SUNIL PANDA- THE EDUCATOR

Premium Mock Test 03

Accountancy (055)
Time 3 hours 80 marks

GENERAL INSTRUCTIONS:

1. This question paper contains 34 questions. All questions are compulsory.

2. This question paper is divided into two parts, Part A and B.

3. Part - A Accounting for Partnership Firms and Companies

4. Part – B Analysis of Financial Statements

5. Question Nos.1 to 16 and 27 to 30 carries 1 mark each.

6. Questions Nos. 17 to 20, 31and 32 carries 3 marks each.

7. Questions Nos. from 21 ,22 and 33 carries 4 marks each

8. Questions Nos. from 23 to 26 and 34 carries 6 marks each

9. There is no overall choice. However, an internal choice has been provided in 7 questions of one mark, 2 questions
of three marks, 1 question of four marks and 2 questions of six marks.

S.no PART A (Accounting for Partnership Firms and Companies) Marks

1. Manav and Nath were partners sharing profits and losses in the ratio of 5:3. Narayan 1
was admitted as a partner for 1/6th share in the profits. Narayan was unable to bring his
share of goodwill premium in cash. The journal entry recorded for goodwill premium is
given below:
Date Particulars L.F. Dr. Cr.
Narayan’s Current a/c dr. 50,000
To Manav’s Capital a/c 15,000
To Nath’s Capital a/c 35,000
(Goodwill adjusted on Narayan’s admission)
The New Profit sharing Ratio of Manav, Nath and Narayan:
a) 41:7:12
b) 69:31:20
c) 5:3:6
d) 10:12:12
2. Girdhar, a partner withdrew 5,000 in the beginning of each quarter and interest on 1
drawings was calculated as 1,500 at the end of accounting year 31 st March, 2023. What
is the rate of interest on drawings charged?
a) 6%p.a.
b) 8% p.a.
c)10% p.a.
d) 12% p.a.
3. Shubham Ltd. purchased a machinery of ₹3,80,000 form Ganpati Ltd. The payment was 1
made by issue of 3,000 equity shares of ₹100 each at a premium of 10% and the
balance by issuing a cheque. The amount of cheque issued in favour of Ganpati Ltd.
was:
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 a) ₹80,000
b) ₹3,80,000
c) ₹30,000
d) ₹50,000
OR
On 1st April 2022, Galaxy ltd. had a balance of ₹4,00,000 in Securities Premium
account. During the year company issued 10,000 Equity shares of ₹10 each as bonus
shares and used the balance amount to write off Loss on issue of Debenture on account
of issue of 1,00,000, 9% Debentures of ₹100 each at a discount of 10% redeemable @
5% Premium. The amount to be charged to Statement of P&L for the year for Loss on
issue of Debentures would be:
a) ₹15,00,000.
b) ₹11,00,000.
c) ₹12,00,000.
d) ₹10,00,000.
4. Amar and Akbar are partners sharing profits in the ratio of 3:2. They changed their 1
profit-sharing ratio to 2:3. w.e.f 1st April,2023. The balance sheet as on the date of
change in profit-sharing ratio showed credit balances in profit and loss account of
1,00,000, which the partners decide to carry forward and not distribute. The balance of
1,00,000 will be adjusted by.
a) Crediting Amar’s Capital Account and Debiting Akbar’s Capital Account by 1,00,000
b) Crediting Amar’s Capital Account and Debiting Akbar’s Capital Account by 20,000
c) Debiting Amar’s Capital Account and Crediting Akbar’s Capital Account by 1,00,000
d) Debiting Amar’s Capital Account and Crediting Akbar’s Capital Account by 20,000
OR
Avya, Divya and Kavya were equal partners. They decided to change the profit sharing
ratio to 4:3:2. For this purpose the goodwill of the firm was valued at 90,000.
The journal entry for the treatment of Goodwill on change in profit sharing ratio will be:
a) Kavya’s Capital A/c dr. 10,000
To Avya’s Capital A/c 10,000
b) Divya’s Capital A/c dr. 10,000
To Avya’s Capital A/c 10,000
c) Avya’s Capital A/c dr. 90,000
To Kavya’s Capital A/c 90,000
d) Avya’s Capital A/c dr. 10,000
To Kavya’s Capital A/c 10,000
5. Vihaan and Mann are partners sharing profits and losses in the ratio of 3:2. The firm 1
maintains fluctuating capital accounts and the balance of the same as on 31st March
2022 is ₹ 4,00,000 and ₹ 4,65,000 for Vihaan and Mann respectively. Drawings during
the year were ₹ 65,000 each. As per the partnership Deed, Interest on capital @ 10%
p.a. on Opening Capital has been allowed to them. Calculate the opening capital of
Vihaan given that the divisible profits during the year 2021-22 was ₹ 2,25,000.
a) ₹ 3,30,000
b) ₹ 4,40,000
c) ₹ 4,00,000
d) ₹ 3,00,000

