 31st Dec., 2007 and 31st Dec., 2008 are
Question:
The summarised balance sheets of XYZ Ltd., as at 31st Dec., 2007 and 31st Dec., 2008 are given below:
31st Dec. 31st Dec. 31st Dec. 31st Dec.
Liabilities 2008 2007 Assets 2008 2007 Rs. Rs. Rs. Rs.
Share Capital 4,50,000 4,50,000 Fixed Assets 4,00,000 3,20,000 General Reserve 3,00,000 3,10,000 Investments 50,000 60,000 Profit & Loss A/e 56,000 68,000 Stock 2,40,000 2,10,000 Creditors 1,68,000 1,34,000 Debtors 2,10,000 4,55,000 Provision for Taxation 75,000 10,000 Bank 1,49,000 1,97,000 Mortgage Loan — 2,70,000 ________ ________ 10,49,000 12,42,000 10,49,000 12,42,000
(i) Investment costing Rs. 8,000 were sold during the years 2008 for Rs. 8,500;
(ii) Provision for tax made during the year was Rs. 9,000;
(iii) During the year part of the fixed assets costing Rs. 10,000 were sold for Rs. 12,000 and the profit was included in profit and lots account; and
(iv) Dividend paid during the year amounted to Rs. 40,000.
You are required to prepare a Statement of Sources and Uses of Funds.
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Zero To Mastery In Accounting Become A High Level Accounting Manager
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1st Edition
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