DK Goel Solutions ISC Q 21 Chapter 9 Financial Statements of Companies Class 12 ISC [2023-24]
Step-by-step solution of Question 21, Chapter 9 Financial Statements of Companies, DK Goel Class 12 Accountancy 2023-24 for the ISC Board.
Question 21
X Ltd. carried forward balance of ₹ 20,50,000 as surplus for the year ended on 31st March, 2021. During the year 2021-22 it made a profit of ₹ 71,80,000 before making provision for income tax. Provision for income tax is to be made for ₹ 30,00,000. Following appropriations were proposed by the Directors :
- (a) Transfer ₹ 5,00,000 to the Dividend Equalisation Reserve.
- (b) Pay the year’s dividend on ₹ 5,00,000 10% cumulative Preference share capital.
- (c) Pay 20% dividend on ₹ 60,00,000 Equity share capital.
- (d) Pay ₹ 1,00,000 dividend to non-cumulative Preference Shares.
- (e) Transfer ₹ 7,50,000 to Debenture Redemption Fund.
- (f) Transfer 7.5% of Current year’s net profit to General Reserve.
Ascertain the net amount of ‘Surplus’.
Solution
All questions of Chapter 9
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About this solution
This is Chapter 9 Financial Statements of Companies of DK Goel For 2024 Examinations.
Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.
We have solved all the practical questions in this book and explained them Step by Step in detail with clear working notes.
Also, we have followed the proper format and workings which are required as per ISC Guidelines. Just follow our presentation of solutions and score good marks in the Accountancy Board Exam.
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