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6. While issuing ___________, company does not give any undertaking for the repayment 1
of money borrowed by issuing such debentures.
a) Zero Coupon Rate Debentures
b) Non-Convertible Debentures
c) Secured Debentures
d) Non-Redeemable Debentures
OR
ZK Ltd. issued ₹5,00,000, 9% Debentures of ₹100 each at a discount of 5% redeemable
at a premium of 10%. How much amount debited to discount or loss on issue of
debentures?
a) 25,000
b) 50,00
c) 75,000
d) 5,75,000
7. Assertion (A): Forfeited shares may be reissued by the company at a discount but the 1
amount of discount cannot be more than the amount forfeited on the reissued shares.
Reason (R): It being sale of shares and not an issue of shares. Thus, the company can
reissue them at any price.
In the context of above two statements which of the following is correct?
a) Assertion (A) and Reason (R) are correct but the Reason (R) is not the correct
explanation of Assertion (A)
b) Both Assertion (A) and Reason (R) are correct and Reason (R) is the correct
explanation of Assertion (A)
c) Assertion (A) is correct but the Reason (R) is not correct
d) Both Assertion (A) and Reason (R) are not correct
8. E, F and G are partners sharing profits in the ratio of 3:3:2. According to the partnership 1
agreement, G is to get a minimum amount of ₹80,000 as his share of profits every year
and any deficiency on this account is to be personally borne by E. The net profit for the
year ended 31st March 2021 amounted to ₹3,12 ,000. Calculate the amount of
deficiency to be borne by E?
a) ₹1,000
b) ₹4,000
c) ₹8,000
d) ₹2,000
OR
Angle and Circle ware partners in a firm. Their Balance Sheet showed Furniture at
₹2,00,000; Stock at ₹1,40,000; Debtors at ₹1,62,000 and Creditors at ₹60,000. Square
was admitted and new profit-sharing ratio was agreed at 2:3:5. Stock was revalued at
₹1,00,000, Creditors of ₹15,000 are not likely to be claimed, Debtors for ₹2,000 have
become irrecoverable and Provision for doubtful debts to be provided @ 10%.
Angle’s share in loss on revaluation amounted to ₹30,000. Revalued value of Furniture
will be:
a) ₹2,17,000
b) ₹1,03,000
c) ₹3,03,000
d) ₹1,83,000

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 Read the following hypothetical situation, answer question no. 9 and 10.
Richa and Anmol are partners sharing profits in the ratio of 3:2 with capitals of
₹2,50,000 and ₹1,50,000 respectively. Interest on capital is agreed @ 6% p.a. Anmol is
to be allowed an annual salary of 12,500. During the year ended 31st March 2023, the
profits of the year prior to calculation of interest on capital but after charging Anmol’s
salary amounted to ₹62,000. A provision of 5% of this profit is to be made in respect of
manager’s commission.
Following is their Profit & Loss Appropriation Account
Particulars Amount Particulars Amount
To Interest on Capital By Profit & loss account (After …..(2)…..
Richa manager’s commission)
Anmol
To Anmol’s Salary a/c 12,500
To Profit transferred to:
Richa’s Capital A/C …….(1) ……
Anmol’s Capital A/c

9. The amount to be reflected in blank (1) will be: 1

a) ₹37,200
b) ₹44,700
c) ₹22,800
d) ₹20,940
10. The amount to be reflected in blank (2) will be: 1
a) ₹62,000.
b) ₹74,500.
c) ₹71,400.
d) ₹70,775.
11. Calculate net profit as per P & L A/c for the year ending 31 March, 2023 from the 1
following information:
share of profit transferred to Capital A/¢'s of partners:
Anshu ₹14,000
Komal ₹7,000
Interest on capital:
Anshu ₹3,000
Komal ₹1,000
Interest on Drawings
Anshu ₹600
Komal ₹400
Anshu salary ₹ 2,000
a) ₹ 26,000
b) ₹ 27,000
c) ₹ 24,000
d) ₹ 22,000
12. If 10,000 share of ₹10 each were forfeited for non-payment of final call money of ₹3 1
per share and only 7,000 shares were re-issued @₹11 per share fully paid-up, then
what is the amount of maximum possible discount that company can allow at the time
of re-issue of the remaining 3,000 shares.

