Q.1:- The following is the Trial Balance of Omega Limited as on 31.3.2019(Figures in Rs. ‘000)
Particulars
Property , Plant & Equipment-Land at cost
-Plant and Machinery at cost
Trade Receivables
Closing Inventory
Bank
Adjusted Purchases
Factory Expenses
Administrative Expenses
Selling Expenses
Debenture Interest
Interim Dividend paid
Total
Debit
(Rs.)
Particulars
Equity Share Capital
(Shares of Rs. 10 each)
10% Debentures
General Reserve
Profit and Loss Account
Securities Premium
Sales
Trade Payables
Provision for Depreciation
Suspense Account
220
770
96
86
20
320
60
30
30
20
18
1670 Total
Credit
(Rs.)
300
200
130
72
40
700
52
172
4
1670
Additional Information:
1. The authorised share capital of the company is 40,000 shares of Rs.10 each.
2. The company on the advice of independent valuer wish to revalue the land at Rs.
3,60,000.
3. Declared final dividend @ 10%.
4. Suspense account of Rs. 4,000 represents cash received for the sale of some of the
machinery on 1.4.2018. The cost of the machinery was Rs. 10,000 and the accumulated
depreciation thereon being Rs. 8,000.
5. Depreciation is to be provided on plant and machinery at 10% on cost.
You are required to prepare Omega Limited’s Balance Sheet as on 31.3.2019 and Statement of
Profit and Loss with notes to accounts for the year ended 31.3.2019 as per Schedule III. Ignore
previous years’ figures & taxation.