Model: Disposal of surplus—Amount refundable to customers The following balances relate to an electric company and pertain to its accounts for the year ended 31 December 2010:
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Share Capital |
60,00,000 |
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Reserve Fund (Invested) in 5% Govt. Securities at Par) |
30,00,000 |
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Contingencies Reserve (Invested in 6% Govt. Loan) |
10,00,000 |
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Loan from Stare Electricity Board………. |
15,00,000 |
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11% Debentures |
5,00,000 |
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Development Reserve |
5,00,000 |
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Fixed Assets |
1,00,00,000 |
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Depreciation Reserve on Fixed Assets |
40,00,000 |
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Consumer’s Deposits |
40,00,000 |
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Amount Contributed by Consumers Towards Cost of Fixed Assets |
1,00,000 |
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Tariffs and Dividends Control Reserve |
2,50,000 |
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Monthly Average of Current Assets |
10,00,000 |
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Intangible Assets: |
2,00,000 |
The Company earned a profit of Rs.5,00,000. Show how the profits of the company will be dealt with under the provision of the Electricity Act, assuming that the bank rate during the year was 8%.
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