The following balances have been extracted from the books of Vanity Ltd. as at 31st March, 2017:
Trial Balance as at 31st March, 2017
| Particulars |
Debit |
Credit |
| Equity Share Capital (5,000 shares of Rs.100 each fully paid) |
|
5,00,000 |
| Fixed Assets |
7,30,000 |
|
| Reverses and Surplus |
|
2,00,000 |
| Inventories |
50,000 |
|
| Cash and Bank Balances |
1,70,000 |
|
| Creditors |
|
40,000 |
| Bills Payable |
|
20,000 |
| Underwriting Commission on issue of shares |
10,000 |
|
| 5% Debentures (1/5 of the Debentures to be redeemed on 31st March, 2018) Proposed Dividend |
|
2,00,000 |
| Proposed Dividend |
|
12,000 |
| Interest accrued and due on 5% Debentures |
|
8,000 |
| Trade Receivables |
20,000 |
|
| Total |
9,80,000 |
9,80,000 |
You are required to prepare as at 31st March, 2017:
(i) The Balance Sheet of Vanity Ltd. as per Schedule III of the Companies Act, 2013.
(ii) Notes to Accounts
