Aqua Ltd. has authorized capital of 50 lakhs divided into 5,00,000 equity shares of 10 each. Their books show the following ledger balances as on 31…

Balance Sheet of Aqua Ltd. as at 31 st March, 2023 Particulars Note No. (₹) I Equity and Liabilities (1) Shareholders' Funds (a) Share Capital 1 19,90,000 (b) Reserves and Surplus 2 3,82,000 (2) Current Liabilities (a) Trade Payables 2,40,500 (b) Other Current Liabilities 3 61,500 (c) Short-Term Provisions 4 1,35,000 Total 28,09,000 II ASSETS (1) Non-Current Assets (a) Property, Plant and Equipment 5 16,97,500 (2) Current Assets (a) Inventories 7,05,000 (b) Trade Receivables 6 3,75,500 (c) Cash and Cash Equivalents 7 31,000 Total 28,09,000 Statement of Profit and Loss of Aqua Ltd. for the year ended 31 st March, 2023 Particulars Note No. (₹) I Revenue from Operations 36,17,000 II Other Income 8 36,500 III Total Revenue [I + II] 36,53,500 IV Expenses: Cost of purchases 12,32,500 Changes in Inventories [6,65,000-7,05,000] (40,000) Employee Benefits Expenses 9 15,04,000 Depreciation and Amortization Expenses 82,500 Other Expenses 10 4,24,500 Total Expenses 32,03,500 V Profit before Tax (III-IV) 4,50,000 VI Tax Expenses @ 30% (1,35,000) VII Profit for the period 3,15,000 Notes to Accounts: 1. Share Capital Authorized Capital 5,00,000 Equity Shares of 10each 50,00,000 Issued Capital 2,00,000 Equity Shares of 10each 20,00,000 Subscribed Capital and fully paid 1,95,000 Equity Shares of 10each 19,50,000 Subscribed Capital but not fully paid 5,000 Equity Shares of 10each 8paid (Call unpaid - 10,000) 40,000 19,90,000 2. Reserves and Surplus General Reserve 10,000 Surplus i.e. Balance in Statement of Profit & Loss: Opening Balance 67,000 Add: Profit for the period 3,15,000 Less: Transfer to Reserve (10,000) 3,72,000 3,82,000 3. Other Current Liabilities Outstanding Expenses [25,000+36,500] 61,500 4. Short-term Provisions Provision for Tax 1,35,000 5. Property, Plant and Equipment Particulars Value given (₹) Depreciation rate Depreciation Charged (₹) Written down value at the end (₹) Land 7,30,000 7,30,000 Plant & Machinery 7,50,000 5% 37,500 7,12,500 Furniture & Fixtures 1,50,000 10% 15,000 1,35,000 Engineering Tools 1,50,000 20% 30,000 1,20,000 17,80,000 82,500 16,97,500 6. Trade Receivables Trade receivables 4,00,500 Less: Provision for doubtful debts (25,000) 3,75,500 7. Cash & Cash Equivalent Cash Balance 11,000 Bank Balance in current A/c 20,000 31,000 8. Other Income Miscellaneous Income (Transfer fees) 6,500 Rental Income 30,000 36,500 9. Employee benefits expenses Wages 14,79,000 Add: Outstanding wages 25,000 15,04,000 10. Other Expenses Carriage Inwards 57,500 Discount & Rebates 30,000 Advertisement 15,000 Rate, Taxes and Insurance 55,000 Repairs to Buildings 56,500 Commission & Brokerage 67,500 Miscellaneous Expenses [56,000+36,500] (Business Expenses) 92,500 Bad Debts 25,500 Provision for Doubtful Debts 25,000 4,24,500