Arts (English Medium) कक्षा ११ - CBSE Question Bank Solutions for Accountancy

Brinda Ltd. has furnished the following information:

(a) 25,000, 10% debentures of Rs. 100 each;

(b) Bank Loan of Rs. 10,00,000 repayable after 5 years;

(c) Interest on debentures is yet to be paid.

Show the above items in the balance sheet of the company as at March 31, 2017.

Prepare a balance sheet of Black Swan Ltd., as at March 31, 2017 form the following information:

What are the major heads in the Equity and Liabilities part of the Balance Sheet as per Schedule III?  

Under which major head will the following be shown:

(i) Share Capital; and (ii) Money Received Against Share Warrants?

List any five items that are shown under Reserves and Surplus.

Under which sub-head will the following be classified or shown: 
(i) Long-term Borrowings;

(ii) Deferred Tax Liabilities (Net); and

(iii) Long-term Provision?

Name the itmes that are shown under Long-term Borrowings.

A company has an opening credit balance in Surplus, i.e., Balance in Statement of Profit and Loss of ₹ 1,00,000. During the year, it earned a profit of ₹ 75,000. It decided to transfer ₹ 15,000 to Debentures Redemption Reserve (DRR) and also proposed to pay dividend of ₹ 25,000.
How will be the appropriations shown in the financial statements? 

State giving reason whether Trade Receivables are classified as Current Assets or Non-current Assets in the Balance Sheet of a Company as per Schedule III of the Companies Act, 2013 in the following cases. 

State giving reason whether Trade Payables are classified as Current Liabilities or Non-current Liabilities in the Calance Sheet of a Company as per Schedule III of the Companies Act, 2013 in the following cases:

Under which head and how are the following items shown in the Balance Sheet of a company under Schedule III:

(i) Calls-in-Arrears;  (ii)  Share Application Money Pending Allotment; (iii) Unpaid Dividend; and (iv) Dividend not paid on Cumulative Preference Shares?

Under which main head and sub-head of Equity and Liabilities part of the Balance Sheet are the following items classified or shown:
(i) Bonds

(ii) Debentures

(iii) Public Deposits

(iv) Capital Redemption Reserve

(v) Forfeited Shares Accounts

(vi) Sundry Creditors and

(vii) Interest Accrued but not Due on Debentures ?

State any two items that are included in the following major heads under which liabilities of a company are shown:

(i) Reserves and Surplus;

(ii) Long-term Borrowings; 

(iii)  Short-term Borrowings;

(iv) Other Current Liabilities.

Classify the following items under major head and sub-head (if any) in the Balance Sheet of a company as per Schedule III of the Companies Act, 2013:

(i) Capital Work-in-Progress:

(ii) Provision for Warranties;

(iii) Income received in Advance; and

(iv) Capital Advances

Under which major head and sub-head of the Assets part of the Balance Sheet will the following be shown:

(i) Intangible Assets; (ii) Intangible Assets under Development; (iii) Investments (more than 12 months); (iv) Deferred Tax Assets (Net); (v) Stores and Spares; and (vi) Loose Tools?

Under which heads the following items are classified or shown on the Assets part of the Balance Sheet of a copany: (i) Loose Tools; (ii) Bills Receivable; (iii) Sundry Debtors: and (iv) Advances Recoverable in Cash?

Under which heads the following items on the Assets part of the Balance Sheet of a company will be presented?

(i) Sundry Debtors

(ii) Patents and Trademarks

(iii) Shares in Quoted Companies

(iv) