Page 111 - MA12

Model Test Papers M.17

(b) Sonam Ltd.
BALANCE SHEET as at 31st March, 2020 (` in ”000)
Particulars Note No. `
I. EQUITY AND LIABILITIES
1. Shareholders’ Funds
(a) Share Capital 780
(b) Reserves and Surplus 200
2. Share Application Money Pending Allotment 20
3. Non-Current Liabilities
(a) Long-term Borrowings 600
(b) Long-term Provisions 200
4. Current Liabilities
(a) Short-term Borrowings 180
(b) Trade Payables 40
(c) Other Current Liabilities 1 20
Total 2,040
II. ASSETS
1. Non-Current Assets
(a) Fixed Assets:
Tangible 1,200
(b) Non-current Investments 400
2. Current Assets
(a) Current Investments 100
(b) Inventories 40
(c) Trade Receivables 160
(d) Cash and Bank Balances 120
(e) Other Current Assets 2 20
Total 2,040
Notes to Accounts (` in ”000)
Particulars `
1. Others Current Liabilities
Oustanding Expenses 20
2. Other Current Assets
Prepaid Expenses 20

Contingent Liabilities: Dividend Proposed for the year 2019–20 is ` 20,000.

Section B
9. (a)
Change Reason
(i) No Change Both purchases and closing inventory will increase by the same amount. Hence, Cost of Revenue
from Operations will remain unchanged.
(ii) No Change Revenue from Operations will increase but closing inventory will decrease by the same percentage
(not by same amount). As a result, Cost of Revenue from Operations will increase by the same
percentage as the Revenue from Operations increase.