The following data were provided by the accounting records of X Ltd. as the year ended on 31 March 2011:
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| Sales | 40,00,000 |
| Cost of Goods Sold | (24,00,000) |
| Gross Profit | 16,00,000 |
| Operating Expenses | (2,00,000) |
| (Including Depreciation) | |
| Indirect Expenses Paid | (1,20,000) |
| Interest Income Received | 40,000 |
| Gain on Sale of Investments | 60,000 |
| Loss on Sale of Plant | (20,000) |
| Net Profit Before Tax | 7,60,000 |
| Provision for Income Tax | (2,80,000) |
| Net Profit After Tax | 4,80,000 |
Balance Sheets
| Assets | As on 31 March 2011 Rs. | As on 31 March 2010 Rs. |
| Plant | 28,00,000 | 20,00,000 |
| Less: Accumulated Depreciation | (4,00,000) | (3,20,000) |
| 24,00,000 | 16,80,000 | |
| Investment (Long-term) | 4,00,000 | 6,40,000 |
| Inventory | 6,00,000 | 4,40,000 |
| Accounts Receivable | 1,80,000 | 2,20,000 |
| Cash at Bank | 2,00,000 | 1,80,000 |
| 37,80,000 | 31,60,000 | |
| Liabilities | Rs. | Rs. |
| Equity Share Capital | 16,00,000 | 8,00,000 |
| Securities Premium | 80,000 | – |
| General Reserve | 6,00,000 | 5,20,000 |
| P & L A/c | 1,40,000 | 32,000 |
| Debentures | 10,00,000 | 14,00,000 |
| Accounts Payable | 2,40,000 | 2,08,000 |
| Provision for Tax | 1,20,000 | 2,00,000 |
| 37,80,000 | 31,60,000 |
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