Ramkumar Industries Pvt. Ltd. was incorporated on 1 May 2009. It took over Ramkumar’s sole proprietary business with effect from 1 April 2009. Ramkumar’s balance sheet as at 31 March 2010 is as follows:
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Assets |
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|
Capital Account |
21,57,500 |
Building |
5,50,000 |
|
Loan |
42,500 |
Machinery |
15,00,000 |
|
Trade Creditors |
85,000 |
Debtors |
1,28,500 |
|
Creditors for |
12,500 |
P & L A/c |
1,19,000 |
|
Expenses |
|||
|
22,97,500 |
22,97,500 |
It was agreed to pay Rs.22,50,000 in the form of equity shares of the company. The company decided to close its books of account for the first time as at 31 March 2010. The following further details are furnished to you:
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Sales for full year |
15,00,000 |
|
Purchases |
7,00,000 |
|
Salaries & Wages |
2,00,000 |
|
General Expenses |
1,60,000 |
|
Carriage Inwards |
23,500 |
|
Interest Paid |
40,000 |
|
Stocks as at 31 March 2010 |
1,10,000 |
|
Additions to Building |
1,90,000 |
Depreciation is to be provided @ 10% on assets including additions.
Make a provision for income tax @ 35%
The company requests you to:
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