The following balance appeared in the books of Oliva Company Ltd. as on 31-03-2024. Particulars ₹ Particulars ₹ Inventory 01-04-2023 Sales 17,10,000…

Oliva Company Ltd. Statement of Profit and loss for the year ended 31.03.2024 Particulars Note Amount (₹) I Revenue from operations 17,10,000 II Other income (3,900 +300) 4,200 III Total Revenue (I +II) 17,14,200 IV Expenses: Cost of materials consumed 10 12,64,200 Purchases of inventory-in-trade – Changes in inventories of finished goods, work-in-progress and inventory-in-Trade 11 (13,500) Employee benefit expenses 12 44,700 Finance costs – Depreciation and amortization expenses 18,240 Other expenses 13 3,51,510 Total Expenses 16,65,150 V Profit before exceptional and extraordinary items and tax 49,050 VI Exceptional items – VII Profit before extraordinary items and tax 49,050 VIII Extraordinary items – IX Profit before tax 49,050 X Tax expense (40% of 49,050) 19,620 XI Profit/Loss for the period from continuing operations 29,430 Oliva Company Ltd. Balance Sheet for the year ended 31.03.2024 Particulars Note Amount 1 Equity and Liabilities (i) Shareholders' funds (a) Share Capital 3,15,000 (b) Reserves and surplus 1 50,430 2) Non-current liabilities (a) Long-term borrowings 2 24,300 (3) Current Liabilities (a) Short-term borrowings 3 6,000 (b) Trade payables 3,27,000 (c) Other current liability 4 72,000 (d) Short term provision 5 19,620 8,14,350 II ASSETS (1) Non current assets (a) Property, Plant & equipment 6 2,04,160 (b) Non-current investments 7,500 (2) Current assets (a) Current investments 4,500 (b) Inventories 7 85,800 (c) Trade receivables 2,38,500 (d) Cash and cash equivalents 2,71,100 8,14,350 Notes to accounts No. Particulars Amount Amount 1. Reserve & Surplus Profit & Loss Account: Balance b/f 48,000 Net Profit for the year 29,430 Less: Interim Dividend (27,000) 50,430 2. Long term borrowings Secured loans 21,000 Fixed Deposits: Unsecured 3,300 24,300 3. Short term borrowings Secured loans 4,500 Fixed Deposits -Unsecured 1,500 6,000 4. Other current liabilities Expenses Payable (67,500 + 4,500) 72,000 5. Short term provisions Provision for Income tax 19,620 6. PPE Building 1,01,000 Less: Depreciation @ 2% (2,020) 98,980 Plant & Machinery 70,400 Less: Depreciation @ 10% (7,040) 63,360 Furniture 10,200 Less: Depreciation @ 10% (1,020) 9,180 Motor vehicles 40,800 Less: Depreciation @ 20% (8,160) 32,640 2,04,160 7 Inventory Raw Material 25,800 Finished goods 60,000 85,800 8. Short term Loans & Advances General Charges prepaid 2,490 9. Other Current Assets Interest accrued 300 10. Cost of material consumed Opening inventory of raw material 30,000 Add: Purchases 12,15,000 Stores & spare parts consumed 45,000 12,90,000 Less: Closing inventory (25,800) 12,64,200 11. Changes in inventory of Finished Goods & WIP Closing Inventory of Finished Goods 60,000 Less: Opening Inventory of Finished Goods 46,500 13,500 12. Employee Benefit expenses Salary & Wages (40,200 + 4,500) 44,700 13. Other Expenses Manufacturing Expenses (2,70,000 + 67,500) 3,37,500 General Charges (16,500 – 2,490) 14,010 3,51,510