The following balances were extracted from the books of M/s Madhura Co. Ltd. as on 30 September 2010:
|
Particulars |
Particular |
||
|
Plant (Cost Less Depreciation) |
90,000 |
Share Capital |
6,00,000 |
|
Furniture (Cost Less Depreciation) |
24,000 |
Development Rebate Reserve |
8,100 |
|
Motor Car (Cost Less Depreciation) |
48,000 |
Profit & Loss A/c |
9,000 |
|
Sundry Debtors |
3,60,000 |
Shares Forfeited A/c |
3,000 |
|
Closing Stock |
2,10,000 |
Sundry Creditors |
66,000 |
|
Selling Expenses |
60,000 |
Liabilities for Expenses |
21,000 |
|
Rent &Taxes |
48,000 |
Gross Profit |
324,900 |
|
Administrative Expenses |
72,000 |
Bank Overdraft |
1,50,000 |
|
Advance Payment of IT |
54,000 |
||
|
Voluntary Compensation to Employee |
12,000 |
||
|
Cash in Hand |
15,000 |
||
|
Bank Balance |
1,65,000 |
||
|
Security Deposits |
24,000 |
||
|
11,82,000 |
11,82,000 |
The following further particulars were available:
- Share Capital is represented by 3,000 equity shares of Rs.100 each fully called up; 3,000 8% cumulative preference shares of Rs.100 each fully called up
- Amounts of development rebate reserve and P&L A/c are as at 30 September 2009.
- Rs.5,400 to be transferred to development rebate reserve for the year ended 30 September 2010.
- Bank overdraft is secured by hypothecation stock.
- The managing director is entitled to a remuneration of 5% on the yearly net profits of the company.
- Addition made to plant during the year ended 30 September 2010 was Rs.48,000.
- Depreciation written off up to last year at rates mentioned against each are as follows:
|
Asset |
Amounts (Rs.) |
Rate % |
|
Plant |
12,000 |
15 |
|
Furniture |
6,000 |
10 |
|
Motor Car |
60,000 |
20 |
- Provisions for taxation to be made at Rs.57,600.
- The amount shown against share forfeited account represents unadjusted profit on re-issue of forfeited shares made during the year.
- Recommendation for payment of dividend on preference shares had been made.
- Of sundry debtors, Rs.,6,000 is outstanding for more than 6 months.
- Administrative expenses include Rs.9,000 paid to the auditor as audit fee and Rs.3,000 as his expenses.
You are required to draw up the P&L A/c for the year ended 30 September 2010 and the balance sheet on that date.