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Question
From the following information, prepare the balance sheet of Jam Ltd.
Inventories Rs. 7,00,000; Equity Share Capital Rs. 16,00,000; Plant and Machinery Rs. 8,00,000; 8% Preference Share Capital Rs. 6,00,000; General Reserves Rs. 6,00,000; Bills payable Rs. 1,50,000; Provision for taxation Rs. 2,50,000; Land and Building Rs. 16,00,000; Noncurrent Investments Rs. 10,00,000; Cash at Bank Rs. 5,00,000;Creditors Rs. 2,00,000; 12% Debentures Rs. 12,00,000.
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Solution
| Balance Sheet as at March 31, 2013 | ||
| Particulars | Note No. | Amount (Rs) |
| I. Equity and Liabilities | ||
| 1. Shareholders’ Funds | ||
| a. Share Capital | 1 | 22,00,000 |
| b. Reserves and Surplus | 2 | 6,00,000 |
| 2. Non-Current Liabilities | ||
| a. Long-term Borrowings | 3 | 12,00,000 |
| 3. Current Liabilities | ||
| a. Short-term Borrowings | ||
| b. Trade Payables | 4 | 3,50,000 |
| c. Short-term Provisions | 5 | 2,50,000 |
| Total | 46,00,000 | |
| II. Assets | ||
| 1. Non-Current Assets | ||
| a. Fixed Assets | ||
| i. Tangible Assets | 6 | 24,00,000 |
| b. Non-Current Investments | 7 | 10,00,000 |
| 2. Current Assets | ||
| a. Inventories | 8 | 7,00,000 |
| b. Cash and Cash Equivalents | 9 | 5,00,000 |
| Total | 46,00,000 | |
Notes to Accounts
| Particulars | Amount (Rs.) | Amount (Rs.) | |||
| 1. Share Capital | |||||
| Equity Share Capital | 16,00,000 | 22,00,000 | |||
| Preference Share Capital | 6,00,000 | ||||
| 22,00,000 | |||||
| 2. Reserve and Surplus | |||||
| General Reserve | 6,00,000 | ||||
| 3. Long-Term Borrowings | |||||
| 12% Debentures | 12,00,000 | ||||
| 4. Trade Payables | |||||
| Creditors | 2,00,000 | 3,50,000 | |||
| Bills Payable | 1,50,000 | ||||
| 5. Short-Term Provisions | |||||
| Provision for Taxation | 2,50,000 | ||||
| 6. Tangible Assets | |||||
| Land and Building | 16,00,000 | 24,00,000 | |||
| Plant and Machinery | 8,00,000 | ||||
| 7. Non-current Investment | 10,00,000 | ||||
| 8. Inventories | 7,00,000 | ||||
| 9. Cash and Cash Equivalents | |||||
| Cash at Bank | 5,00,000 | ||||
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