Assets 1,20,000 PROBLEM 9. Exe Limited is a dealer in automobile components. While preparing the the records were missing. However, the accountant was able to gather the following data : financial statements for the year ended 31-3-2010, it was discovered that a substantial portion of Liabilities Authorised, Subscribed and Paid-up Land Share Capital (20,000 equity Plant and Machinery shares of 10 each) ? 2,00,000 At cost Reserves and Surplus Less : Depreciation Balance on 1-4-2009 60,000 Add : Transfer during Current Assets the year Cash and Bank Debtors Stock .... 15% Loan Current Liabilities ? Proposed Dividend Provision for Tax Creditors 2,00.000 Total ? Total ? Following are other information: (1) Current ratio (2) Cash and Bank (3) Debtors velocity (Sales/Debtors) (4) Stock velocity (Cost of goods sold/Stock) (5) Creditors velocity (Cost of goods sold/Creditors) (6) Gross profit/sales (7) Proposed dividend (8) Tax rate 2 times 30% of total Current Assets 12 times 12 times 12 times 25% 20% (9) Debt service coverage ratio 1 time (10) Interest coverage ratio 3 times interest on the balance of loan outstanding on 1-4-2009 (11) Selling and distribution expenses * 1,80,000 (12) Cost of goods sold does not include depreciation. (13) Depreciation rate is 40% You are required to complete the Balance Sheet as on 31-3-2010 with available information