II: Final Accounts & Cash Flow Statement From the following ledger balances and adjustments of Shivlal Yadav India Associates, prepare the Income Statement and the Balance Sheet for the year ending 31*March 2018 as per Companies Act 2013 format. 2 3 Particulars Debit Credit 4 Stock in trade - opening stock on 1-4-2017 1,30,000.00 5 Purchases and Sales 2,05,000.00 6,48,000.00 6 Returns inward 7 Returns outward $ Factory Wages 9 Factory power and lighting. 4,000.00 5,000.00 20,000.00 20,000.00 10 General Expenses 15,000.00 11 Salaries 1,00,000.00 12 Outstanding Salaries payable 93,000.00 13 Rent of office. 21,000.00 14 Insurance of various business assets. 60,000.00 15 10% Debentures 2,00,000.00 16 Investments 50,000.00 17 Capital 1,50,000.00 18 Land and Building 19 Furniture 1,00,000.00 20,000.00 20 Trade Debtors and Creditors 1,45,000.00 1,27,000.00 21 Cash in hand and at Bank 22 Plant & Machinery 23 Total 68,000.00 2,65,000.00 * 12,23,000.00 * 12,23,000.00 Further information furnished to you and the adjustments to be considered by you in the 23 Total 24 25 * 12,23,000.00 12,23,000.00 Further information furnished to you and the adjustments to be considered by you in the preparation of financial statements are 1) Closing Stock on 31-3-2018 is Rs, 20,000, valued at Cost. Net realizable value of such stock is Rs 15.000/- 2) Depreciate Plant & Machinery by Rs.5,000, Furniture Rs.500 and on Building Rs. 12,000 26 27 3) Prepaid Insurance is Rs.500/- for the year. 28 4) Make a provision for professional fees payable to tax consultant Rs. 20,000 29 5) Interest on Investments to be accounted as Rs.5,000/-. 50 Note: Treat Investments as short-term investments. 31 32 83 54 85