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Question: You are required to prepare the company’s Balance Sheet as on 31st March 2014, and its Profit and Loss Account for the year ended on the date, from the information provided and also making necessary assumptions wherever required. The under mentioned balances appeared in the books of Dingo Flour Mills Ltd, as on 31st March 2014.
and also making necessary assumptions wherever required. The under mentioned balances appeared in the books of Dingo Flour Mills Ltd, as on 31st March 2014.
The stock of wheat and flour on 31st March 2014, were valued at Rs. 1,48,680.
Provide Rs. 10,000 for Depreciations of block, and Rs. 1,500 for the company’s contribution to the Staff Provident Fund.
Interest accrued on investment amounted to Rs. 2,750.
A claim of Rs. 2,500 for workmen’s compensation is being disputed by the company.
Establishment includes Rs. 6,000 paid to the Manager who is entitled to remuneration @ 5% of profit ascertained according to the companies Act, subject to a minimum of Rs.
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