financial statements of murli ltd for the year 2007 and 2008 were as follows 619140

Aug 30, 2021 | Uncategorized

Financial Statements of Murli Ltd for the year 2007 and 2008 were as follows:

Balance Sheets (Rs. in ’000)

Liabilities	As on 31 December	As on 31 December	Assets	As on 31 December	As on 31 December
	2007	2008		2007	2008
Share Capital	800	900	Fixed Assets	600	800
General Reserve	300	400	Additions	200	100
Profit & Loss A/c	200	300	Depreciation	(300)	(350)
Bank Overdraft	300	400		500	550
Sundry Creditors	1,200	1,000	Investment	200
Provision for Tax	300	400	Stock	1,400	1,230
Proposed Dividend	80	90	Debtors	1,080	1,774
	3,180	3,554		3,180	3,554

Profit & Loss A/c (Rs. in ’000)

Particulars	For 2007	For 2008	Particulars	For 2007	For 2008
To Taxation	250	450	By Trading Profit	430	660
To Proposed Dividend	80	90	By Profit on Sale of Investment	–	30
To Transfer to General Reserve	100	100	By income Tax Excess provided	–	50
			In the previous year
To Balance c/f	200	300	By Balance from last year	200	200
	630	940		630	940

Additional Information:

For the year that ended on 31 December 2008, purchases were Rs. 60 lakhs and sales were Rs. 70 lakhs.
Trading profit for the year 2008 was arrived at after charging a depreciation of Rs. 50,000 and directors’ remuneration was Rs. 1,20,000.