Balance Sheet As on 1st April 2018

Liabilities Amt Assets

Land+additioCapital 6,700,000 Land
Balacing figuReserves and surplus 4,249,498 Building
Refer WN 2 Loan 5,000,000 Rides Equipment
As per case Outstanding salary 499,002 Electronic equipment
As per case Outstanding property tax 100,000 Furniture and Fixures
Tourist van
Prepaid insurance
Fixed deposits
Beverage inventory
Cash

16,548,500

Cash Account For the period April 2018 - March 2019

Receipts Amounts Payments
Opening balance b/d 737,000 Outstanding salary
Sale of tourist van 350,000 Outstanding property tax
Sales revenue 27,000,000 Aqua wonder
Advertisement income 725,000 Movie projection system
Advance received for advertisement 75,000 Mobile app and software
Revenue from ticket in theatre 510,000 Salary
Revenue from food in theatre 765,000 Electricity
Food supplier
Transportation of food
General administrative expense
Repair and renovation expenses
Cleaning and maintenance
Internet communication
Beverag supplies
Interest paid
Property tax paid
Loan installment paid
Tax
Balance c/f
30,162,000
Additional notes
Fixed deposit made on opening balance sheet date is not compound interest and interest receiveable over th
Personal loan of Ramesh is considered to be his personal loan and not for business purpose and hence that in
The 300 tickets sold to Ramesh has been assumed to be over and above the 60000 tickets sold to visitors.
The furniture damaged value given in case is assumed to the written down value and not the cost. Accordingl

Working notes
WN-1 Asset values as on April 1, 2018

Particulars Building Ride equipment

Cost as on April 1, 2016 1,000,000 3,800,000
Useful life 20 10
Depreciation/year 50,000 380,000
Depreciation for the period from
April 1 ,2016 to March 31, 2018 100,000 760,000
Book value as on March 31, 2018 900,000 3,040,000

WN-2 Loan value as on April 1, 2018

Loan taken on April 1, 2016 6,000,000

Repayment structure 12 installment yearly
Per year repayment 500,000
Repayment made from April 2016
to March 2018 1,000,000
Loan outstanding 5,000,000

WN-3 Prepaid insurance value as on April 1, 2018

Insurance premium paid on April 1,

2016 4,000,000
Coverage 5 years
Amortization every year 800,000
Amortization for 2 years till April 1,
2018 1,600,000
Prepaid balance 2,400,000

WN-4 Gain/loss on sale of tourist van

Particulars Van 1 Van 2
Opening WDV of the van 450,000 450,000
Depreciation for the period till date 75,000 75,000
Remaining depreciation 75,000
WDV of the van 375,000 300,000
Amount sold 350,000 NA
Loss on sale of asset 25,000 NA

WN-5 Revenue from ticket sales

Particulars Numbers Cost per ticket
Footfall 60,000
School children 15,000 400
Children below age of three 3,000 0
Remaining adults 42,000 500
Total 60,000

WN-6 Revenue from movie theatre

Total number of movies screened 34
No of cars capacity 40
Capcity utilization 75%
No of cars in the movie 30
Ticket per car 500
Food and beverage per car 750
Revenue from ticket 510000
Revenue from food 765000

WN-7 Salaries

Number Monthly Salary

Person
Manager 1 40,000
Receptionist 2 10,000
Machine Operator 1 10,000
Driver 2 8,000
Technical staff 6 17,500
Attendants and Waiters 21 6,762
Accountant 2 20,000
Security Personnel 17 6,000
Senior staff 2 12,000

Additional compesation
Totals

WN- 8 inventory valuation

Purchase Date Units Price per unit

Opening inventory 70 2450
6/12/2018 200 2500
9/22/2018 300 2600
11/21/2018 450 2700
1/13/2019 120 2750
Closing inventory 150

Units sold 990

Cost of goods sold
Units Price Amount
70 2,450 171,500
 200 2,500 500,000
300 2,600 780,000
420 2,700 1,134,000
990 2,585,500

