Final Account of Comapnies

1. Balance Sheet
as at 31ST
March, 202x
Particulars Note No. ₹ ₹
A. EQUITY AND LIABILTIES
1. Shareholder’s Funds
a) Share Capital
b) Reserves and Surplus
c) Money received against share warrants
2. Share Application money pending allotment
3. Non – Current Liabilities
a) Long – term borrowings
b) Deferred tax liabilities (net)
c) Other long – term liabilities
d) Long – term provisions
4. Current Liabilities
a) Short – term borrowings
b) Trade payable
c) Other current liabilities
d) Short – term provisions
TOTAL
B. ASSETS
1. Non – current assets
a) Fixed Assets
i. Tangible Assets
ii. Intangible Assets
iii. Capital work – in – progress
iv. Intangible assets under development
v. Fixed assets held for sale
b) Non – current investments
c) Deferred tax assets (net)
d) Long – term loans and advances
e) Other non – current assets
2. Current Assets
a) Current investments
b) Inventories
c) Trade receivables
d) Cash and cash equivalents
e) Short – term loans and advances
f) Other current assets
TOTAL

2. FORM OF STATEMENT OF PROFIT AND LOSS ACCOUNT
Name of the Company
Profit & Loss Account for the year ended 31.03.202X
Particulars 31.03.2022 31.03.2021
A CONTINUING OPERATIONS
1. Revenue from Operations (gross)(sales)
Less: Excise Duty
Revenue from Operations (net)
2. Other Income (discount)
3. Total Revenue (1 + 2)
4. Expenses
(a) Cost of materials consumed
(b) Purchase of stock – in - trade
(c) Changes in inventories of finished goods,
work – in – progress and stock – in – trade
(d) Employee benefits expense
(e) Finance costs
(f) Depreciation and amortization expense
(g) Other expenses
Total Expenses
5. Profit and Loss before exceptional and
extraordinary items and tax (3 – 4)
6. Exceptional items
7. Profit/(Loss) before extraordinary items and tax
(5±6)
8. Extraordinary items
9. Profit/(Loss) before tax (7±8)
10. Tax expenses
(a) Current tax expense for current year
(b) (less): MAT credit (where applicable)
(c) Current tax expense relating to prior years
(d) Net current tax expenses
(e) Deferred tax
11. Profit/(Loss) from continuing operations
B. DISCONTINUING OPERATIONS
12.(i) Profit/(Loss) from discontinuing operations
(before tax)
12.(ii) (Gain/(Loss) on disposal of assets/settlement of
liabilities attributable to the discontinuing
operations)
12(iii) Add/(Less): Tax expenses of discontinuing
operations
(a) On ordinary activities attributes to the
discontinuing operations

3. (b) On gain/(loss) on disposal of
assets/settlement of liabilities
13. Profit/(Loss) from discontinuing operations (12(i)
± 12(ii) ± 12(iii)
C. Total Operations
14. Profit/ (Loss) for the year (11 ± 13)
15. Earnings per equity share
i. Basic
ii. Diluted
Illus 8
Sol: Statement of Profit & Loss Account of X Ltd. for the year ended 31.03.2012
Particulars ₹ ₹
A CONTINUING OPERATIONS
1. Revenue from Operations (gross) 3,40,000
Less: Excise Duty -
Revenue from Operations (net) 3,40,000
2. Other Income 3,000
3. Total Revenue (1 + 2) 3,43,000
4. Expenses
(h) Cost of materials consumed -
(i) Purchase of stock – in - trade 1 2,30,000
(j) Changes in inventories of finished goods, work
– in – progress and stock – in – trade (Op.
Stock – Closing Stock)
(8,000)
(k) Employee benefits expense 2 33,400
(l) Finance costs -
(m) Depreciation and amortization expense 3 6,290
(n) Other expenses 4 18,310
Total Expenses 2,80,000
5. Profit and Loss before exceptional and
extraordinary items and tax (3 – 4)
63,000
6. Exceptional items -
7. Profit/(Loss) before extraordinary items and tax
(5±6)
63,000
8. Extraordinary items -
9. Profit/(Loss) before tax (7±8) 63,000
10. Tax expenses (50% Provision) 31,500
11. Profit/(Loss) from continuing operations 31,500
15. Earnings per equity share
₹ 31,500
= --------------------
10,000 shares
₹ 3.15

