e4 31.03.2018 (3) 12,50,000 4,90,000 4,00.000 Illustration 14 The following are the summarised Balance Sheets of X Ltd. as on March 31, 2017 and 2018 : Balance Sheets of X Ltd. as at 31st March, 2017 and 2018 Note 31 31 2017 Particulars No. R) (1) (2) (3) 1. EQUITY AND LIABILITIES (1) Shareholders' Funds: (a) Share Capital (1) 10,00,000 (b) Reserves and Surplus (2) 4,00,000 (2) Share Application Money Pending Allotment: (3) Non-current Liabilities (a) Long-term borrowings 5,00,000 (4) Current Liabilities: (a) Short-term Borrowings (b) Trade Payables - Sundry Creditors 5,00,000 (c) Other Current Liabilities - Outstanding Expenses (d) Short-term Provisions (d (3) 1,50.000 TOTAL IL ASSETS (1) Non-current Assets : (a) Fixed Assets Tangible Assets (4) 12,50.000 (b) Non-current Investments 1,00.000 (2) Current Assets : (a) Current Investments (b) Inventories 3,00,000 (c) Trade Receivables 4,00.000 (d) Cash and Cash Equivalents (5) 5,00,000 TOTAL 25,50,000 4,00.000 1,85,000 27,25,000 25,50.000 14,00.000 50,000 2,80,000 4,20,000 5.75,000 27,25,000 Notes to Accounts: Particulars 31.03.2017 31.03.2018 (1) Share Capital Issued, Subscribed and Paid-up Capital: Equity Shares of 10 each 10,00,000 12,50,000 (2) Reserve and Surplus (1) Capital Reserve 10,000 (i) General Reserve 2.50,000 3,00,000 (ill) Profit and Loss 1,50.000 1,80,000 4,00,000 490,000 (3) Short-term Provisions (0) Provision for Taxation 50,000 60,000 (ii) Proposed Dividend 1,00,000 1,25,000 1,50,000 1.85,000 (4) Tangible Assets (1) Land and Building 5,00,000 4,80,000 (i) Machinery 7,50,000 9.20.000 12,50,000 14.00.000 (5) Cash and Cash Equivalents Cash on Hand 2,00,000 1.65,000 Cash at bank 3,00,000 4 10.000 5,00,000 5,75,000 Additional information (1) Dividend of 1,00,000 was paid during the year ended March 31, 2018 (ii) Machinery during the year purchased for 1.25,000. (iii) Machinery of another company was purchased for a consideration of 1,00.000 payable in equity shares. (iv) Income tax provided during the year 55,000