[ISC] Q. 21 Solution of Final Accounts of Companies – Application TS Grewal ISC (2023-24)

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Solution of Q 21 Final Accounts of Companies-Application TS Grewal Class 12 ISC Board Accountancy Book 2023-24

From the following information of Storewell Ltd., Show how the items will be shown in the company’s Balance Sheet (an extract) as at 31st March, 2023.

The authorised capital is 30,000, 8% Preference Share of ₹ 10 each and 80,000 Equity Shares of ₹ 10 each, out of which:

(a) 10,000, 8% Preference Shares were issued, fully called and paid-up.

(b) 30,000 Equity Shares were issued which were fully called-up.

(c) There were arrears of ₹ 2 per share on 4,000 Equity Shares.

Particulars
10% Debentures
Cash Credit (Cr.)
Balance in Statement of Profit & Loss (Dr.)
Land and Building
50,000
25,000
76,000
50,000

Solution:-

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