SANJAY INDUSTRIES LTD. (Balance Sheet and Income Statement) The followingare the balances of Ledger book of Sanjay Industries Ltd. as on 31st March 2006. Stock. 1st April 2005 6,75,000 Carriage Inward 8,550 Purchases 22,05,000 Profit & loss account (31st March 2005) 54,000 Sales 30,60,000 Salaries 67,500 Wages 2,70,000 Bills Receivables 45,000 Share capital (Authorized Capital 2,00,000 shares of Rs.10 each) 9,00,000 Sundry Expenses 63,450 Discount 27,000 Bills Payable 63,000 Purchases returns 90,000 Rent 36,000 Patents & trademark 43,200 Debtors 2,47,500 Creditors 1,57,500 Furniture & Fittings 1,53,000 Plant & Machinery 2,61,000 Cash at Bank 4,15,800 General Reserve 1,39,500 Further information- Outstanding rent amounted to Rs.7,200 while outstanding salaries are Rs. 8,100 at the end of the year. Make a provision for doubtful debts amounting to Rs. 4,590. Stock on 31st March 2006 was valued at Rs. 7,92,000. Depreciate plant & machinery @ 14% and furniture & fittings @18%. Amortize patents & trademarks @ 5%. Provide for managerial remuneration @ 10% of the net profit before such commission. Make a provision for income tax @ 35% on net profit. The board of directors proposes a dividend @ 10% for the year ended 31stMarch 2006 after transfer to General Reserve @ 5% of profit after tax. You are required to- (Show your workings clearly) Q A. Prepare following Financial Statements of Sanjay Industries Ltd. (8) Trading and Profit & Loss Account for the year ending 31 March 2006 Balance sheet as on 31st March 2006 Q B. Comment on the Profits of the company such as- (2) Gross Profit VS Net Profit Net Profit before tax VS Net Profit After Tax
SANJAY INDUSTRIES LTD. (Balance Sheet and Income Statement) The followingare the balances of Ledger book of Sanjay Industries Ltd. as on 31st March 2006. Stock. 1st April 2005 6,75,000 Carriage Inward 8,550 Purchases 22,05,000 Profit & loss account (31st March 2005) 54,000 Sales 30,60,000 Salaries 67,500 Wages 2,70,000 Bills Receivables 45,000 Share capital (Authorized Capital 2,00,000 shares of Rs.10 each) 9,00,000 Sundry Expenses 63,450 Discount 27,000 Bills Payable 63,000 Purchases returns 90,000 Rent 36,000 Patents & trademark 43,200 Debtors 2,47,500 Creditors 1,57,500 Furniture & Fittings 1,53,000 Plant & Machinery 2,61,000 Cash at Bank 4,15,800 General Reserve 1,39,500 Further information- Outstanding rent amounted to Rs.7,200 while outstanding salaries are Rs. 8,100 at the end of the year. Make a provision for doubtful debts amounting to Rs. 4,590. Stock on 31st March 2006 was valued at Rs. 7,92,000. Depreciate plant & machinery @ 14% and furniture & fittings @18%. Amortize patents & trademarks @ 5%. Provide for managerial remuneration @ 10% of the net profit before such commission. Make a provision for income tax @ 35% on net profit. The board of directors proposes a dividend @ 10% for the year ended 31stMarch 2006 after transfer to General Reserve @ 5% of profit after tax. You are required to- (Show your workings clearly) Q A. Prepare following Financial Statements of Sanjay Industries Ltd. (8) Trading and Profit & Loss Account for the year ending 31 March 2006 Balance sheet as on 31st March 2006 Q B. Comment on the Profits of the company such as- (2) Gross Profit VS Net Profit Net Profit before tax VS Net Profit After Tax
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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SANJAY INDUSTRIES LTD. (
The followingare the balances of Ledger book of Sanjay Industries Ltd. as on 31st March 2006.
|
Stock. 1st April 2005 |
6,75,000 |
Carriage Inward |
8,550 |
|
Purchases |
22,05,000 |
Profit & loss account (31st March 2005) |
54,000 |
|
Sales |
30,60,000 |
Salaries |
67,500 |
|
Wages |
2,70,000 |
Bills Receivables |
45,000 |
|
Share capital (Authorized Capital 2,00,000 shares of Rs.10 each) |
9,00,000 |
Sundry Expenses |
63,450 |
|
Discount |
27,000 |
Bills Payable |
63,000 |
|
Purchases returns |
90,000 |
Rent |
36,000 |
|
Patents & trademark |
43,200 |
Debtors |
2,47,500 |
|
Creditors |
1,57,500 |
Furniture & Fittings |
1,53,000 |
|
Plant & Machinery |
2,61,000 |
Cash at Bank |
4,15,800 |
|
General Reserve |
1,39,500 |
|
|
Further information-
- Outstanding rent amounted to Rs.7,200 while outstanding salaries are Rs. 8,100 at the end of the year.
- Make a provision for doubtful debts amounting to Rs. 4,590.
- Stock on 31st March 2006 was valued at Rs. 7,92,000.
Depreciate plant & machinery @ 14% and furniture & fittings @18%.- Amortize patents & trademarks @ 5%.
- Provide for managerial remuneration @ 10% of the net profit before such commission.
- Make a provision for income tax @ 35% on net profit.
- The board of directors proposes a dividend @ 10% for the year ended 31stMarch 2006 after transfer to General Reserve @ 5% of profit after tax.
You are required to- (Show your workings clearly)
Q A. Prepare following Financial Statements of Sanjay Industries Ltd. (8)
- Trading and Profit & Loss Account for the year ending 31 March 2006
- Balance sheet as on 31st March 2006
Q B. Comment on the Profits of the company such as- (2)
- Gross Profit VS Net Profit
- Net Profit before tax VS Net Profit After Tax
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