With the help of information given below, prepare Statement of Profit and Loss and Balance Sheet of
Question:
With the help of information given below, prepare Statement of Profit and Loss and Balance Sheet of Sunshine Ltd.
(a) Gross Profit ratio 25%;
(b) Net Profit / Sales 20%;
(c) Sales Inventory ratio 10;
(d) Fixed Assets / Total Current Assets 5/8;
(e) Current ratio 1;
(f) Fixed asset /Share Capital 5/4;
(g) Fixed Assets ₹ 8 lakhs;
(h) Closing inventories ₹ 80,000. (Assume that there was no balance of any reserves and surplus other than the balance of Profit and Loss Account of current year).
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To prepare the Statement of Profit and Loss and Balance Sheet for Sunshine Ltd well use the provided information and ratios Lets start with the Statem...View the full answer
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Corporate Accounting As Per The Companies Act 2013 Including Rules 2014 And 2015
ISBN: 9789352605569
2nd Edition
Authors: M Hanif, A Mukherjee
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