Q. The balance sheet of Punjab Auto Limited as on 31.12.2006 was as follows:
Liabilities Amount Assets Amount
Equity Share Capital 40,000 Plant and Machinery 24,000
Capital Reserve 8,000 Land and Building 40,000
8% Loan on Mortgage 32,000 Furniture and Fixtures 16,000
Creditors 16,000 Stock 12,000
Bank Overdraft 4,000 Debtors 12,000
Taxation: Investment(Short term) 4,000
Current 4,000 Cash in hand 12,000
Future 4,000
Profit & Loss A/C 12,000
1,20,000 1,20,000
