The following information provided by Peeru Ltd. for the year ending 31st March, 2018: ₹ Closing Inventories of Materials 40,00,000 Closing Work-in-progress 20,00,000 Closing Inventory of Finished Goods 50,00,000 Sundry

CS Executive · Company Accounts & Auditing Practices · PYQS · June 2018
The following information provided by Peeru Ltd. for the year ending 31st March, 2018: ₹ Closing Inventories of Materials 40,00,000 Closing Work-in-progress 20,00,000 Closing Inventory of Finished Goods 50,00,000 Sundry Debtors 80,00,000 Provision for bad and doubtful debts 8,00,000 Bills Receivables 20,00,000 Loose and Tools 10,00,000 Stores and Spares 5,00,000 Prepaid Expenses 4,00,000 You are required to prepare relevant notes to the accounts for the year ended 31st March, 2018 as per Schedule III of the Companies Act, 2013.

Answer & Explanation:

Notes to Accounts Short Term Loan and Advances Particulars Amount (₹) Prepaid Expenses 4,00,000 Inventories Particulars Amount (₹) Closing Stock of Raw Material 40,00,000 Closing Stock of work-in progress 20,00,000 Closing stock of Finished Goods 50,00,000 Loose Tools 10,00,000 Stores and Spares 5,00,000 Total 1,25,00,000 Trade Receivable Particulars Amount (₹) Sundry Debtors 80,00,000 Less : Provisions for Doubtful Debts (8,00,000) Add : Bills Receivable 20,00,000 Total 92,00,000

Topics: Company Accounts

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