From the following ledger balances of Regal Limited as on 31/03/2017, you are required to prepare the Balance Sheet as on 31/03/2017 as per Schedule-III of the Companies Act. Particulars₹Particulars₹Office Equipment480600General Reserve4150009% Debentures in APCO Ltd.245000Creditors for Goods168500Loose Tools163000Creditors for Expenses36000Plant & Machinery1800000Bank Overdraft75000Computer Software83250Mortgage Loan310000Debtors1900008% Preference Share Capital550000Share Issue Expense(Unwritten Off)30000Equity Share Capital1500000Stores and Spares100200Staff Welfare Fund85000Interest Accrued on Investment 51000Provision for Taxation26550Bank23000

Note: The total of assets and liabilities can’t be equal because some items are missing.

Answered: From the following ledger balances of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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From the following ledger balances of Regal Limited as on 31/03/2017, you are required to prepare the Balance Sheet as on 31/03/2017 as per Schedule-III of the Companies Act.

Particulars	₹	Particulars	₹
Office Equipment	480600	General Reserve	415000
9% Debentures in APCO Ltd.	245000	Creditors for Goods	168500
Loose Tools	163000	Creditors for Expenses	36000
Plant & Machinery	1800000	Bank Overdraft	75000
Computer Software	83250	Mortgage Loan	310000
Debtors	190000	8% Preference Share Capital	550000
Share Issue Expense (Unwritten Off)	30000	Equity Share Capital	1500000
Stores and Spares	100200	Staff Welfare Fund	85000
Interest Accrued on Investment	51000	Provision for Taxation	26550
Bank	23000