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Model Test Papers M.33

Or
From the following information, calculate Opening Inventory:
Current Ratio 2.5, Quick Ratio 1.5, Working Capital ` 1,20,000, Gross Profit @ 25% of
Revenue from Operations was ` 1,00,000. Inventory Turnover Ratio 3 Times. (4)
23. Balance Sheet of New Light Ltd. for the year ended 31st March, 2018 is as follows:
BALANCE SHEET OF NEW LIGHT LTD.
as at 31st March, 2018
Particulars Note 31st March, 31st March,
No. 2018 (`) 2017 (`)
I. EQUITY AND LIABILITIES
1. Shareholders’ Funds
(a) Share Capital 22,50,000 22,50,000
(b) Reserves and Surplus 1 18,90,000 17,80,000
2. Non-Current Liabilities
Long-term Borrowings 2 13,50,000 ...
3. Current Liabilities
(a) Trade Payables 6,70,000 8,40,000
(b) Short-term Provisions 3 50,000 3,75,000
Total 62,10,000 52,45,000
II. ASSETS
1. Non-Current Assets
(a) Fixed Assets (Tangible) 4 16,00,000 20,00,000
(b) Non-current Investments 3,00,000 2,50,000
2. Current Assets
(a) Current Investments 85,000 95,000
(b) Inventories 10,50,000 12,00,000
(c) Trade Receivables 22,75,000 10,50,000
(d) Cash and Cash Equivalents 9,00,000 6,50,000
Total 62,10,000 52,45,000

Notes to Accounts
Particulars 31st March, 31st March,
2018 (`) 2017 (`)
1. Reserves and Surplus
General Reserve 15,50,000 15,00,000
Surplus, i.e., Balance in Statement of Profit and Loss 3,40,000 2,80,000
18,90,000 17,80,000
2. Long-term Borrowings
1,350; 10% Debentures of ` 1,000 each 13,50,000 ...
3. Short-term Provisions
Provision for Tax 50,000 3,75,000
4. Fixed Assets (Tangible)
Land and Building 8,00,000 10,00,000
Plant and Machinery 8,00,000 10,00,000
16,00,000 20,00,000