The following is the Trial Balance of MN Limited as on 31.3.2024: (Figures in ‘000) Debit Credit Land at cost 220 Equity Capital (Shares of 10 each)…

MN Limited Balance Sheet as at 31st March, 2024 Particulars Note No. (₹ in 000) Equity and Liabilities 1. Shareholders' funds A Share capital 1 300 B Reserves and Surplus 2 530 2. Non-Current liabilities A Long term borrowings 3 200 3. Current liabilities A Trade Payables 52 Total 1082 Assets 1. Non-current assets A PPE (Property, Plant & Equipment) 4 880 2 Current assets A Inventories 86 B Trade receivables 96 C Cash and bank balances 20 Total 1082 MN Limited Statement of Profit and Loss for the year ended 31st March, 2024 Particulars Notes (₹ in 000) I. Revenue from operations 700 II. Other Income 5 2 III Total Income 702 IV Expenses: Purchases 320 Finance costs 6 20 Depreciation (10% of 760*) 76 Other expenses 7 120 Total Expenses 536 V. Profit (Loss) for the period (III – IV) 166 Notes to accounts (₹ in 000) 1. Share Capital Equity share capital Authorised 40,000 shares of 10each 400 Issued & subscribed & called up 30,000 shares of 10each 300 2. Reserves and Surplus Securities Premium Account 40 Revaluation reserve (360 – 220) 140 General reserve 130 Profit & loss Balance Opening balance 72 Profit for the period 166 238 Less: Appropriations Interim Dividend (18) 220 530 3. Long term borrowing 10% Debentures 200 4. PPE Land Opening balance 220 Add: Revaluation adjustment 140 Closing balance 360 Plant and Machinery Opening balance 770 Less: Disposed off (10) 760 Less: Depreciation (172-8+76) (240) Closing balance 520 * 770 (Plant and machinery at cost) – 10 (Cost of plant and machinery sold) Total 880 5. Other Income Profit on sale of machinery: Sale value of machinery 4 Less: Book value of machinery (10-8) (2) 2 6. Finance costs Debenture interest 20 7. Other expenses: Factory expenses 60 Selling expenses 30 Administrative expenses 30 120 Note: The final dividend will not be recognized as a liability at the balance sheet date (even if it is declared after reporting date but before approval of the financial statements) as per Accounting Standards. Hence, it has not been recognized in the financial statements for the year ended 31 March, 2024. Such dividends will be disclosed in notes only.