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    3 views16 pages

    New Doc May 13, 2021 8.06 AM

    Uploaded by

    alvin kunddukulam

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 16
    Ilustration 8 Following are the ledger account balances of Jobin Ltd. as on 31-03-2019 (Figures in ‘000) Debit balance z Credit balance z Plant 7,00,000 | Equity share capital (60,000 shares of & 10) 5,00,000 Land 6 Buildings 4,00,000 | General reserve 3,25,000 Stock (1-4-2018) 35,000 | Dividend equalisation fund 70,000 Purchases 1,80,000 | Sundry creditors 60,000 Carriage 3,500 | Bank overdraft 35,000 Establishment 93,000 | Sales 4,60,000 Interest on loan 10,000 } Discount received 5,000 Selling expenses 12,500 | Provision for doubtful debts 3,000 Interim dividend 10,000 | Secured loan 1,00,000 Discount allowed 8,000 | P & L (1-4-2018) 42,000 Cash in hand 73,000 Debtors 80,000 16,00,000 Ind ASAFRS Complied Financial Statements of Companies ae ‘aditional information (a) Provision for doubtful debts to be kept at 5% on sundry debtors (o) Transfer % 25,000 to general reserve a : ; © Direrers Propose aan of 10% on equity shares (@) Closing stock % 36,000 (e) Provide depreciation on plant @ 10% p.a. () A claim of 10,000 for workmen’s compensation is being disputed by the company Prepare final accounts. Solution Jobin Ltd. i Statement of Profit and Loss for the year ended 31-3-2019 Particulars ‘Note | Figuresfor | Figures for No, | 3132019 313-2018 & '000) z z 1. | Revenue from operations 4,60,000 11. | Other income (discount received) 5,000 ur Total revenue 4,65,000 Iv.- | Expenses Purchases 1,80,000 Changes in inventories of finished goods Closing stock 36,000 Opening stock 35,000 (1,000) Employee benefit expense (eatablishment) 93,000 Finance costs (interest on loans) 10,000 Depreciation on Plant 70,000 Other expenses 1 20,000 Total expenses 3,72,000 | Vv | Profit before tax 93,000 vi | Tax expenses o vit | Profit for the period 93,000 93,000 Vit | Earnings per share 35 599 ~ 1.86 Finaneial Accounting ‘Notes 1, [_Other expenses ss Carriage 3,500 Selling expenses 12,500 Discount allowed 3,000 Provision for doubtful debts 4,000 Less Existing provision 3,000 1000 Total 20,000 Jobin Ltd. Balance Sheet as at 31-03-2019 Particulars Note No.| Figures as at Figures as at endofcurrent | endofprevious year year z z 1 | (1) Non-current assets (a) Property, plant and equipment 2} 10,30,000 (2) Current assets (a) Inventories 36,000 (b) Financial assets : () Trade receivables 3 76,000 (ii) Cash and cash equivalents - Cash in hand 73,000 Total Assets 12,15,000 Equity and Liabilities Il, Equity (a) Equity share capital 4 5,00,000 (b) Other equity (Reserves and surplus) 5 4,70,000 Il, Liabilities . (1) Non-current liabilities Long-term borrowing 1,00,000 2) Current liabilities (a) Financial liabilities Trade payables 60,000 (b) Other current liabilities | Bank overdraft 35,000 {c) Provisions 6 50,000 Total Equity and Liabilities «| 42,15,000 ‘Note: Contingent liability - Claim for workmen's compensation € 10,000. tn ASIFRS Compiled Financial Statements of Companies aa mpanying Notes ee | <—Property, plant and equi S Ss (z

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