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 a) ₹28,000
b) ₹21,000
c) ₹9,000
d) ₹16,000
13. Vishnu Ltd. forfeited 20 shares of ₹10 each, ₹8 called up, on which John had paid 1
application and allotment money of ₹5 per share, of these, 15 shares were reissued to
Parker as fully paid up for ₹6 per share. What is the balance in the share Forfeiture
Account after the relevant amount has been transferred to Capital Reserve Account?
a) ₹0
b) ₹5
c) ₹25
d) ₹100
14. X and Y are partners sharing profits in the ratio of 3:2 and capital as ₹1,00,000 and 1
₹50,000 respectively. Z is admitted for 1/5th share in profits. The amount Z will
contribute as capital will be
a) 50,000
b) 35,000
c) 37,500
d) 60,000
15. Which of the following is true regarding Salary to a partner when the firm maintains 1
fluctuating capital accounts?
a) Debit Partner’s Loan A/c and Credit P & L Appropriation A/c.
b) Debit P & L A/c and Credit Partner’s Capital A/c.
c) Debit P & L Appropriation A/c and Credit Partner’s Current A/c.
d) Debit P & L Appropriation A/c and Credit Partner’s Capital A/c.
OR
Abhay and Baldwin are partners sharing profit in the ratio 3:1. On 31st March 2023,
firm’s net profit is ₹1,25,000. The partnership deed provided interest on capital to
Abhay and Baldwin ₹15,000 & ₹10,000 respectively and Interest on drawings for the
year amounted to ₹6000 from Abhay and ₹4000 from Baldwin. Abhay is also entitled to
commission @10% on net divisible profits. Calculate profit to be transferred to Partners
Capital A/c’s.
a) ₹1,00,000
b) ₹1,10,000
c) ₹1,07,000
d) ₹90,000
16. On the day of dissolution of the firm ‘Roop Brothers’ had partner’s capital amounting to 1
₹1,50,000, external liabilities ₹35,000, Cash balance ₹8,000 and P&LA/c (Dr.) ₹7,000. If
Realisation expense and loss on Realisation amounted to₹5,000 and ₹25,000
respectively, the amount realised by sale of assets is:
a) ₹1,64,000
b) ₹1,45,000
c) ₹1,57,000
d) ₹1,50,000
17. Sim, Seem & Pola were partners in a firm sharing profits in 3:2:1 respectively. Seem 3
decided to retire due to illness Sim and Pola decided to share future profits and loss in
the ratio of 3:2. Goodwill of the Firm was valued at 2,40,000.
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 Find out Gaining Ratio and Pass the necessary journal entry for Goodwill.
18. Reya, Mona and Nisha shared profits in the ratio of 3:2:1. Profits for the last three 3
years were ₹1,40,000; ₹84,000 and ₹1,06,000 respectively. These profits were by
mistakenly distributed equally. The error is now to be corrected. Give the necessary
rectification journal entry.
OR
A and B are partners sharing profits and losses in the ratio of 3:2. Their capital on 31 st
march, 2023 after all adjustments stood at ₹1,65,500 and ₹1,27,600 respectively.
Profits amounting to ₹50,000 for the year 2021-22 were distributed after allowing
interest on drawings @12% p.a. during the year A withdrew ₹15,000 at the beginning
of every quarter and B withdrew ₹40,000 during the year. Partnership deed is silent on
interest on drawings but provides for interest on capital @5% p.a. interest on capital
has not been provided.
Showing your working clearly, pass the necessary adjustment entry to rectify the above
errors
19. Shiva ltd issue 3,000 9% Debenture of ₹100 each at 10% Discount the amount payables 3
as follow Application 40 Allotment- Balance Application received for 4,500 debentures
Application for 1,500 debentures were rejected & their application money returned All
the money duly received. Pass the journal entries relating to issue of 9% debentures.
OR
Youth Ltd. took a loan of ₹ 15,00,000 from State Bank of India against the security of
tangible assets. In addition to principal security, it issued 10,000 11% debentures of ₹
100 each as collateral security. Pass necessary journal entries for the above
transactions, if the company decided to record the issue of 11% debentures as
collateral security and show the presentation in the Balance Sheet of Youth Ltd.
20. Calculate goodwill of a firm on the basis of three years purchase of weighted average 3
profits of last four years.
The profits of the last four year were:
Year (ending 2020 2021 2022 2023
st
31 March)
Amount 28,000 27,000 46,900 53,810
st
a) On 1 April, 2020 a major plant repair was taken for 10,000 which was charged to
profit and loss a/c. the amount is to be capitalised for goodwill calculation subject to
adjustment of 10% depreciation on reducing balance method.
b) Closing stock for the year ended 31st March, 2022 was overvalued by 10,000
c) Weight assigned 1,2,3 &4 respectively to the profits for years ended 31st March 2020,
2021, 2022, and 2023.
21. Atishyokti Ltd. company was registered with an authorized capital of ₹ 20,00,000 4
divided into 2,00,000 Equity Shares of ₹ 10 each, payable ₹ 3 on application, ₹ 6 on
allotment (including ₹ 1 premium) and balance on call. The company offered 80,000
shares for public subscription. All the money has been duly called and received except
allotment and call money on 5,000 shares held by Manish and call money on 4,000
shares held by Alok. Manish’s shares were forfeited and out of these 3,000 shares were
re-issued ₹ 9 per share as fully paid up. Show share capital in the books of the
company. Also prepare notes to accounts.

