QUESTION 3.

From the following trial balance prepare Position

Statement(balance sheet) as on 31st March , 2017 of Reliance Oil Ltd.,(no notes
are required) according to Schedule III of Companies Act 2013.

Account Balances LF Debit (Rs.) Credit (Rs.)

1. Equity Share Capital 15,000,000
2. 10% Preference Share Capital 5,00,000
3. 8% Loan from IDBI (15 years) 10,00,000
4. Cash and Bank Balance 5,00,000
5. Closing stock 4,00,000
6. Bank loan(payable in 12
1,00,000
months) a/c
7. Goodwill a/c 1,00,000
8. Proposed dividend 50,000
9. Debtors a/c 1,30,000
10.Creditors a/c 40,000
11.Copy rights a/c 70,000
12.Profit and Loss a/c 1,20,000
13.Trades receivable a/c 1,00,000
14.Trades Payable a/c 50,000
15.Land and Buildings 5,10,000
16.Plants 5,50,000
17.Vehicles a/c 4,80,000
18.Furniture and fixtures 3,00,000
19.Investments (matured in 5
2,60,000
years)
20.Outstanding commission a/c 20,000
21.General reserve a/c 1,00,000
22.Short term loans given a/c 20,000
23.Prepaid taxes a/c 40,000
24. Short term advances to
20,000
Directors a/c
25.Employee provident fund 40,000
total 35,00,000 35,00,000