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SANJAY INDUSTRIES LTD. (Balance Sheet and Income Statement) The followingare the balances of Ledger book of Sanjay Industries Ltd. as on 31st March 2006. Stock. 1st April 2005 6,75,000 Carriage Inward 8,550 Purchases 22,05,000 Profit & loss account (31st March 2005) 54,000 Sales 30,60,000 Salaries 67,500 Wages 2,70,000 Bills Receivables 45,000 Share capital (Authorized Capital 2,00,000 shares of Rs.10 each) 9,00,000 Sundry Expenses 63,450 Discount 27,000 Bills Payable 63,000 Purchases returns 90,000 Rent 36,000 Patents & trademark 43,200 Debtors 2,47,500 Creditors 1,57,500 Furniture & Fittings 1,53,000 Plant & Machinery 2,61,000 Cash at Bank 4,15,800 General Reserve 1,39,500       Further information- Outstanding rent amounted to Rs.7,200 while outstanding salaries are Rs. 8,100 at the end of the year. Make a provision for doubtful debts amounting to Rs. 4,590. Stock on 31st March 2006 was valued at Rs. 7,92,000. Depreciate plant & machinery @ 14% and furniture & fittings @18%. Amortize patents & trademarks @ 5%. Provide for managerial remuneration @ 10% of the net profit before such commission. Make a provision for income tax @ 35% on net profit. The board of directors proposes a dividend @ 10% for the year ended 31stMarch 2006 after transfer to General Reserve @ 5% of profit after tax. You are required to- (Show your workings clearly) Q A. Prepare following Financial Statements of Sanjay Industries Ltd.                        (8) Trading and Profit & Loss Account for the year ending 31 March 2006 Balance sheet as on 31st March 2006 Q B. Comment on the Profits of the company such as-                                                  (2) Gross Profit VS Net Profit Net Profit before tax VS Net Profit After Tax

SANJAY INDUSTRIES LTD. (Balance Sheet and Income Statement) The followingare the balances of Ledger book of Sanjay Industries Ltd. as on 31st March 2006. Stock. 1st April 2005 6,75,000 Carriage Inward 8,550 Purchases 22,05,000 Profit & loss account (31st March 2005) 54,000 Sales 30,60,000 Salaries 67,500 Wages 2,70,000 Bills Receivables 45,000 Share capital (Authorized Capital 2,00,000 shares of Rs.10 each) 9,00,000 Sundry Expenses 63,450 Discount 27,000 Bills Payable 63,000 Purchases returns 90,000 Rent 36,000 Patents & trademark 43,200 Debtors 2,47,500 Creditors 1,57,500 Furniture & Fittings 1,53,000 Plant & Machinery 2,61,000 Cash at Bank 4,15,800 General Reserve 1,39,500       Further information- Outstanding rent amounted to Rs.7,200 while outstanding salaries are Rs. 8,100 at the end of the year. Make a provision for doubtful debts amounting to Rs. 4,590. Stock on 31st March 2006 was valued at Rs. 7,92,000. Depreciate plant & machinery @ 14% and furniture & fittings @18%. Amortize patents & trademarks @ 5%. Provide for managerial remuneration @ 10% of the net profit before such commission. Make a provision for income tax @ 35% on net profit. The board of directors proposes a dividend @ 10% for the year ended 31stMarch 2006 after transfer to General Reserve @ 5% of profit after tax. You are required to- (Show your workings clearly) Q A. Prepare following Financial Statements of Sanjay Industries Ltd.                        (8) Trading and Profit & Loss Account for the year ending 31 March 2006 Balance sheet as on 31st March 2006 Q B. Comment on the Profits of the company such as-                                                  (2) Gross Profit VS Net Profit Net Profit before tax VS Net Profit After Tax

Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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SANJAY INDUSTRIES LTD. (Balance Sheet and Income Statement)

The followingare the balances of Ledger book of Sanjay Industries Ltd. as on 31st March 2006.

Stock. 1st April 2005

6,75,000

Carriage Inward

8,550

Purchases

22,05,000

Profit & loss account (31st March 2005)

54,000

Sales

30,60,000

Salaries

67,500

Wages

2,70,000

Bills Receivables

45,000

Share capital (Authorized Capital 2,00,000 shares of Rs.10 each)

9,00,000

Sundry Expenses

63,450

Discount

27,000

Bills Payable

63,000

Purchases returns

90,000

Rent

36,000

Patents & trademark

43,200

Debtors

2,47,500

Creditors

1,57,500

Furniture & Fittings

1,53,000

Plant & Machinery

2,61,000

Cash at Bank

4,15,800

General Reserve

1,39,500

 

 

 

Further information-

  1. Outstanding rent amounted to Rs.7,200 while outstanding salaries are Rs. 8,100 at the end of the year.
  2. Make a provision for doubtful debts amounting to Rs. 4,590.
  3. Stock on 31st March 2006 was valued at Rs. 7,92,000.
  4. Depreciate plant & machinery @ 14% and furniture & fittings @18%.
  5. Amortize patents & trademarks @ 5%.
  6. Provide for managerial remuneration @ 10% of the net profit before such commission.
  7. Make a provision for income tax @ 35% on net profit.
  8. The board of directors proposes a dividend @ 10% for the year ended 31stMarch 2006 after transfer to General Reserve @ 5% of profit after tax.

You are required to- (Show your workings clearly)

Q A. Prepare following Financial Statements of Sanjay Industries Ltd.                        (8)

  1. Trading and Profit & Loss Account for the year ending 31 March 2006
  2. Balance sheet as on 31st March 2006

Q B. Comment on the Profits of the company such as-                                                  (2)

  1. Gross Profit VS Net Profit
  2. Net Profit before tax VS Net Profit After Tax

 

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