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22. Tom, Jerry & Micky were partners in a firm sharing profits and losses in the ratio of 4
2:2:1 on 31st march 2023, their balance sheet was as follow: Prepare Realisation
Account.
Balance sheet of Tom, Jerry & Micky as on 31-3-2023
liabilities Amount Assets Amount ₹
₹
Creditors 50,000 Building 1,80,000
Mrs. Jerry loan 18,000 Investment 75,000
Tom loan 72,000 Debtors 35,000
PFDD (3,000) 32,000
Investment fluctuation fund 20,000 Bill receivable 45,000
Capital A/c Stock 25,000
Tom 80,000
Jerry 80,000
Micky 80,000 2,40,000
Cash 13,000
Profit & loss A/c 30,000
4,00,000 4,00,000
On the above date they decided to dissolve the firm
i) Creditors are to be paid after 3 months but paid immediately at 3% p.a. discount.
ii) debtors of ₹5,000 proved bad
iii) half of the investment takes over by Tom at 10% Discount & Remaining sold at 20%
profits .
iv) building sold for ₹1,50,875
v) jerry agree to pay his wife loan
vi) Bills receivables of ₹20,000 was under discount as dishonoured hence paid by the
firm.
23. The Directors of Rockstar Ltd. invited applications for 2,00,000 Shares of ₹ 10 each, 6
issued at 20% premium. Share was payable as ₹ 5 on application, ₹ 4 (including
premium) on allotment and balance on call. Public had applied for 3,20,000 shares out
of which applications for 20,000 shares were rejected and remaining were alloted on
pro-rata basis. Simba, an applicant of 15,000 shares failed to pay allotment and call
money. His shares were forfeited and out of these 6,000 shares were reissued at a
discount of ₹2 per share. Journalise.
OR
Adani Ltd. was registered with an authorized shares capital of ₹80,00,000 divided into
equity share of ₹100 each, company offered 50,000 shares for public at 20% premium.
The share amount was payable as follow:
On application ₹40 per share
On allotment ₹80 per share (including premium)

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 Application received for 80,000 shares pro rata allotment was made in ratio of 3:2 and
rest applications were rejected All the money on allotment received except Mohit
holding 5000 shares, his shares immediately forfeited and out of these 4000 shares
reissued for ₹90 per share fully paid up.
Pass the necessary journal entries in the books of Adani Ltd
24. A and B are partners in a firm sharing profits and losses in the ratio of 2:1. On 31 st 6
march, 2023 their balance sheet was as follows.

