DK Goel Solutions ISC Q 24 Chapter 9 Financial Statements of Companies Class 12 ISC [2023-24]
Step-by-step solution of Question 24, Chapter 9 Financial Statements of Companies, DK Goel Class 12 Accountancy 2023-24 for the ISC Board.
Question 24
The authorised capital of Avery Ltd. is ₹ 70,00,000 divided into 5,00,000 equity shares of ₹ 10 each and 2,00,000, 10% preference shares of ₹ 10 each. All the shares were issued and fully paid up. On 1st April, 2021 the company had a balance of profit ₹ 2,00,000 brought forward from the previous year. The net profit of the company for the year ended 31st March, 2022 amounted to ₹ 9,00,000.
The director’s proposed to :
- (a) transfer ₹ 1,00,000 to General Reserve;
- (b) pay the dividend of 12% on equity shares;
- (c) pay the year’s dividend on preference shares;
- (d) carry forward the remaining balance.
You are required to show how the items would appear in the Balance Sheet of the Company and prepare ‘Notes to Accounts’.
Solution
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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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