Trial Balance of Nirmal Ltd. as on 30 September 2010
|
Particulars |
Rs. |
Particulars |
Rs. |
|
Preference Share Redemption |
24,000 |
Share Capital (Authorized & Issued) |
|
|
Land (cost) |
1,00,000 |
Equity Share 75,000 Shares |
7,50,000 |
|
Building (Cost Less Depreciation) |
3,50,000 |
8% Redeemable Preference Shares (200 |
|
|
Furniture (Cost Less Depreciation) |
10,000 |
Shares) |
20,000 |
|
Motor Vehicle (Cost Less Depreciation) |
17,500 |
Securities Premium |
12,500 |
|
Establishment Expenses |
1,25,000 |
General Reserve |
50,000 |
|
Rent, Taxes & Insurance |
6,000 |
|
|
|
|
|
Trading A/c—Gross Profit |
4,00,000 |
|
Commission |
2,000 |
|
|
|
|
|
Discount Received |
2,500 |
|
Directors” Fees |
1,000 |
|
|
|
Depreciation |
30,000 |
Interest on Investments Tax Free |
4,000 |
|
Sundry Expenses |
30,000 |
Sundry Creditors |
12,800 |
|
Payment to Auditors |
2,000 |
Profit & Loss A/c (30 September 2009) |
5,000 |
|
Interim Dividend |
38,300 |
Unpaid Dividend |
1,000 |
|
Sundry Debtors |
15,000 |
Outstanding Expenses |
3,000 |
|
Cash in Hand |
6,000 |
Provision for Taxation |
35,000 |
|
Cash as Bank in Current A/c |
97,500 |
|
|
|
Security Deposit |
5,000 |
|
|
|
Investment in GI Notes |
1,00,000 |
|
|
|
Stocks at or Below Cost |
1,76,500 |
|
|
|
IncomeTax Paid Under Dispute |
50,000 |
|
|
|
Advance Payment of IT |
1,10,000 |
|
|
|
|
12,95,800 |
|
12,95,800 |
The following additional information is available:
- The preference shares were redeemed on 1 April 2010 at a premium of 20% but no entries were passed for giving effect there to except payment standing to the debit of preference share redemption account.
- Depreciation as per income tax rules provided up to 30 September 2010 is as follows: Building: Rs.1,05,000; furniture: Rs.10,000; Motor vehicles: Rs.30,000.
- Payment to auditors includes Rs.500 for taxation work in addition to audit fees.
- Market value of investment as on 30 September 2010 Rs.90,000.
- Interim dividend includes dividend on equity shares Rs.37,500 and dividend on preference shares Rs.800.
- Sundry debtors include Rs.10,000 due for a period exceeding 6 months.
- All receivables and deposits are considered good.
- Income tax demand for provided for in full against which an appeal is pending.
- Directors have recommended payment of a further dividend on equity shares at Rs.0.50 per share after appropriating Rs.15,000 to general reserve.
- Ignore previous year’s figures.
Prepare the profit and loss account for the year ended 30 September 2010 and the balance sheet on that date.