The following balances appeared in the books of the Moon Light Co. Ltd. as on 31st March, 2011:
|
|
Dr. |
Cr. |
|
Issued, Subscribed and paid up Capital: |
|
|
|
60,00,000 Equity Shares of 100 each |
|
6,00,000 |
|
General Reserve |
|
2,50,000 |
|
Unclaimed Dividend |
|
6,526 |
|
Trade Creditors |
|
36,858 |
|
Buildings at cost |
1,50,000 |
|
|
Purchases |
5,00,903 |
|
|
Sales |
|
10,83,947 |
|
Manufacturing Expenses |
3,59,000 |
|
|
Establishment Charges |
26,814 |
|
|
General Charges |
31,078 |
|
|
Machinery at Cost |
2,00,000 |
|
|
Motor Vehicle at Cost |
30,000 |
|
|
Furniture at Cost |
5,000 |
|
|
Opening Stock |
1,72,058 |
|
|
Book Debts |
2,23,380 |
|
|
Investments |
2,88,950 |
|
|
Depreciation Reserve |
|
71,000 |
|
Advance Payment of Income tax |
50,000 |
|
|
Cash Balance |
72,240 |
|
|
Directors‘ Fees |
1,800 |
|
|
Interest on Investment |
|
8,544 |
|
Profit and Loss Account |
|
|
|
1st April, 2010 |
|
16,848 |
|
Staff Provident Fund |
|
37,500 |
|
|
21,11,223 |
21,11,223 |
From these balances and the following information, prepare the Company‘s Balance Sheet as on 31st March, 2011 and its Profit and Loss Account for the year ended on that date:
(a) The stocks on 31st March, 2011 were valued at Rs.1,48,680 thousand.
(b) Provided Rs.10,000 thousand for depreciation on fixed assets, Rs.1,800 thousand for Managing Director‘s remuneration and Rs.6,200 thousand for the company‘s contribution to the Staff Provident Fund.
(c) Interest accrued on investment amounted to Rs.2,750 thousand.
(d) A provision of 50,000 thousand for taxes in respect of the profit for 2010 11 considered necessary.
(e) The directors propose a final dividend @ 8% after transfer to General Reserve Rs.30,000 thousand.
(f) A claim of Rs.2,500 thousand for workmen‘s compensation is being disputed by the company.
(g) The market value of investments as on 31.3.2011 amounts to Rs.3,02,500 thousand.