Practice Test

As per Schedule III of the Companies Act, 2013, a Company shall disclose by way of notes additional information regarding aggregate expenditure and income in relation to any item of income or expenditure which exceeds:

In the Balance Sheet Corporate Dividend Tax will be shown as a liability under the heading -

The paid-up capital of Apsara Ltd. consisted of 5,00,000 equity shares of Rs. 10 each and 50,000, 8% preference shares of Rs. 100 each. The statement of profit and loss of the company for the year ended 31.3.2019 showed net profit before tax of Rs. 20,00,000. Net profit brought forward from previous year’s balance sheet amounted to Rs. 6,00,000. Company makes a provision of 40% for income tax. Following appropriations were proposed by the company:
(a) To pay final dividend @ Rs. 1.50 per share to equity shareholders.
(b) To transfer 5% of net profit to general reserve.
Assume corporate dividend tax rate 17%. Closing balance of Profit & Loss A/c will be -