Airoli Apricot Company’s trial balance for the financial year 2015-16 is given below:

Account Head Debit Credit

Interest on Loans 40000
Trade Payables 214000
Legal Fees 90000
Electricity Charges 12500
General Reserve 415250
Equity Share Capital 1055000
Buildings 1425000
Investment in Government Bonds 600000
LCD Projectors 50000
Loan from HSBC (Short Term) 490000
Delivery Vans 55000
Bank Overdraft 22250
Furniture 105000
Sales 1950000
Income from Investments 45000
Advertising 25000
Trade Receivables 260000
Car Repairs 14500
Bonds 100000
Bank Balance 30000
Sale of Scrap 50000
Insurance Premium 36000
Purchase of Raw Materials 758000
Cable Television Charges 36000
Salaries 950000
Internet Charges 125000
Loan from RBL (Long Term) 300000
Advances from Clients 16000
Advances to Suppliers 25000
Delivery Charges 20500
Total Rs… 4657500 4657500

Additional Information
• On March 31, 2016, closing stock was valued at Rs. 75800;
• Insurance premium is prepaid to the extent of Rs. 6000;
• Provision for tax is to be created at the rate of 30 per cent;
• Provision for doubtful debts is to be created at the rate of 15 per cent of trade receivables;
• Depreciate: (a) Buildings at the rate of five per cent; (b) Delivery Vans, Electrical Fittings, Furniture,
and LCD Projectors at the rate of 20 per cent.
Balance Sheet as on …

Note Amount
A Equity and Liabilities
Equity
(a) Share Capital
(b) Reserves and Surplus
(c) Share Warrants
(d) Share Application Money
Total Shareholders’ Funds

Non-Current Liabilities
(a) Long Term Borrowings
(b) Deferred Tax Liabilities
(c) Long Term Provisions
(d) Other Non-Current Liabilities
Total Non-Current Liabilities

Current Liabilities
(a) Trade Payables
(b) Short Term Borrowings
(c) Short Term Provisions
(d) Other Current Liabilities
Total Current Liabilities
Total Equity and Liabilities
B Assets
Non-Current Assets
Fixed Assets
(i) Tangible Assets
(a) (ii) Intangible Assets
(iii) Capital Work in Progress
(iv) Intangible Assets under Development
(b) Non-Current Investments
(c) Long Term Loans and Advances
(d) Other Non-Current Assets
Total Non-Current Assets

Current Assets
(a) Inventories
(b) Trade Receivables
(c) Cash and Bank Balances
(d) Short Term Loans and Advances
(e) Current Investments
(f) Other Current Assets
Total Current Assets
Total Assets

Schedule of Fixed Assets

Sr# Gross Net

Particulars Depreciation
Amount Amount

Total Rs…
 Profit and Loss Account for the Year Ended …
Note Amt

Income

(a) Sales (Gross)

(b) Other Income

Total Income

Expenses

(a) Materials Consumed

(b) Employee Benefits Expense

(c) Other Expenses

Total Expenses

Earnings before Interest, Taxes, Depreciation and Amortisation (EBITDA)

Depreciation and Amortisation

Earnings before Interest, and Taxes (EBIT)

Add: Non-Operating Income

Less: Non-Operating Expenses

Earnings before Taxes (EBT)

Provision for Tax

Earnings after Taxes (EAT)

Appropriations

Transfer General Reserve

ANSWERS
P&L Account Balance Sheet
EBITDA -24700.00 Total Shareholders’ Funds 1337300.00
EBIT -137950.00 Total Non-Current Liabilities 400000.00
EBT -132950.00 Total Current Liabilities 742250.00
EAT -132950.00 Total Equity and Liabilities 2479550.00

Total Non-Current Assets 2121750.00

Total Current Assets 357800.00
Total Assets 2479550.00