The Following is the Trial Balance of Amol Limited as on 31 st March, 2024. Particulars Amount (₹) Particulars Amount (₹) Purchases 41,47,500 Sales…

Balance Sheet of Amol Ltd. as at 31 st March, 2024 Particulars Note No ₹ I. EQUITY AND LIABILITIES (1) Shareholders' Funds (a) Share capital 1 5,00,000 (b) Reserves and Surplus 2 12,38,231 (2) Non-current Liabilities (a) Long-term borrowings 3 42,50,000 (3) Current Liabilities (a) Short term borrowings (Installment of term loan falling due in one year) 8,50,000 (b) Trade Payables 4 28,16,937 (c) Other current liabilities 5 88,250 (d) Short term provisions (provision for tax) 58,494 Total 98,01,912 II. ASSETS (1) Non-current assets (a) PPE 6 55,85,350 (2) Current assets (a) Inventories 5,68,750 (b) Trade receivables 7 30,75,625 (c) Cash and bank balances 8 5,53,437 (d) Short term loans & advances (Advance tax paid) 18,750 Total 98,01,912 Statement of Profit & Loss of Amol Ltd. For the year ended 31 st March, 2024 Particulars Notes Amount Revenue from operations 62,93,500 Other income (Commission income) 36,250 Total Income (i) 63,29,750 Expenses: Purchases of Inventory-in-Trade 41,47,500 Changes in inventories of finished goods work-in- progress and Inventory-in-Trade 9 (1,06,250) Employee benefits expense 10 7,14,250 Finance costs (interest on term loan) 4,02,500 Depreciation 3,90,150 Other operating expenses 11 5,47,625 Total expenses(ii) 60,95,775 Profit (Loss) for the period (i – ii) 2,33,975 Less:Tax (25%) (58,494) PAT 1,75,481 Notes to accounts: Particulars Particulars ₹ 1. Share Capital Equity share capital Authorized 1,00,000 equity shares of 10each 10,00,000 Issued, Subscribed & Paid up Capital 50,000 equity shares of 10each 5,00,000 5,00,000 2. Reserves and Surplus General Reserve 5,00,000 Add: Current year transfer 50,000 5,50,000 Profit & Loss balance Opening balance 4,37,750 Add:Profit for the year 1,75,481 Less:Transfer to General reserve (50,000) 5,63,231 Securities premium 1,25,000 Total 12,38,231 3. Long-term borrowings Term loan from public sector bank 51,00,000 (Secured by hypothecation) Less: Installment of Term loan falling due within 1 year (8,50,000) Total 42,50,000 4. Trade payables Trade payables 27,54,437 Bills payable 62,500 Total 28,16,937 5. Other current liabilities Rent outstanding 10,000 Wages and Salaries Outstanding 78,250 88,250 6. PPE (W.N2) Land 12,00,000 Factory Buildings 16,60,600 Plant & Machinery 23,90,625 Furniture & Fittings 3,34,125 Total 55,85,350 7. Trade receivables Debtors Outstanding for period exceeding 6 months 42,800 Other debts 31,94,700 Less: Provision for doubtful debt (1,61,875) 30,75,625 8. Cash and bank balance Bank balance 4,87,500 Cash on hand 65,937 5,53,437 9. Changes in Inventories Opening Inventory 4,62,500 Less: Closing Inventory (5,68,750) (1,06,250) 10. Employee benefit expense Wages and Salaries 6,36,000 Add: Wages and Salaries Outstanding 78,250 7,14,250 11. Other operating expenses Rent 1,10,000 Add: outstanding 10,000 1,20,000 Rates and Taxes 25,000 Selling & Distribution expenses 2,18,000 Bad debts 19,250 Provision for Doubtful Debts (1,61,875- 12,500) 1,49,375 Director's fee 16,000 Total 5,47,625 Note : (1) 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. (2) Calculation of Depreciation Particulars Book value Accumulated depreciation WDV Current year Depreciation Current year WDV Land 12,00,000 12,00,000 - 12,00,000 Factory building 18,40,000 92,000 17,48,000 87,400 16,60,600 Plant & Machinery 31,25,000 4,68,750 26,56,250 2,65,625 23,90,625 Furniture Fittings 4,12,500 41,250 3,71,250 37,125 3,34,125 Total 3,90,150 55,85,350