[ISC] Q. 26 Solution of Final Accounts of Companies – Application TS Grewal ISC (2023-24)

Solution of Q 26 Final Accounts of Companies-Application TS Grewal Class 12 ISC Board Accountancy Book 2023-24

Following balances have been extracted from the books of Rama Ltd., on 31st March, 2023:

Equity Share Capital (1,00,000 Equity Share of ₹ 10 each) ₹ 10,00,000; (Out of these, 15,000 Equity Shares of ₹ 10 each have been issued to a Vendor); Securities Premium ₹ 2,00,000; 12% Debentures ₹ 5,00,000; Creditors ₹ 3,00,000; Surplus, i.e., Balance in Statement of Profit & Loss (Debit) ₹ 1,00,000; Land and Building ₹ 9,00,000; Government Bonds ₹ 6,00,000; Capital Work in Progress (Building) ₹ 3,50,000; and Cash at Bank ₹ 50,000.

Debentures were issued on 1st April, 2022 redeemable after 5 years, i.e., on 31st March, 2027.

Prepare Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013.

Solution:-