Financial Reporting - May 2023

(a) The draft balance sheets of Swan Limited and Duck Limited as at 31' March 2023 is as under: Amount in lakhs Particulars Swan Limited | Duck Limited Assets Non-Current Assets Property, Plant and Equipment 800 1,000 Investments 900 240 Current Assets Inventories 360 260 Financial Assets - Trade Receivables 1,040 540 - Cash & Cash Equivalents 520 290 Other Current Assets _700 _350 Total 4,320 2,680 Swan Limited | Duck Limited Equity and Liabilities Equity Share Capital - Swan…

(a) Venus Limited had purchased on 1*' April, 2020, a PPE kits manufacturing plant for ? 12.00 lakhs. The useful life of the plant is 8 years. The deprecation is provided on straight line method. On 30 September, 2022, Venus Limited temporarily discontinues production at the said plant due to decline in the demand for PPE kits. However, the plant is maintained in a workable condition, and it can be used in future whenever the demand picks up. The accountant…

(a) ABC Ltd. is into dairy farm. Cows are milked on a daily basis. After milking, milk is immediately kept in cold storage. The milk is sold to retail distributors on a weekly basis. On 15' April, 2022, ABC Ltd. had 500 cows which were all 3 years old. During the financial year 2022-2023, some of the cows became sick and on 30% September, 2022, 20 cows died. On 1% October, 2022, ABC Ltd. purchased 20 replacement cows from the…

(a) Autumn Limited has a policy of providing subsidized loans to its employees for their personal purposes. Mrs. Jama Bai, a senior HR manager in the Company, took a loan of % 12.00 lakhs on the following terms: e — Interest rate 4% per annum e Loan disbursement date: 1% April, 2019 e — The principal amount of the loan shall be recovered in 4 equal annual installments commencing from 31% March, 2020 e The accumulated interest computed on reducing…

(a) A Limited operates in coating industry. Its business segments comprise Coating (consisting of decorative, automotive, industrial paints and related activities) and Others (consisting of chemicals, polymers and related activities). Certain information for financial year 2022-2023 is given below: All amounts in # lakhs Segments | External revenue GST Other | Result | Assets | Liabilities (including GST) operating income Coating 1,20,000 | 3,000 24,000 | 6,000 | 30,000 18,000 Others 42,000 | 1,800 9,000 | 2,400 | 18,000 6,000…

(a) Discuss the following situations as per Ind AS 10: i. The financial statements of a Company for the year 2021-2022 are approved by the management and were sent on 5! June, 2022 for review and approval to its supervisory board i.e., Board of Directors. The supervisory board approves the financial statements on 26 June, 2022. The financial statements are then made available to shareholders on 4" July, 2022. The financial statements are approved by shareholders in their annual general…