I own a business entity, named I am a Business Man i.e., IBM. At the end of accounting year, IBM has a cash balance equal to ₹XXXXXXXX.7 Half of the cash has been kept aside for buying brands. The firm does not own any trade receivables nor owns any marketable securities. The firm had a promissory note equivalent to the total cash balance (the amount being receivable after 6 months). Soham Pradhan drew the promissory note. Two days back, Tanmoy Chatterjee, an employee of IBM had taken a travel advance equivalent to one-tenth of the total cash balance. At the end of the accounting period, IBM does not have any other current assets. The entities fixed assets are twice its current assets. IBM’s long-term investments are equal to the rest of the assets on its balance sheet. Recently, the firm had incurred restructuring expenses equal to its fixed assets. The benefit of this restructuring expense is expected to flow over the next five years. Long-term liabilities are equal to its non-current assets. IBM’s current liabilities & provisions are equal to half of its current assets. The firm has no other liabilities. The firm had issued equity shares worth ₹XXXXXXXX. 

(a) Refer to the problem above. Fill in the blanks below.

I. Other Assets is equal to ₹ ________________________________

II. Total Assets is equal to ₹_________________________________

III. Net worth of the firm is equal to ₹___________________________

IV. Reserves & Surplus of the firm is equal to ₹_________________________

V. Long-term Liabilities is equal to ₹________________________

(b) Tick all the ones that you agree to (i.e., there may be multiple correct answers). Leave all the ones that you disagree to (i.e., keep them unmarked). Use your own judgment to decide on the answers:

I. The firm had sales higher than its long-term investments

II. The firm had a good current ratio

III. Secured liabilities were more than unsecured liabilities

IV. The firm has zero contingent liabilities

V. During the financial year, the firm had earned a profit