Market value of shares, market value of shares as on

Market value of shares

Assignment Help Accounting Basics

Reference no: EM13259756

ahsan seeds limited was incorporated with a nominal capital of Rs. 10,00,000 composed of equity shares of Rs. 10 each. The following trial balance was extracted from the books as on 31^st December 1993.

Dr Cr

Rs Rs

Share capital (fully called-up) 4,00,000

Stock.......................... 1,00,000

Gross profit.................. 2,00,000

Sundry debtors and creditors... 1,45,000 30,000

Fixed assets (at cost):

Furniture............ 60,000

Motorcar............ 21,000

Premises............ 2,00,000

Depreciation provision up to

31^st December , 1992:

furniture................ 10,000

motorcar............... 6,000

premises............... 5,000

salaries.................. 35,000

printing & stationary......... 1,000

postage & telegrams.......... 1,500

motor car expenses............ 4,500

investments in shares (at cost) 15,000

dividends 1,500

audit fee 750

directors fee 1200

profit and loss account 31-12-1992.... 26.000

cash at bank..................... 91.680

cash in hand..................... 1.870

TOTAL 6, 78,500 6, 78,500

The following further particulars are available:

1. market value of shares as on 31^st December 1993 Rs. 16,000.

2. depreciation to be provided on furniture at 10% motor car at 0%. Premises at 2.5%

3. provision to be made for :taxation Rs.70,000: proposed dividens at 15% you are reuired to draw up the:

(a) profit and loss account for the year 1993

(b) profit & loss appropriation account

Reference no: EM13259756

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