Liabilities Amount Assets Amount

Capital Plant and machinery 1,05,000

A 1,40,000 Furniture 20,000
B 1,00,000 2,40,000 Investment 1,00,000
Investment fluctuation 15,000 Debtors 35,000
reserve
Less PFDD 2,000 33,000
Employee provident fund
45,000 Goodwill 30,000
Cash at bank 12,000

3,00,000 3,00,000

On the above date C was admitted in the partnership for 1/5 th share. It was agreed that
i) C bring 60,000 as his share of goodwill premium out of which half is withdrawn by A
&B.
ii) Market value of investment 80,000
iii) Bad debts amount to 2,000 and 10% provision is made on remaining debtors
iv) insurances premium of 1,200 paid for next year
v) C bring proportionate capital
Prepare Revaluation Account and Partner’s Capital Account
OR
Sameer, Yasmin and Saloni were partners in a firm sharing profits and losses in the
ratio of 4: 3 : 3. On 31.3.2023, their Balance Sheet was as follows
Balance sheet of Sameer, Yasmin, and Saloni as on 31-3-2023
liabilities Amount ₹ Assets Amount ₹
Creditors 1,10,000 Cash 80,000
General reserve 60,000 Debtors 90,000 80,000
Less PFDD (10,000)
Capitals: Stock 1,00,000
Sameer 3,00,000
Yasmin 2,50,000
Saloni 1,50,000 7,00,000
Machinery 3,00,000
Building 2,00,000
Patents 60,000
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 Profit and loss account 50,000
8,70,000 8,70,000
On the above date, Sameer retired and it was agreed that:
(i) Debtors of ₹4,000 will be written off as bad debts and a provision of 5% on
debtors for bad and doubtful debts will be maintained.
(ii) An unrecorded creditor of ₹ 20,000 will be recorded.
(iii) Patents will be completely written off and 5% depreciation will be charged on
stock, machinery, and building.
(iv) Yasmin and Saloni will share future profits in the ratio of 3: 2.
(v) Goodwill of the firm on Sameer’s retirement was valued at ₹ 5,40,000. Pass
necessary journal entries for the above transactions in the books of the firm on
Sameer’s retirement
25. S,R & K were partners in a firm sharing profits and losses in the ratio of 4:3:1. Year 6
ended 31st march every year. As per the terms of partnership deed on the death of any
partner the share of goodwill of the deceased partner will be calculated on the basis of
50% of the net profits credited to that partners’ capital a/c during last four computed
years before death. S died on 1st July 2022. The profit for last four years were
Year 31-3-19 31-3-20 31-3-21 31-3-22
Profits 97,000 1,05,000 30,000 84,000
a) S is entitled to interest on capital @ 6% p.a. on his capital balance on 1 st April, 2022
5,00,000
b) His drawings up to date of death amounts to 30,000
c) General Reserve appear in Balance sheet 1,20,000
d) His shares of profits of sales, sales for the year end 31st march, 2022 amounted to
21,00,000; sales from 1st April 2022 to 30th June 2022 were 2,00,000. Prepare S’s
capital account to be presented to his executor.
26. a) Sehat ltd. is engaged in manufacture of GYM Equipment. Considering the prospects 1.5+1.5+3
of high growth in this Segment the company has decided to expand and for this
additional investment of ₹75,00,000 is required. Directors decided that 40% of this
requirement would be financed by raising form equity shares and balance through long
term debts. As per memorandum of association of the company the face value of
debentures ₹100 each as per the market situation the debentures would issue at 25%
Premium. Director decided to issue sufficient Debentures to collect the desired amount
(including premium) The issue was oversubscribed by 10,000 debentures. Which were
rejected by the company.
You are required to answer the following: -

i)What is the total amount collected on application

ii) how many debentures were offered by Sehat Ltd.
b) Difference between Reserve Capital and Capital reserve.

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 PART B (Analysis of Financial Statements)
27. Which of the following is not correct? 1
a) Inter-firm comparison is also known as cross-sectional analysis
b) Redemption of debentures leads to decrease in debt-to-equity ratio
c) Debt analysis is done by the firm to know its borrowings capacity
d) Redemption of debentures leads no change in debt-to-equity ratio
OR
Current Ratio of Vidur Pvt. Ltd. is 3:2. Accountant wants to maintain it at 2:1. Following
option are available:
i) He can repay bills payables
ii) He can purchase goods on credit
iii) He can take short term loan
choose the correct option
a) Only (i) is correct
b) Only (ii) is correct
c) Only (i) and (iii) are correct
d) Only (ii) and (iii) are correct
28. From the following calculate Net Assets Turnover Ratio 1
Shareholders fund 18,00,000
8% Debentures 2,00,000
Reserve & Surplus 5,00,000
Revenue from operation 75,00,000
a) 3.75 times
b) 2.5 times
c) 3 times
d) 4.14 times
29. Which of the following statement is true 1
a) Income tax paid on gain on sale of assets is considered as an operating activity
b) Purchase of shares is considered as financing activities
c) Loan taken by finance company is considered as an operating activity
d) Cash deposited into bank resulted outflow of cash
OR
Sarita Ltd. Provided the following information how these transactions will be reflected
in cash flow statements?
31-3-23 31-3-22
Equity share capital 12,00,000 10,00,000
Securities premium reserve 2,00,000 4,00,000
7% Preference share capital 2,00,000 5,00,000
Additional information
i) 7% Preference shares redeemed at a premium of 10%
ii) During the year Sarita Ltd. bonus shares in the ratio of 5:1 capitalizing reserve.
a) Added 30,000 under operating activities as premium on redemption of preference
shares. Added 4,00,000 in financing activities and outflow 3,30,000 under financing
activities
b) Added in financing activities 2,00,000 issue of equity shares and 2,00,000 securities
premium reserve

