Financial Reporting - November 2018 MTP

ABC Pvt. Ltd. is engaged in the business of manufacturing of PP Fabrics. The company had imported 16 second hand machineries on January 8, 2018 for $ 4,40,000. The company had paid the full amount due to the vendor on the next day and gain arising from the same is capitalized in the books of accounts. On January 9, 2018, the company borrowed 60% (i.e. $ 2,64,000 @ Rs. 63.5 per $) of the amount due by way of buyer's…

Following is the summarized Balance Sheet of Siddharth Ltd. as on 31 st March, 2018: Liabilities Rs. Assets Rs. 50,000 Equity shares of Rs. 10 each 2,500, 12% Preference shares of Rs. 100 each 5,00,000 Building 2,50,000 Plant and Machinery 3,50,000 4,30,000 Reserves and Surplus - Profit & Loss A/c 15% Debentures 2,20,000 Patents 1,20,000 Trade Receivables 80,000 2,00,000 General Reserve Trade Payables 1,80,000 Stock in trade 1,50,000 Cash at Bank 2,90,000 70,000 14,20,000 14,20,000 Buildings & Plant and Machinery…

The summarized consolidated balance sheets of Milli Ltd. and its subsidiary Neeta Ltd. and balance sheet of joint venture entity Chitra Ltd. as on 31.3.2018 are as follows: Liabilities Share capital : Shares of Rs. 100 each General reserve Profit and loss account 6% Debentures Trade payables Assets Tangible Assets Stock-in-trade Trade Receivables 6% Debentures of Chitra Ltd. acquired at par Shares of Chitra Ltd. (1,500 shares @ Rs. 80 each) Cash at bank Profit and loss A/c Milli Ltd.…

Ltd. purchased 10 Lakhs options to acquire shares in KS Ltd., a listed entity. The Company paid Rs. 0.25 per option which allows the Company to purchase shares in KS Ltd. for a price of Rs. 2 per share. The exercise date for the option was 31 st December, 2016. On 31st December, 2016, when the market value of a share in KS Ltd. was Rs. 2.6 per share, the Company exercised all its options to acquire shares in KS…

4. The charge for taxation include a transfer Rs. 1,48,000 to the credit of deferred tax account (Rs. in ‘000s) 3685 360 220 290 160 (20) 140 20 (35) (15) (b) BSP Rock is a SEBI Registered Mutual Fund which made its maiden N.F.O (New Fund Offer) on 10th April, 2017 of Rs. 10 face value per unit. Subscription was received for 90 lakhs units. An underwriting arrangement was also entered into with Stable Capital Markets Ltd., that agreed to…