From the following Balance Sheet of GGM Ltd., prepare a Comparative Balance Sheet.
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Solution and Explanation
Comparative Balance Sheet of GGM Ltd. as at 31st March, 2024 and 2023
| Particulars | 31.03.2024 (₹) | 31.03.2023 (₹) | Change (₹) | % Change |
|---|---|---|---|---|
| I – Equity and Liabilities | ||||
| Share Capital | 4,50,000 | 3,00,000 | 1,50,000 | \( 50\% \) |
| Long-term Borrowings | 1,50,000 | 1,00,000 | 50,000 | \( 50\% \) |
| Trade Payables | 30,000 | 20,000 | 10,000 | \( 50\% \) |
| Total Equity and Liabilities | 6,30,000 | 4,20,000 | 2,10,000 | \( 50\% \) |
| II – Assets | ||||
| Property, Plant and Equipment & Intangible Assets | 4,50,000 | 3,00,000 | 1,50,000 | \( 50\% \) |
| Inventories | 1,50,000 | 1,00,000 | 50,000 | \( 50\% \) |
| Cash and Cash Equivalents | 30,000 | 20,000 | 10,000 | \( 50\% \) |
| Total Assets | 6,30,000 | 4,20,000 | 2,10,000 | \( 50\% \) |
Top Questions on Balance sheet statement
From the following information, calculate opening and closing inventory :
- Gross Profit Ratio – 25%
- Revenue from operations – ₹ 8,00,000
- Inventory turnover ratio – 4 times
- Opening inventory was 2 times of the closing inventory.
- CBSE CLASS XII - 2025
- Accountancy
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Following is the extract of the Balance Sheet of Vikalp Ltd. as per Schedule-III, Part-I of Companies Act as at $31^{\text {st }}$ March, 2024 along with Notes to accounts:
Vikalp Ltd.
Balance Sheet as at $31^{\text {st }}$ March, 2024
Particulars Note No. $31-03-2024$ (₹) $31-03-2023$ (₹) I. Equity and Liabilities (1) Shareholders Funds (a) Share capital 1 59,60,000 50,00,000 ‘Notes to accounts’ as at $31^{\text {st }}$ March, 2023:
Note Particulars $31-3-2023$ (₹) No. 1. Share Capital : Authorised capital 9,00,000 equity shares of ₹ 10 each 90,00,000 Issued capital : 5,00,000 equity shares of ₹ 10 each 50,00,000 Subscribed capital : Subscribed and fully paid up 5,00,000 equity shares of ₹ 10 each 50,00,000 Subscribed but not fully paid up Nil 50,00,000 ‘Notes to accounts’ as at $31^{\text {st }}$ March, 2024:
Note Particulars $31-3-2024$ (₹) No. 1. Share Capital : Authorised capital 9,00,000 equity shares of ₹ 10 each 90,00,000 Issued capital : 6,00,000 equity shares of ₹ 10 each 60,00,000 Subscribed capital : Subscribed and fully paid up 5,80,000 equity shares of ₹ 10 each 58,00,000 Subscribed but not fully paid up 20,000 equity shares of ₹ 10 each, fully called up 2,00,000 Less : calls in arrears 20,000 equity shares @ ₹ 2 per share 40,000 59,60,000 - The total face value of equity shares issued during the year 2023-2024 was :
- The number of shares on which the called up amount was not received were :
- On $1^{\text {st }}$ April, 2024 Vikalp Limited forfeited all the shares on which the called up amount was not received. On forfeiture, ‘Share Capital Account’ will be debited by :
- On forfeiture, ‘Share Forfeiture Account’ will be credited with :
- If all the forfeited shares are reissued at ₹ 8 per share fully paid up, the amount credited to ‘Capital Reserve A/c’ will be :
- If the forfeited shares are reissued at the minimum permissible price, the amount credited to ‘Capital Reserve Account’ will be :
- CBSE CLASS XII - 2025
- Accountancy
- Balance sheet statement
Match List-I with List-II:
\[\begin{array}{|c|c|} \hline \text{List-I} & \text{List-II} \\ \hline \text{(A) Reserves and Surplus} & \text{(I) Share Options Outstanding Account} \\ \hline \text{(B) Non-current Liabilities} & \text{(II) Long-term provisions} \\ \hline \text{(C) Current Liabilities} & \text{(III) Short-term borrowing} \\ \hline \text{(D) Shareholder's Fund} & \text{(IV) Calls in arrear} \\ \hline \end{array}\]
Choose the correct answer from the options given below:
- CUET (UG) - 2025
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A. Short term Loans and Advances
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- CBSE CLASS XII - 2025
- Accountancy
- Balance sheet statement
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Rishika and Shivika were partners in a firm sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as at 31st March, 2024 stood as follows:
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