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प्रश्न
Given the major heading under which the following items will be shown in a Company’s Balance Sheet as per Schedule VI Part I of companies Act, 1956:
(i) Sundry Creditors; (ii) Provision for tax; (iii) Preliminary Expenses; (iv) Loss Tools; (v) Interest accrued on investment and (vi) Goodwill.
उत्तर
|
Items |
Major Heading |
|
(i) Sundry Creditors |
Current Liabilities and Provisions |
|
(ii) Provision for Tax |
Current Liabilities and Provisions |
|
(iii) Preliminary Expenses |
Miscellaneous Expenditure |
|
(iv) Loose Tools |
Current Assets, Loan and Advances |
|
(v) Interest accrued on Investment |
Current Assets, Loan and Advances |
|
(vi) Goodwill |
Fixed Assets |
However, the Company Act has prescribed a new format (Vertical Format) for preparing the Balance Sheet of a company as per Revised Schedule VI Part I of the Companies Act 1956 effective from April 01, 2011. This format mainly consists of the following two heads.
(I) Equity and Liabilities
(II) Assets
Equity and Liabilities are further comprises of-
(a) Shareholders’ Funds
(b) Share Application Money Pending Allotment
(c) Non-Current Liabilities and
(d) Current Liabilities
On the other hand, Assets are classified as-
(a) Non-Current Assets and
(b) Current Assets
APPEARS IN
संबंधित प्रश्न
Sandeep, Mandeep and Amandeep were partners in a firm sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on 31st March every year. On 30th September, 2016 Mandeep died. The partnership deed provided that on the death of a partner his executors will be entitled to the following :
(1) Balance in his capital account and interest @ 12% p.a. on capital. On 1-4-2016 the balance in Mandeep's Capital account was Rs 1,00,000.
(2) His share in the profits of the firm in the year of his death which will be calculated on the basis of rate of net profit on sales of the previous year which was 25%. The sales of the firm till 30th September, 2016 were Rs 9,00,000.
(3) His share on the goodwill of the firm. The goodwill of the firm on Mandee's detah was valued at Rs 1,50,000.
The partnership deed also provided that the following deductions will be made from the amount payable to the executor of the deceased partner:
(1) His drawing in the year of his death. Mandeep's drawings till 30th September, 2016 were Rs 4,000.
(2) Interest on drawing @ 6% per annum which calculated as Rs 120.
The accountant of the firm prepared Mandeep's Capital Account to be presented to the executor of Mandeep but in a hurry he left in incomplete. Mandeep's capital Account prepared by Accountant of the firm is shown below :
|
Dr. |
Mandeep’s Capital Account |
Cr. |
|||
|
Date |
Particulars |
Amount (Rs) |
Date |
Particulars |
Amount (Rs) |
|
2016 |
|
|
2016 |
|
|
|
Sep. 30 |
…………… |
4,000 |
April 1 |
…………… |
1,00,000 |
|
Sep. 30 |
…………… |
– |
Sep. 30 |
…………… |
6,000 |
|
Sep. 30 |
…………… |
– |
Sep. 30 |
…………… |
90,000 |
|
|
|
|
Sep. 30 |
…………… |
40,000 |
|
|
|
|
Sep. 30 |
…………… |
20,000 |
|
|
|
2,56,000 |
|
|
2,56,000 |
|
|
|
|
|
|
|
You are required to complete Mandeep's Capital Account.
Gagan Ltd. is registered with an authorised capital of Rs 15,00,00,000 divided into 1,50,00,000 equity shares of Rs 10 each. Subscribed and fully paid up share capital of the company was Rs 5,00,00,000. For providing employment to the local youth and for the development of rural areas of Jharkhand State, the company decided to set up a food processing unit in Hazaribagh. The company also decided to set up skill development centres at Ranchi, Hazaribagh and Ramgarh. To meet its new financial requirements the company decidded to issue 2,00,000 equity shares of Rs 10 each and 2000, 12% debentures of Rs 1,000 each. The issue of shares and debentures was fully subscribed. A shareholder holding 500 shares failed to pay the final call of Rs 3 per share.
Show the share capital in the Balance Sheet of the company as per the provisions of Schedule III of the Companies Act, 2013. Also, identify any two values that the company wants to propagate.
Under which sub-headings will the following items be shown in the Balance Sheet of a company as per revised Schedule VI Part I of the Companies Act, 1956?
(i) Long-term Loans
(ii) Capital Redemption reserve
(iii) Short term provisions
(iv) Goodwill
(v) Provision for warranties
(vi) Brand/ Trademarks
Calculate Current Ratio of a company from the following information:
Stock Turnover Ratio : 4 times
Stock in the end was Rs 20,000 more than stock in the beginning
Sales Rs 3,00,000
Gross Profit Ratio 25%
Current Liabilities Rs 40,000
Quick Ratio 0.75 : 1
Sunrise Ltd. was formed on 1st November, 2021, with a capital of ₹ 20,00,000 divided into Equity shares of ₹ 20 each. It offered 95% shares to the public which were all subscribed for.
60% amount was payable on application;
30% on allotment;
And the balance on final call
The applicants paid ₹ 11,40,000 on application and ₹ 5,40,000 on allotment.
Final call was not made by the company till the Balance Sheet date.
You are required to prepare:
- An extract of the Balance Sheet showing Share Capital.
- Notes to Accounts.
