The Ledger balances extracted from the books of Prefect Public Ltd. for the year ended on 31st March, 2011 are as follows:

Posted by commerce achiever1
Categories Past Papers, UPSC Commerce Optional
Date July 15, 2021

Year of Exam- 2011

Question Paper -1

Question number-3-a

Contact for Full Videos Classes, Books, Tests Series and more

Whatsapp -7905338496/Telegram at @commerceachiever20

WATCH THE VIDEOS AT – https://www.youtube.com/c/commerceachiever

Question –

Particulars	Amount (₹)
Share Capital	50,00,000
12% Debenture	37,50,000
Land & Building	38,40,000
Profit & Loss (Cr.)	3,28,125
Stock in Trade (1-04-2010)	9,37,500

Particulars	Amount (₹)
Sundry Debtors	20,25,000
Cash Balances	3,12,500
Purchases	23,12,500
Preliminary Expenses	62,500
Bills Payable	4,62,500
Interim Dividend	4,90,000
Wages	12,50,000
General Expenses	1,05,000
Salaries	2,27,000
Creditors	5,00,000
Sales	50,50,000
General Reserve	2,75,000
Bad Debts Provision (Cr.)	55,000
Bad Debts	35,000
Interest on Debentures	2,25,000
Capital Loss written Off	4,00,000

Particulars	Amount (₹)
Calls in Arrears	95,000
Dividend Equalization Fund	10,50,000
Debenture Redemption Reserve	20,00,000
Unclaimed Dividend	5,625

Make adjustments for the following and prepare a Balance Sheet, as per requirements of the Companies Act,1956 –

Depreciate Land & Buildings by 10%
Provide Bad Debts Reserve @5%
Write off preliminary expenses ₹50,000
Debenture interest for half year due.
Unsold stock ₹12,50,000
Provision for Tax @40%
Contingent Liabilities ₹10,50,000

commerce achiever1