The following balances have been taken from the books of Kashish Packaging Ltd as on March 31, 2010 (Rupees in crore):

The following additional information is also available:

1. Share capital is represented by ₹9,000 crore equity shares of 5 each fully called and paid.

2. Profit and loss account balance of previous year is after charging short provision for tax of last year of  ₹2,500 crore

3. Bank statement on April 5, 2010 shows interest on loan debited by bank on March 31, 2010 of  ₹355 crore

4. Bank statement shows a wrong debit by bank of  ₹1,500 crore on March 26, 2010

5. Sales of furniture represents sale of an old furniture having original cost  ₹400 crore and accumulated depreciation  ₹200 crore

6. Cost of land  ₹15,000 crore is included in land and building

7. Sales promotion charges include material on hand  ₹75 crore

8. Advances include  ₹1,500 crore as security deposit for internet connection out of which  ₹75 crore is to be written off for the current year.

9. An amount of  ₹1,000 crore and  ₹600 crore debited to purchase and wages, respectively belong to furniture making during the year 10. Charge depreciation building @ 2.5%; furniture 5%; motor car 20%

11. Managing director is entitled for 10% commission on net profit subject to minimum  ₹150 crore per month. The net profit for this purpose is to be taken without charging income tax provision and his remuneration itself.

12. Bills discounted not matured by the end of the year ₹ 750 crore

13. Make provision for income tax  ₹32,500 crore 

14. Make the following appropriation:

(a) Transfer  ₹10,000 crore to general reserve.

(b) Dividend on paid-up equity @ 12%.

Prepare final account for the year ending March 31, 2010.

Transcribed Image Text:

Dr. Particulars Cash in hand Cash at bank Bills receivables Investments Sundry deposits Advances Debtors Land and building Furniture Motor car Closing stock Establishment expenses Repairs and renewals Motor car expenses Travelling expenses Printing and stationery Telephone and internet Interest on debentures Sales commission Sales promotion Managing director's remuneration Director's fee Trial Balance as on March 31, 2010 Amount (3) 1,900 6,300 2,000 500 200 4,250 37,500 52,500 2,250 12,500 1,000 1,600 1,750 Particulars 1,800 1,000 1,97,400 Share capital 9.00% debentures Accounts payables Profit and Loss a/c Secured loan Gross profit 47,500 Miscellaneous income 17,600 1,300 2,100 800 450 600 Suspense account Outstanding expenses Sale of furniture Bank overdraft Cr. Amount (3) 45,000 15,000 14,500 1,000 25,000 87,500 1,500 6,000 150 1,550 200 1,97,400