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Model Test Papers M.471

23. Following is the Balance Sheet of Star Ltd. as at 31st March, 2018:

Star Ltd.
BALANCE SHEET as at 31st March, 2018

Particulars Note No. 31st March, 31st March,
2018 (`) 2017 (`)
I. EQUITY AND LIABILITIES
1. Shareholders’ Funds
(a) Share Capital 5,00,000 4,00,000
(b) Reserves and Surplus 1 2,00,000 (50,000)
2. Non-Current Liabilities
Long-term Borrowings 2 4,50,000 5,00,000
3. Current Liabilities
(a) Short-term Borrowings 3 1,50,000 50,000
(b) Short-term Provisions 4 70,000 90,000
Total 13,70,000 9,90,000
II. ASSETS
1. Non-Current Assets
(a) Fixed Assets:
(i) Tangible Assets 5 10,03,000 7,20,000
(ii) Intangible Assets 6 20,000 30,000
(b) Non-current Investments 1,00,000 75,000
2. Current Assets
(a) Current Investments 50,000 60,000
(b) Inventories 7 1,07,000 45,000
(c) Cash and Cash Equivalents 90,000 60,000
Total 13,70,000 9,90,000

Notes to Accounts
Particulars 31st March, 31st March,
2018 (`) 2017 (`)
1. Reserves and Surplus
Surplus, i.e., Balance in Statement of Profit and Loss 2,00,000 (50,000)
2,00,000 (50,000)
2. Long-term Borrowings
12% Debentures 4,50,000 5,00,000
4,50,000 5,00,000
3. Short-term Borrowings
Bank Overdraft 1,50,000 50,000
1,50,000 50,000
4. Short-term Provisions
Provision for Tax 70,000 90,000
70,000 90,000
5. Tangible Assets
Machinery 12,03,000 8,21,000
Less: Accumulated Depreciation 2,00,000 1,01,000
10,03,000 7,20,000