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From the following Trial Balance of Starwars Ltd, you are required to prepare the Statement of Profit and L Schedule III of the Companies Act
From the following Trial Balance of Starwars Ltd, you are required to prepare the Statement of Profit and L Schedule III of the Companies Act 2013 for the year ended March 31st, 2021. Time left 2:25:25 Trial Balance as on March 31st 2021 Particulars Debit (Rs) Credit (RS) Revenue from Operations 1250000.00 Interest Income 150000.00 Property Plant & Equipment 850000.00 Accumulated Depreciation 120000.00 Contribution to Employee provident fund 150000.00 Salary and Bonus to employees 800000.00 Office Rent 600000.00 10% Investments 2000000.00 Finance Cost 75000.00 Term loan 350000.00 Share Capital 2500000.00 Retained Earnings 1070000.00 Opening Stock 30000.00 Purchases 790000.00 Advertisement 65000.00 Sales and Promotions 70000.00 Receivables 45000.00 Bad debts 10000.00 Creditors 69000.00 Insurance on Machinery 24000.00 Total 5509000.00 5509000.00 Adjustments 1) Closing stock as per FIFO the valuation was Rs 90000 and its Net realizable value was Rs 1,20000 2) Depreciation to be provided on Property, Plant, and Equipment on written down value basis @ 10% p.a 3) Insurance on Machinery was paid for the period of 12 months ending on September 30, 2021
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