FREE IGNOU MCO-05 SOLVED ASSIGNMENT 2023
Q3 Profit and Loss Account for the year ended 31st December 2021:
| Particulars | Debit (Rs.) | Credit (Rs.) |
|---|---|---|
| Sales | – | 42,30,000 |
| Opening Stock | – | 3,10,000 |
| Purchases | 28,60,000 | – |
| Less: Closing Stock | 5,60,000 | – |
| Cost of Goods Sold | – | 25,10,000 |
| Gross Profit | 17,20,000 | – |
| Operating Expenses: | – | – |
| Rent | 5,300 | – |
| Repairs & Maintenance | 8,600 | – |
| Power | 8,800 | – |
| Travelling and Conveyance | 4,100 | – |
| Auditors’ Fees | 1,500 | – |
| Development Rebate Reserve | – | 1,00,000 |
| Depreciation – Plant & Machinery | 43,000 | – |
| Depreciation – Furniture | 1,300 | – |
| Depreciation – Building | 3,800 | – |
| Misc. Expenses | 61,400 | – |
| Total Operating Expenses | 2,27,000 | – |
| Operating Profit (EBIT) | 14,93,000 | – |
| Add: Miscellaneous Income | – | 54,600 |
| Operating Profit before Tax | 15,47,600 | – |
| Less: Provision for Taxation | 1,30,000 | – |
| Less: Income-tax Advances | 70,000 | – |
| Net Profit after Taxation | 13,47,600 | – |
| Less: Proposed Dividend | 60,000 | – |
| Retained Earnings / Transferred to General Reserve | 12,87,600 | – |
Balance Sheet as at 31st December 2021:
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) |
|---|---|---|---|
| Share Capital | 4,00,000 | Cash in hand | 6,200 |
| Advances from Customers | 50,000 | Cash at Bank | 8,000 |
| General Reserve | 3,00,000 | Sundry Debtors | 1,40,000 |
| Profit & Loss A/c | 12,87,600 | Raw Materials @ Cost | 2,67,000 |
| Total Liabilities | 19,37,600 | Finished Goods @ Cost | 3,10,000 |
| Less: Closing Stock | 5,60,000 | ||
| Total Current Assets | 7,10,000 | ||
| Land | 30,000 | Building | 74,100 |
| Plant and Machinery | 4,30,000 | Furniture | 12,200 |
| Staff Advances | 5,300 | ||
| Total Fixed Assets | 5,99,600 | ||
| Prepaid Expenses | 4,600 | ||
| Income-tax Advances | 3,00,000 | ||
| Total Current Assets | 3,04,600 | ||
| Total Assets | 19,37,600 | Sundry Creditors | 3,40,000 |
| Provision for Taxation | 2,10,000 | ||
| Cash Credit from Bank | 12,500 | ||
| Total Current Liabilities | 5,62,500 | ||
| Net Worth | 13,75,100 | ||
| Total Liabilities & Net Worth | 19,37,600 |
Note: The net worth represents the shareholders’ equity, calculated as Total Assets minus Total Liabilities.
