The following is the trial balance of Sangeeta Udhyog Ltd. as on 31st March 2006.


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The following is the trial balance of Sangeeta Udhyog Ltd. as on 31st March 2006. 1 answer below » The following is the trial balance of Sangeeta Udhyog Ltd. as on 31st March 2006. View complete question » Accounts Dr. (Rs.) Cr. (Rs.) Stock, 1st April 2005 14,91,360 Wages 8,77,920 Debtors & creditors 13,15,200 7,37,760 Furniture 40,000 Purchases & sales 57,45,680 93,59,200 Carriage inwards 39,280 Returns 1,01,120 78,480 Advance payment of income tax 1,14,320 Bank loan-Secured-Long term 4,00,000 Manufacturing expenses 1,53,920 The following is the trial balance of Sangeeta Udhyog Ltd. as on 31st March 2006. Accounts Dr. (Rs.) Cr. (Rs.) Stock, 1st April 2005 14,91,360 Wages 8,77,920 Debtors & creditors 13,15,200 7,37,760 Furniture 40,000 Purchases & sales 57,45,680 93,59,200 Carriage inwards 39,280 Returns 1,01,120 78,480 Advance payment of income tax 1,14,320 Bank loan-Secured-Long term 4,00,000 Manufacturing expenses 1,53,920 Interest on loan 36,000 Profit & loss account, 1st April 2005 69,440 Cash-in-hand 15,360 Leasehold factory building 13,13,680 Plant & machinery 10,27,200 Loose tools 1,00,000 Carriage outwards 74,080 Share capital 32,00,000 Calls-in-Arrear 8,000 Rates & electricity—factory 1,40,880 Office expenses 64,000 Director’s fees & remuneration 96,000 Office salaries & expenses 1,04,000 Auditors’ fees 10,000 Machinery repairs 34,880 Commission 39,120 Bank current account 8,54,880 Preliminary expenses 48,000 Total 1,38,44,880 1,38,44,880 Further information The authorized share capital of the company consists of 4,00,000 equity shares of Rs. 10 each. The stock was valued at Rs. 9,98,720 and loose tools at Rs. 80,000. Wages Rs. 15,120 and office salaries Rs. 9,600 are due. Bank loan was taken on 1-04-2005 on interest @ 15% p.a. Depreciation is to be provided on: Plant & Machinery @ 14%; Furniture @ 18%. Write off one-third Preliminary Expenses. Provide Rs. 68,000 on Debtors for Doubtful Debts. Provide further Rs. 24,960 for discount on debtors. Make a provision for income tax @ 35%. Transfer 10% of net profits to General Reserve. The Directors recommend dividend @ 10% per annum for the year ended 31st March 2006. Required Prepare the following financial statements of Sangeeta Udhyog Ltd. : Profit and loss account for the year ended 31st March 2006. Profit and loss appropriation account for the year ended 31st March 2006. Balance sheet as on 31st March 2006. Briefly comment upon the performance of the company. View less » Jun 11 2014 04:17 PM

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