From the following Balance Sheet of Star Ltd, as at 31st March, 2020,

1.	From the following Balance Sheet of Star Ltd, as at 31st March, 2020, prepare CashIlustration 57(10) DebStatementNote No. 31st Mardi 3Particularsfoi) Boa2014Solution:350.00070.0001. EQUITY AND LIABILITIES1. Shareholders Fundslaj Share Capitalb) Reserves and Surplus2. Non Current LiabilitiesLong term Borrowings (12% Debentures)3. Current Liabilitiesa short term Borrowings (Bank Loani(b) Trade PayablesTotal80,000A Cash FloNet ProhAdd N15.0001,65.000D68000024.10,00040 000IL ASSETS1. Non-Current Assetsfo) Fixed Assets (Tangible)(bj Non Current Investrisents2. Current Assets(a) sventories(b) Trade Receivables( Cash and Cash EquivalentsTotalAdd i152.0007.18.0006,80.000CashNotes to Accounts
Answer» 53. On 1.1.20 X Ltd. purchased FIXED assets worth 2,50,000 for a consideration of * 2,30,000 payable by the issue of 20,000 fully paid equity SHARES of 10 each at a PREMIUM of 15%. After 6 months X Ltd. sold the above fixed assets for * 3,20,000.

From the following Balance Sheet of Star Ltd, as at 31st March, 2020, prepare CashIlustration 57(10) DebStatementNote No. 31st Mardi 3Particularsfoi) Boa2014Solution:350.00070.0001. EQUITY AND LIABILITIES1. Shareholders Fundslaj Share Capitalb) Reserves and Surplus2. Non Current LiabilitiesLong term Borrowings (12% Debentures)3. Current Liabilitiesa short term Borrowings (Bank Loani(b) Trade PayablesTotal80,000A Cash FloNet ProhAdd N15.0001,65.000D68000024.10,00040 000IL ASSETS1. Non-Current Assetsfo) Fixed Assets (Tangible)(bj Non Current Investrisents2. Current Assets(a) sventories(b) Trade Receivables( Cash and Cash EquivalentsTotalAdd i152.0007.18.0006,80.000CashNotes to Accounts

Answer»

53. On 1.1.20 X Ltd. purchased FIXED assets worth 2,50,000 for a consideration of * 2,30,000 payable by the

issue of 20,000 fully paid equity SHARES of 10 each at a PREMIUM of 15%. After 6 months X Ltd. sold the

above fixed assets for * 3,20,000.

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