> The Accounting standard relating to discontinuing operations aims at establishing principles for reporting information about the magnitude of discontinuing operations with a view to help the stakeholders to make projections of an enterprise's cash flows, earnings capacity and financial position by segregating information about discontinuing operations from information about con- tinuing operations. The disclosures pertain to (a) description of the discontinuing operation(s) (b) gain or loss on the disposal of assets or settlement of liabilities attributable to the discon- tinuing operations, (c) the amount of pre-tax profit or loss from ordinary activities attributable to the discontinuing operations during the current financial reporting period and (d) comparative information for prior periods that is presented in financial statements prepared after the initial disclosure event to segregate assets, liabilities, revenue, expenses and cash flows of continuing and discontinuing operations. Timely and reliable interim financial reporting improves the ability of investors, creditors, and others to understand an enterprise's capacity to generate earnings and cash flows, its financial condition and liquidity. In recognition of the importance of interim financial reporting, the interim financial report should include a minimum (a) condensed balance sheet. (b) condensed statement of profit or loss, (c) condensed cash flow statement and (d) select explanatory notes about the seasonality of interim operations. While preparing an interim financial report, an enterprise should apply the same accounting policies as are applied in its annual financial statements. Joint venture is a contractual arrangement whereby two or more parties undertake an economic activity, which is subject to joint control. The accounting standard relating to financial reporting of interests in joint venture documents principles and procedures for accounting for interests in joint ventures and reporting joint venture assets, liabilities, income and expenses in the financial statements of ventures and investors. A venturer should, among others, disclose (a) the aggregate amount of the contingent liabilities related to the joint venture and its share in contingent liabilities, (b) the aggregate amount of capital commitments related to joint venture and its share of the capital commitments, (c) a list of and des of interests in cant joint and the aggregate amounts of each of the assets, liabilities, income and expenses related to its interests in the jointly controlled entities. y1 P.4.1 From the following balances extracted from the books of Small Toy Limited as at March 31, 2013 (after preparation of the profit and loss account), prepare the balance sheet as at the above data. Particulars Plant and machinery (at cost) Debtors Stock at cost Cash in hand Bills receivable Investment market value Loose tools accrued investments Dr. Amount 31,00,00,000 30,00,000 28.00.000 7,00,000 5,00,000 37,00,000 7,00,000 95,00 Particulars Cr. Amount Share capital (10,00,000 shares of 10 each) 1,00,00,000 12% Debentures 50,00,000 Interest accrued on debentures 3,00,000 General reserve 20.00,000 Provision for taxation 5,00,000 Provision for depreciation on plant and machinery 11,50.000 Provision for bad and doubtful debts 1,00,000 Profit and loss Alc 10,00,000 Creditors 9.20.000 Bills payable 4,80,000 Accrued expenses 45,000 2,14,95.000 2,14,95,000 Additional Information: (1) Debtors include debts of 10,00,000, which are outstanding for a period exceeding 6 months. (2) Debentures are redeemable on or before March 31, 2016. (3) Investments consist of 2,00,000 shares of 10 each of XYZ Ltd, acquired at a cost of 40,00,000