Write two aspects of the following transactions

The following balances have been extracted from the books of Maharaja Ltd. as on 31.3.2011 Fixed Assets Provision for depreciation Current Assets Current Liabilities Unsecured loans Discount on issue of debentures Equity share capital Investments Loans and advances Provision for taxation Secured Loans 16,38,000 3,78,000 8,80,200 5,92,200 90,000 36,000 7,20,000 3,42,000 18,000 2,70,000 2,70,000

Reserve and Surplus

5,94,000

There is a contingent liability in respect of a claim of Rs. 30,000 against the company not acknowledged as debt. You are required to prepare the Balance Sheet of the company as on 31st March, 2011 in a) Horizontal form b) in vertical form as prescribed under Part I of Schedule VI of the Companies Act 1956.

Maharaja Ltd. Balance Sheet as at 31.03.2011 Liabilities Share Capital Authorized --Rs. Assets Fixed Assets Original Cost 16,38,000 Less: Prov. for Dep. 3,78,000 Rs

12,60,000

Issued, subscribed, Called up and paid up 7,20,000 (. Shares of Rs.. each) Reserve and Surplus 5,94,000 Secured Loans Unsecured Loans Current Liabilities and Provisions
a) Current Liabilities b) Prov. for Taxation

Investments Current Assets, Loans And Advances

a) Current Assets b) Loans and Advances

3,42,000

2,70,000 90,000

8,80,200 18,000

Miscellaneous Exp.
(to the extent not written off or adjusted)

5,92,200 2,70,000 25,36,200

Discount on issue of Debentures

36,000 25,36, 200

Vertical form :

Maharaja International Ltd. Balance Sheet as at 31.03.2011 Schedule Sources of Funds 1. Shareholders Funds Capital Reserve and Surplus 2. Loan funds a) Secured Loans b) Unsecured Loans Total Application of Funds 1. Fixed Assets Gross Block 16,38,000 Less: Dep. 3,78,000 Net Block 2. Investments 12,60,000 3,42,000 Current Year Previous Year

7,20,000 5,94,000 13,14,000 2,70,000 90,000

3,60,000 16,74,000

3. Current Assets, Loans and Advances

Current Assets 8,80,200 Loans and advances 18,000

8,98,200

Less: Current liabilities & Provisions

Liabilities 5,92,200 Provisions 2,70,000 8,62,200

Net Current Assets 4. Miscellaneous Expenditure (to the extent not written off) Total

36,000

36,000 16,74,000

Prepare a Balance Sheet as at 31st March, 2009 as per schedule VI from the following: Rs. General Reserve Trade Creditors Profit & Loss A/C (Cr.) Equity Share Capital 13% Preference share capital Provision for Tax 13% Debentures Investment Fixed Assets Depreciation written off till date Stock Sundry Debtors Cash at Bank Marketable Securities Preliminary Expenses 3,48,000 2,40,000 2,40,000 9,60,000 7,20,000 1,80,000 6,00,000 6,00,000 22,00,000 4,00,000 3,00,000 3,60,000 72,000 1,20,000 36,000

Balance Sheet as at 31.03.2009 Liabilities Share Capital Authorized --Assets Fixed Assets Original Cost 22,00,000 Less: Prov. for Dep. 4,00,000 Investments Marketable securities Current Assets, Loans And Advances
a) Current Assets Stock Sundry Debtors Cash at Bank 3,00,000 3,60,000 72,000

18,00,000 6,00,000 1,20,000

Issued, subscribed, Called up and paid up 9,60,000 (. Shares of Rs.. each) 13% Pref. Share Cap. 7,20,000 Reserve and Surplus General Reserve 3,48,000 Profit & Loss A/C 2,40,000

Secured Loans
13% Debentures

7,32,000 6,00,000
Nil
b) Loans and Advances

----

Unsecured Loans Current Liabilities and Provisions

a) Current Liabilities Trade Creditors b) Prov. for Taxation

Miscellaneous Exp.
(to the extent not written off or adjusted)

Preliminary Expenses

2,40,000 1,80,000 32,88,000

36,000 32,88,000

The following particulars have been extracted from the books of Premier Ltd as on 31.03 .2009 Salaries and Wages 1,50,000 Misc . Expenses 20,000 Interest 3,000 Bad debt 2,000 Travelling expenses 15,000 Directors remuneration 6,000 Depreciation 15,000 Repairs 12,000 Purchase 3,20,000 Sales 12,50,000 Sales Returns 12,000 Carriage Inward 5,000 Discount allowed 2,000 Discount received 3,000 Transfer to General Reserve 10,000 Proposed Dividend 20,000 Provision for tax 10,000 Profit & Loss A/C (cr) 45,000 Additional information Closing stock 25,000 Salaries outstanding 5,000

Premier Ltd. Profit & Loss Account for the year ended 31st March 2009 Particulars To purchase To Carriage In. To Gross profit c/d amount 3,20,000 5,000 9,38,000 12,63,000 To salaries 1,50,000 Add: out. 5,000 To interest To Bad debt To Travll. Exp To Direc. Rem. To Repairs To Depreciation To discount allowed To Misc. Exp. To Provision for tax To net profit c/d 1,55,000 3,000 2,000 15,000 6,000 12,000 15,000 2,000 20,000 10,000 7,01,000 9,41,000 To General Reserve 10,000 To Proposed Div. 20,000 To balance c/f 7,16,000 7,46,000 By balance b/f By net profit b/d 9,41, 000 45,000 7,01,000 7,46, 000 By Gross profit b/d By Discount Received 12,63, 000 9,38,000 3,000 Particulars By sales 12,50,000 Less: Ret 12,000 By Cl.stock amount 12,38,000 25,000