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Model Test Papers M.61

Notes to Accounts
Particulars 31st March, 31st March,
2018 (`) 2017 (`)
1. Reserves and Surplus
Surplus, i.e., Balance in Statement of Profit and Loss 62,500 25,000
2. Long-term Borrowings
12% Debentures 1,12,500 87,500
3. Short-term Borrowings
Bank Overdraft 37,500 18,750
4. Short-term Provisions
Provision for Tax 50,000 31,250
5. Tangible Assets
Machinery 4,18,750 2,63,750
Less: Accumulated Depreciation (52,500) (35,000)
3,66,250 2,28,750
6. Intangible Assets
Goodwill 25,000 37,500
7. Inventories
Stock-in-Trade 30,500 18,000
Note: Dividend Proposed for the years ended 31st March, 2017 and 2018 are ` 60,000 and ` 80,000 respectively.

Additional Information:
(i) ` 25,000, 12% Debentures were issued on 31st March, 2018.
(ii) During the year a piece of machinery costing ` 20,000, on which accumulated
depreciation was ` 10,000, was sold at a loss of ` 2,500.

(iii) Provision for Tax made during the year ` 40,000. (6)