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Dheera Test Series [2] 7. C Explanation: A dishonoured bill reverts back to being a normal trade receivable and must be shown under Sundry Debtors, while the rest remains as Bills Receivable. 8. C Explanation: As per Section 68 of the Companies Act, 2013, a listed company can buy back its shares using: • Free reserves • Securities premium account • Proceeds of any earlier issue except a fresh issue of the same kind of shares. So, using proceeds from a fresh issue of the same kind (e.g., equity to buy back equity) is explicitly prohibited.
Dheera Test Series [3] Part – B Question No 1 Statement of profit and loss for the year ended 31st march 2018 Balance sheet as per schedule III as at 31st March 2018 Particulars Note No. Amount (₹) I. Revenue from Operations – 20,11,050 II. Other Income – 12,750 III. Total Revenue (I + II) 20,23,800 IV. Expenses: (a) Purchases – 14,56,500 (b) Changes in Inventory of Finished Goods/WIP – 8,100 (c) Employee Benefit Expenses 9 1,50,000 (d) Finance Costs 10 51,900 (e) Depreciation and Amortisation Expenses – 11,100 (g) Other Expenses 11 3,17,550 Total Expenses 19,95,150 V. Profit Before Tax (III – IV) 28,650 VI. Tax Expense – 12,000 VII. Profit After Tax (PAT) 16,650 0.5 M 1 M 0.5 M