08 December 2013
Can anyone solve this problem.it's urgent.P/L and B/S is needed.The question is related to jointly controlled asset.
The trial balance of H Ltd is given below as on 31-03-08
Debit balance Rs(lakhs) Credit balance Rs(Lakhs)
opening stock 178 sales 1975
purchases 1400 share capital 1000
operating cost 200 P/L (31-03-07) 675
Depreciation 210 10% debuntures 600
Interest 60 Creditors 150
INVESTMENT in S Ltd 372 TOTAL 4400
Suspense Account 150
Fixed Assets 1540
Debtors 225
Bank 25
TOTAL 4400
Value of closing stock of HLtd is 183 lakhs. On 01-04-07 H Ltd purchased a plant jointly with J Ltd . They agreed to share cost of plant 500 lakshs, annual operating cost and output of the plant equally . Suppliers of the plant agreed to accept 60% of price immediately .The balance is payable in four equal instalments together with 10% interest per year .Beginning from 31-03-08 the of depreciation on plant is 12%.The balance of suspense account represent
Particulars Rs(Lakhs) Rs(Lakhs)
Output of joint 200 plant sold (50 units at 4 lakhs each)
Purchased material for joint plant 135
Payment to plant supplier 185
operating cost for joint plant 30
Balance of Suspense 150 TOTAL 350 350
JLtd purchased materials Rs 123 lakshs for joint plant.Operating cost incurred by J Ltd 26 lakshs.sales 200 lakshs, total output of the plant110 units.Preparep/L account for the year ended 31-03-08 and B/S as on that data including the effect of joint venture transactions.
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