WN-9 Capital

Particulars Capital account Reserves and surplus

Capital account opening 6,700,000 4,249,498
Profit for the year 5,304,233
Family function (150,000)
Total 6,550,000 9,553,731
 Income Statement for the perio
Amt Expenses
4,200,000 Refer WN 8 Cost of goods sold beverage
900,000 Refer WN 1 Entire is consumed Cost of goods sold food
3,040,000 Refer WN 1 From case Loss on damage of furniture
800,000 Refer WN 1 From case Electricity
400,000 Refer WN 1 Refer WN 7 Salary
900,000 Refer WN 1 Refer WN-4 Loss on sale of asset
2,400,000 Refer WN 3 From case Depreciation Aqua wonder
3,000,000 From case From case Depreciation Movie projection
171,500 From case From case Depreciation movie app
737,000 From case Refer WN 1 Depreciation- building
Refer WN 1 Depreciation- ride equipment
16,548,500 Refer WN 1 Depreciation- electronic equipment
Refer WN 1 Depreciation- furniture and fixure
Refer WN 4 Depreciation- tourist van
From case General admin expenses
From case Repair and renovation expense
From case Cleaning and maintenance expense
From case Internet communication
From case Property taxes
From case Interest expenses on loan
Refer WN 3 Insurance
Balance figure Profit before tax

19
Amounts Tax
499,002 Balance figure Profit after tax
100,000
3,000,000
1,000,000 Balance sheet A
1,500,000 Liabilities
5,499,022 Capital
1,595,000 Reserves and surplus
3,000,000 Loan
85,000 Food supplier payable
1,805,000 Electricity payable
80,000 Advance received from advertiser
3,658,000 Salary payable
446,500 Property tax payable
2,800,000 Payable to beverage supplier
450,000
300,000
500,000
2,273,243
1,571,233
30,162,000
 erest receiveable over the 2 years has not been considered as added to deposit value
urpose and hence that information has been ignored
tickets sold to visitors.
d not the cost. Accordingly the entire 80,000 has been reduced from book value and considered to be already depreciated.

Electronic Equipment Furniture and fixures Tourist van

1,000,000 500,000 1,500,000
10 10 5
100,000 50,000 300,000

200,000 100,000 600,000

800,000 400,000 900,000
Revenue

6,000,000
-
21,000,000
27,000,000

Total Total paid apart from Total expense Total payable

opening oustanding
40,000 440,000 480,000 40,000
20,000 220,000 240,000 20,000
10,000 110,000 120,000 10,000
16,000 136,000 144,000 8,000
105,000 1,155,000 1,260,000 105,000
142,002 1,562,022 1,704,024 142,002
40,000 440,000 480,000 40,000
102,000 1,122,000 1,224,000 102,000
24,000 264,000 288,000 24,000
499,002 5,449,022 5,940,024 491,002
50,000 50,000
5,499,022 5,990,024 491,002

Total
171,500 Assumed in absence of information
500,000
780,000
1,215,000
330,000

Inventory value at end of year

Units Price Amount
30 2,700 81,000
 120 2,750 330,000
150 411,000

To confirm with Prof whether Drawings to be deducted from capital or retained earnings?
ome Statement for the period 1st April 2018 to 31st March 2019
Amt Revenue Amt
2,585,500 Revenue from sale of ticket 27,000,000 Refer WN 5
3,335,000 Revenue from family function 150,000
30,000 Advertisement income 1,550,000
1,740,000 Revenue from ticket in theatre 510,000
5,990,024 Revenue from food in theatre 765,000
25,000 Interest on fixed deposit 240,000
112,500
150,000
225,000
50,000
380,000
100,000
50,000
225,000
1,805,000
80,000
3,658,000
446,500
400,000
450,000
800,000
7,577,476

30,215,000 30,215,000
2,273,243 Profit before tax 7,577,476
5,304,233
7,577,476 7,577,476

Balance sheet As on 31st March 2019

Amt Assets Amt
6,550,000 Land 4,200,000
9,553,731 Building 850,000
4,500,000 Rides Equipment 2,660,000
250,000 Electronic equipment 700,000
145,000 Furniture and Fixures 270,000
75,000 Tourist van 300,000
491,002 Aqua wonder 2,887,500
100,000 Movie theatre projection system 850,000
25,000 Mobile app and software 1,275,000
Receivable from advertiser 825,000
Interest receivable 240,000
Inventory beverage 411,000
Insurance proceeds receivable 50,000
Cash 1,571,233
Fixed deposit 3,000,000
Prepaid expense 1,600,000

21,689,733 21,689,733
ady depreciated.
r retained earnings?