Q1. Following trial balance as at 31* March 2020 has been prepared from the account books of Mohan Foods Ltd. Accounts Dr.(Rs.) Cr. (Rs.) Share Capital 24,00,000 Cash in Hand 37,200 Repairs & Maintenance-Plant 51,600 General Reserve 6,00,000 Profit & Loss Account 10,60,000 Raw Materials inventory as on 31.03.2016 16,02,000 Plant & Machinery 25,80,000 Sundry Creditors 18,40,000 Land 4,80,000 Furniture 73,200 Sundry Debtors 10,40,000 Rent 1,31,800 Prepaid Expenses 27,600 Advances from customers 3,00,000 Power & fuel 1,52,800 Travelling & Conveyance 94,600 Auditor's fee 39,000 Cash at bank 2,48,000 Advances to staff 31,800 Miscellaneous Income 3,72,600 Finished goods inventory as on 1.04.2015 18,60,000 Raw Materials 1,71,60,000 Sales 2,53,80,000 Building 4,44,600 Salaries 42,20,000 17,65,000 Deposits with govt. authorities 2,68,400 Cash credit-Indian bank-secured 4,00,000 Bank Interest 45,000 Total 3,23,52,600 3,23,52,600 Wages Further Information: 1. The authorized capital of the company is 3 lac equity shares of Rs. 10 each of which 2.40 lac shares have been issued. 2. The closing stock of finished goods is valued at Rs. 33,50,000 3. Depreciation to be charged: Plant & Machinery @ 14%, Furniture & Fixtures @ 18% and Building @ 10% 4. Provide for income tax @ 35%. 5. Transfer to general reserve @5% of net profit. Round off to next higher 100 rupees. 6. A dividend of 15% is recommended by the board of directors. Required: 1. Prepare the Profit and Loss account, Profit and Loss Appropriation account and Balance Sheet for Mohan Foods Ltd. Q1. Following trial balance as at 31* March 2020 has been prepared from the account books of Mohan Foods Ltd. Accounts Dr.(Rs.) Cr. (Rs.) Share Capital 24,00,000 Cash in Hand 37,200 Repairs & Maintenance-Plant 51,600 General Reserve 6,00,000 Profit & Loss Account 10,60,000 Raw Materials inventory as on 31.03.2016 16,02,000 Plant & Machinery 25,80,000 Sundry Creditors 18,40,000 Land 4,80,000 Furniture 73,200 Sundry Debtors 10,40,000 Rent 1,31,800 Prepaid Expenses 27,600 Advances from customers 3,00,000 Power & fuel 1,52,800 Travelling & Conveyance 94,600 Auditor's fee 39,000 Cash at bank 2,48,000 Advances to staff 31,800 Miscellaneous Income 3,72,600 Finished goods inventory as on 1.04.2015 18,60,000 Raw Materials 1,71,60,000 Sales 2,53,80,000 Building 4,44,600 Salaries 42,20,000 17,65,000 Deposits with govt. authorities 2,68,400 Cash credit-Indian bank-secured 4,00,000 Bank Interest 45,000 Total 3,23,52,600 3,23,52,600 Wages Further Information: 1. The authorized capital of the company is 3 lac equity shares of Rs. 10 each of which 2.40 lac shares have been issued. 2. The closing stock of finished goods is valued at Rs. 33,50,000 3. Depreciation to be charged: Plant & Machinery @ 14%, Furniture & Fixtures @ 18% and Building @ 10% 4. Provide for income tax @ 35%. 5. Transfer to general reserve @5% of net profit. Round off to next higher 100 rupees. 6. A dividend of 15% is recommended by the board of directors. Required: 1. Prepare the Profit and Loss account, Profit and Loss Appropriation account and Balance Sheet for Mohan Foods Ltd