Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Following is the Balance Sheet of Progressive Corporation Ltd as on 3 1 . 0 3 . 2 2 ( Amount in Rs Lakhs )

Following is the Balance Sheet of Progressive Corporation Ltd
as on 31.03.22( Amount in Rs Lakhs )- Refer image
Following Additional Information is given :
-Trade Creditors are equal to the last month purchases and Debtors
are equal to the last two months Sales .
For the Half year ended 31.03.22, Sales amounted to Rs 50.42 Lakh
Gross Profit earned at Uniform Rates was Rs 10.08 Lakhs .
From 01.04.2022, goods purchased will cost 25% higher and Sale
Price will be increased by 20%. Sales and Purchases are spread
evenly throughout the year . Credit trms for purchases and Sales
will remain unchanged
Value of Closing Stock of 30,09.22 is expressed to be 10% higher than
on 31.03.22. All the expenses will be paid within the month to which
they accrue and are estimated at Rs 64,000 per month.
No Fixed Assets are proposed to be acquired or sold during the
period .
You are required to prepare the Projected Balance Sheet of
Progressive Corporation Ltd as on 30,0922
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Markets And Institutions

Authors: Frederic S. Mishkin, Stanley G. Eakin

7th Global Edition

0273754440, 9780273754442

More Books

Students also viewed these Finance questions

Question

Brief the importance of span of control and its concepts.

Answered: 1 week ago

Question

What is meant by decentralisation?

Answered: 1 week ago

Question

Write down the Limitation of Beer - Lamberts law?

Answered: 1 week ago

Question

What has been the evolution of HRM?

Answered: 1 week ago

Question

What would you do?

Answered: 1 week ago