SRS Ltd.
BALANCE SHEET as on 31st March, 2016
| Particulars | Note No. | 31st March, 2016 Amount (Rs.) | 31st March, 2015 Amount (Rs.) |
| I. EQUITY AND LIABILITIES | |||
| 1. Shareholders’ Funds | |||
| (a) Share Capital | 4,50,000 | 3,50,000 | |
| (b) Reserves and Surplus | 1 | 1,25,000 | 50,000 |
| 2. Non-Current Liabilities | |||
| Long-term Borrowings | 2 | 2,25,000 | 1,75,000 |
| 3. Current Liabilities | |||
| (a) Short-term Borrowings | 3 | 75,000 | 37,500 |
| (b) Short-term Provisions | 4 | 1,00,000 | 62,500 |
| Total | 9,75,000 | 6,75,000 | |
| II. ASSETS | |||
| 1, Non-Current Assets | |||
| (a) Fixed Assets: | |||
| (i) Tangible | 5 | 7,32,500 | 4,52,500 |
| (ii) Intangible | 6 | 50,000 | 75,000 |
| (b) Non-current Investments | 75,000 | 50,000 | |
| 2. Current Assets | |||
| (a) Current Investments | 20,000 | 35,000 | |
| (b) Inventories | 7 | 61,000 | 36,000 |
| (c) Cash and Cash Equivalents | 36,500 | 26,500 | |
| Total | 9,75,000 | 6,75,000 |
Notes to Accounts
| Particular | 31st March 2016 Amount (Rs.) | 31st March 2015 Amount (Rs.) | |
| 1. | Reserves and Surplus | ||
| Surplus, i.e., Balance in Statement of Profit and Loss | 1,25,000 | 50,000 | |
| 2. | Long-term Borrowings | ||
| 12% Debentures | 2,25,000 | 1,75,000 | |
| 3. | Short-term Borrowings | ||
| Bank Overdraft | 75,000 | 37,500 | |
| 4. | Short-term Provisions | ||
| Provision for Tax | 1,00,000 | 62,500 | |
| 5. | Tangible Assets | ||
| Machinery | 8,37,500 | 5,22,500 | |
| Accumulated Depreciation | (1,05,000) | (70,000) | |
| 7,32,500 | 4,52,500 | ||
| 6. | Intangible Assets | ||
| Goodwill | 50,000 | 75,000 | |
| 7. | Inventories | ||
| Stock-in-Trade | 61,000 | 36,000 |
Additional Information:
(i) Rs. 50,000, 12% Debentures were issued on 31st March, 2016.
(ii) During the year, a piece of machinery costing Rs. 40,000, on which accumulated depreciation was Rs. 20,000, was sold at a loss of Rs. 5,000.
SOLUTION