4. Balance Sheet
as at 31ST
March, 202x
Particulars Note No. ₹ ₹
A. EQUITY AND LIABILTIES
1. Shareholder’s Funds
a) Share Capital 5 1,00,000
b) Reserves and Surplus 6 34,107
c) Money received against share warrants -
1,34,107
2. Share Application money pending allotment - -
3. Non – Current Liabilities
a) Long – term borrowings (Bank Loan) 50,000
b) Deferred tax liabilities (net) -
c) Other long – term liabilities -
d) Long – term provisions -
50,000
4. Current Liabilities
a) Short – term borrowings -
b) Trade payable 7 24,500
c) Other current liabilities 8 1,700
d) Short – term provisions 9 50,393
76,593
TOTAL 2,60,700
B. ASSETS
3. Non – current assets
a) Fixed Assets
i. Tangible Assets 10 89,950
ii. Intangible Assets 11 4,560
b) Non – current investments -
c) Deferred tax assets (net) -
d) Long – term loans and advances -
e) Other non – current assets -
94,510
4. Current Assets
a) Current investments -
b) Inventories 12 88,000
c) Trade receivables 41,990
d) Cash and cash equivalents 36,200
e) Short – term loans and advances -
f) Other current assets -
1,66,190
TOTAL 2,60,700

5. Notes to Accounts
Particulars ₹ ₹ ₹
(1) Purchases 2,40,000
Less: Returns 10,000
2,30,000
(2) Employee Benefit Expenses
Wages 25,000
Salaries 7,500
Add: Outstanding salary 900
8,400
33,400
(3) Depreciation:
On Machinery @ 15% 4,350
On Patents @ 5% 240
On Furniture @ 10% 1,700
6,290
(4) Other Expenses:
Carriage Inwards 5,950
Sundry Expenses 7,050
Rent 4,000
Add: Outstanding Rent 800
4,800
Provision for Doubtful Debts 510
18,310
(5) Share Capital – 10,000 shares @ ₹ 10 per share 1,00,000
(6) Reserve & Surplus:
General Reserve 15,500
Add: Additions during the current year 3,150
Balance of Profit & Loss Appropriation Statement 15,547
34,107
Profit and Loss Appropriation Statement
Last Year’s Balance 15,000
Current Year’s Balance 31,500
46,500
Less: Transfer to General Reserve (Statutory minimum @ 10%
of ₹ 31,500 as dividend (₹ 9,000 + ₹ 15,000) is 24% of ₹
1,00,000
3,150
Dividend paid 9,000
Proposed Dividend @ 15% 15,000
CDT (16.2225% of ₹ 24,000) 3,893
31,043
Balance carried to B/S under Reserve & Surplus Head 15,457
(7) Trade Payables:
Creditors 17,500
B/P 7,000

6. 24,500
(8) Other Current Liabilities
Outstanding Rent 800
Outstanding Salaries 900
1,700
(9) Short – term Provisions
Proposed Dividend 15,000
Provision for Income Tax 31,500
C.D.T 3,893
50,393
(10)Tangible Assets:
(a) Plant and Machinery 29,000
Less: Depreciation 4,350
24,650
(b) Furniture 17,000
Less: Depreciation 1,700
15,300
(c) Building 50,000
89,950
(11)Intangible Assets
Patents 4,800
Less: Depreciation 240
4,560
(12)Trade Receivables
Bills Receivable 15,000
Debtors 27,500
Less: Provision for doubtful debts 510
26,990
41,990