(2)CurrentAssets 2,50,000 2,00,000 (a)Inventories (b) TradeReceivables 5,00,000 3,00,000 (b) Cash and CashEquivalents 90,000 60,000 Total 25,80,000 16,60,000 Notes toAccounts: S.No. Particulars Ason 31.3.2014 (Rs.) Ason 31.3.2013 (Rs.) 1. 2. 3. 4. ReservesandSurplusSurplus (i.e.balance inStatementofProfit andLoss) fortax LessAccumulated depreciation Intangible AssetsGoodwill 5,00,000 80,000 17,60,000 (1,60,000) 1,40,000 4,00,000 60,000 10,00,000 (1,00,000) 2,00,000 Preparea CashFlow Statementaftertaking intoaccount the following adjustment: (i)Taxpaid duringthe yearamounted toRs.70,000. (6)
ShareCapitalA/c Dr. SecuritiesPremiumA/c Dr. A/cToShareFirstCallA/c (Being800sharesforfeitedfor nonpaymentof allotmentmoneyandfirstcall) OR ShareCapitalA/c Dr. SecuritiesPremiumA/c Dr. in ArrearsA/c (Being800sharesforfeitedfornonpaymentof allotmentmoneyandfirstcall) 5,600 1,600 5,600 1,600 3,600 2,000 1,600 3,600 3,600 1 mark 1 mark = ½ +1+ 1+1+½ + 1+1+ 1 +1 = Bank A/c ToShareCapitalA/c Dr. 9,600 5,600 4,000 marks OR ShareForfeiture A/c Share capitalreserve) 3,600 3,600 ½ mark OR InTheBooksofVelcoLtd. JOURNAL ½ mark ½ mark Date Particulars F Dr.(Rs.) Cr.(Rs.) 1 mark Bank A/c ToShareApplication A/c(Beingapplication Dr. on 1,20,000 1,20,000 ShareApplication A/c A/c (Beingapplication moneyadjusted) Dr. 1,20,000 90,000 30,000 ½ mark ShareAllotmentA/c DiscountonIssueof (Beingallotmentmoneydue) Dr. Dr. 60,000 30,000 90,000 1 mark
Bank A/c ToShareAllotment (Beingallotmentmoneyreceived) OR Bank A/c Calls in ArrearsA/c ToShareAllotment Dr. Dr. Dr. 28,500 28,500 1,500 28,500 30,000 1 mark ShareFirstCallA/c Dr. due) 60,000 60,000 1 mark Bank A/c Dr. received ) OR Bank A/c Dr. Calls in ArrearsA/c Dr. firstcall received) 57,000 57,000 3,000 57,000 60,000 ½ mark 1 mark ShareCapitalA/c Dr. A/cToShareFirstCallA/c To for nonpaymentof allotmentmoneyandfirstcall) 12,000 6,000 1,500 3,000 1,500 ½ mark = ½ +½+ ½ +1+ ShareSecond andFinalCallA/c Dr. ToShareCapitalA/c (Beingsecond andfinalcall due on28,500shares) 57,000 57,000 ½ +1+ 1+1+½ + 1+½ = Bank A/c Dr. ToShareSecond and FinalCallA/c(Being second andfinalcall received) 57,000 57,000 8 marks Bank A/c Dr. Discount onIssueof SharesA/c Dr. ToShareCapitalA/c (Being1,500sharesreissued @Rs.9 persharefullypaid) 13,500 1,500 15,000 ShareForfeiture A/c Dr. ToCapitalReserve (Being the balance in ShareForfeiture A/ctransferredto capitalreserve) 6,000 6,000
QuickAssets =Rs.6,46,000 Inventory = CurrentAssets-QuickAssets =Rs.17,00,000–Rs.6,46,000 =Rs.10,54,000 Ans.CurrentLiabilities= Rs.6,80,000Inventory 1mark 1mark = 4marks 22.(a) (b) Calculationof NetProfitRatio: NetProfitRatio= 2012-13 NetProfitRatio = = 36% 2013-14 NetProfitRatio = = 40% Values thatHimaniLtd. wants to communicateto thesociety: Social responsibility. Welfareofemployees. 1mark 1mark 1 x2 = 2marks = 1+1+2 = 4marks 23. In the booksofKrishnaLtd. Cash FlowStatement Forthe yearended 31stMarch’14 2marks ½mark Particulars Rs. Rs. CASH Netprofitbeforetax (WorkingNote1)Add non operating/non cashitems:Depreciationonmachinery GoodwillWrittenoff Operating Add increaseinTrade Payables Less Increasein InventoriesIncrease inTradeReceivables Cash generated fromoperationsLess Income Taxpaid 1,90,000 60,000 60,000 3,10,000 40,000 (50,000) (2,00,000) 1,00,000 (70,000) Cash flowfromoperatingactivities 30,000 CASH Purchaseofmachinery (7,60,000) Cash used ininvestingactivities (7,60,000)