Bills PTotalClosinPartice(III) FLAL= 2,77,500Nilustration 13:The Balance sheet of Waridhi Ltd. as on 31st March, 2014 was as underBalance Sheet as on 31-03-2014LiabilitiesAssets10,000 -8% Preference Share ofFreehold Premises3,00,00010 each fully paid1,00,000 Plant3,00,00025,000 Equity Shares ofFurniture2,00,00010 each fully paid2,50,000 Motor Car50,000Securities Premium3,00,000 Stock2,50,000General Reserves4,00,000 Debtors3,50,00010% Debentures2,00,000 Cash50,000Accounts Payable2,50,00015,00,00015,00,000The Company earned profits (after tax) for the past five years as follows:Year ended Profit after tax (3) Income tax rate31-03-2010 1,80,00040%31-03-2011 3,38,00035%31-03-2012 3,64,00035%31-03-2013 2,60,00035%31-03-2014 4,20,00030%he Profit of 31-03-2010 included loss due to fire 30,000 and profit of 31-03-2013 included abnonarofit of 40,000.(lv) S.(V) G7.7.1NormSomecomp1. Sa12 saa) As on 31-03-2014 Fixed Assets were worth 10% above book value.5) Income tax rate for the future may be taken at 30%