Scribd
Upload
307 views1 page

GT Company (GTC) : Balance Sheet As On 31 March .

GT Company provided its balance sheet as of March 31, 2016 and 2015 and income statement for the year ended March 31, 2016. The balance sheet shows increases in shareholders' equity from retained earnings. Current assets increased due to higher cash, debtors and inventory, while current liabilities also increased. The income statement reports a net profit of Rs. 248,000 for the year after accounting for revenues, expenses, taxes and interest.

Uploaded by

Karthikeyan Ramamoorthy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
307 views1 page

GT Company (GTC) : Balance Sheet As On 31 March .

GT Company provided its balance sheet as of March 31, 2016 and 2015 and income statement for the year ended March 31, 2016. The balance sheet shows increases in shareholders' equity from retained earnings. Current assets increased due to higher cash, debtors and inventory, while current liabilities also increased. The income statement reports a net profit of Rs. 248,000 for the year after accounting for revenues, expenses, taxes and interest.

Uploaded by

Karthikeyan Ramamoorthy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

GT COMPANY (GTC)

The financial statements of GTC, a dividend paying company, are given below:

Balance Sheet as on 31 March ..


Balance Sheet As On 31st March, .. 2016 2015
SOURCES OF FUNDS
Shareholders’ Funds (A)
Share capital, Rs. 10 par value 620,000 420,000
Share premium 450,000 280,000
Reserves and surplus 958,000 2,028,000 758,000 1,458,000
Loan Funds (B)
Debentures 150,000 400,000
Friend's Loan 600,000 750,000 500,000 900,000
Total (A+B) 2,778,000 2,358,000
APPLICATION OF FUNDS
Fixed Assets (A)
Gross Block 1,168,000 900,000
Accumulated Depreciation 158,000 1,010,000 100,000 800,000
Investments (B)1 400,000 280,000
Working Capital
Current assets:
Cash 815,000 760,000
Debtors 450,000 420,000
Less: Provision for D/D (9,000) (8,400)
Inventory 785,000 520,000
Prepaid expenses 28,000 2,069,000 33,000 1,724,600
Less: Current liabilities
Creditors 395,000 262,000
Dividend Payable 6,000 4,600
Income-tax payable 300,000 701,000 180,000 446,600
Net Working Capital (C) 1,368,000 1,278,000
Total (A+B+C) 2,778,000 2,358,000

Income Statement for the year ended 31st March 2016

Sales ……………………………………………………………………. 3,460,000


Profit on sale of machinery (Original cost of asset sold: 50000) 4,000
Interest received on investments 40,000
Total Income ………………………………………………………… 3,504,000
Cost of goods sold (including depreciation on machinery: 76,000) 2,100,000
Gross profit 1,404,000
Operating expenses [includes Provision for bad debt (expense): 10,000] 780,000
Operating profit 624,000
Loss on sale of investment ………………………………………………… (20,000)
Profit before interest and tax 604,000
Interest …………………………………………………………………… 60,000
Profit before tax 544,000
Income Tax ……………………………………………………………… 296,000
Net profit 248,000
1. The company invested 200,000 in shares of other companies during the year.

Required: Prepare a cash flow statement for the year ended on 31st March 2016.

You might also like