AID13196: Balance Sheet of ASD Co. Ltd. At the end of the 2005 and 2006 are given below

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Question: Balance Sheet of ASD Co. Ltd. At the end of the 2005 and 2006 are given below:

Liabilities

2005

2006

Assets

2005

2206

Share Capital

1,00,000

1,50,000

Freehold Land

1,00,000

1,00,000

Share Premium

5,000

Plant at Cost

1,04,000

1,00,000

General Reserve

50,000

60,000

Furniture at Cost

7,000

9,000

Profit & Loss A/C

10,000

17,000

Investments at cost

60,000

80,000

12% Debenture

70,000

50,000

Debtors

30,000

70,000

Provision for Dep. On Plant

50,000

56,000

Stock 60,000

65,000

Provision for Dep. On Furniture

5,000

6,000

Cash 30,000

45,000

Provision for Taxation

20,000

30,000

S. Creditors

86,000

95,000

TOTAL

3,91,000

4,69,000

3,91,000

4,69,000

A Plant purchased for Rs. 4,000 (Depreciation Rs 2,000) was sold for cash for Rs800 on 30th September, 2006. On 30, June 2006, an item of furniture was purchased for Rs. 2,000. These were the only transactions concerning fixed assets during 2006. A dividend of 22.5 % on original shares was paid.

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