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 c) Added 30,000 under operating activities as premium on redemption of preference
shares and outflow under financing activities 3,00,000
d) Added 30,000 under operating activities as premium on redemption of preference
shares and outflow of 3,30,000 under financing activities.
30. From the following information cash flow or used in investing activities 1
Acquired machinery for 2,50,000 paying 20% by cheque and executing a bond for the
balance payable which of the following options is correct?
a) Cash flow from investing activities 50,000
b) Cash flow from investing activities 2,50,000
c) Cash used in investing activities 50,000
d) Cash used in investing activities 2,50,000
31. Classify the following items under major heads and sub-head (if any) in the Balance 3
sheet of a company as per schedule III of the Companies Act, 2013
a) Provision for Retirement Benefits
b) Goodwill
c) Calls-in-Arrears
d) stores and spares
e) Tax reserve
f) Current maturities on long term debts
32. a) Define operating cycle 3
b) State with Reason, whether the proprietary ratio will improve, decline, or will not
change because of the following transaction if proprietary ratio is 0.8:1.
i) Redeemed 10% debentures of 6,00,000
ii) Purchased machinery 5,00,000 by cheque
33. From the information extracted from the statement of Profit & Loss of Zee Ltd for the 4
year ended 31st March 2022 and 31st March 2023, prepare a common size statement
of profit & loss:
Particulars Note No. 2022-23 2021-22
Revenue from operations 8,00,000 10,00,000
Gross Profit 60% 70%
Other Expenses 2,20,000 2,60,000
Tax Rate 50% 50%

OR
From the following information, prepare a Comparative Statement of Profit and Loss:
Particulars 31-3-2023 31-3-2022
Revenue from operations 24,00,000 18,00,000
Other Incomes (% of revenue from 15% 25%
operation)
Expenses (% of revenue from operation) 60% 50%
Tax rate 40% 40%

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34. From the following Balance sheet of Kiero Ltd. And the additional information as on31- 6
3-2023, prepare a cash flow statement.
Kiero Ltd. balance sheet as at 31-3-23
Particulars Note. No 31-3-23 31-3-22
I. Equity and Liabilities
1 Shareholder’s fund
a) Share capital 7,90,000 5,80,000
b) Reserve and surplus 1 4,60,000 1,20,000
2 Non-Current liabilities
a) Long-term borrowings 2 5,00,000 3,00,000
3 Current-Liabilities
1,15,000 42,000
a) Short term borrowings 3
1,18,000 46,000
b) Short term provisions 4 19,83,000 10,88,000
Total
II. Assets
1 Non-Current Assets
Fixed Assets
a) Tangible 5 9,80,000 6,35,000
b) Intangible 6 2,68,000 1,70,000
2 Current Assets
a) Current Investment 1,40,000 70,000
b) Trade Receivables 4,40,000 1,50,000
c) Cash and Cash Equivalent 1,55,000 63,000
19,83,000 10,88,000
Total

Notes to Accounts
Note no. Particulars 31-3-23 31-3-22

1 Reserve and surplus

Surplus (balance in statement of profit and loss) 3,20,000 60,000
General reserve 1,40,000 60,000

2 Long term borrowings

12% Debentures 5,00,000 3,00,000

3 Short term borrowings

Bank over draft 1,15,000 42,000

4 Short term provisions

Provision for tax 1,18,000 46,000

5 Tangible assets
Machinery 9,80,000 6,35,000

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 6 Intangible assets
Goodwill 2,68,000 1,70,000

Additional information:
12% Debentures were issued on 1 September,2022
During the year one machinery purchased for 5,00,000 & Interim Dividend Paid 10,000

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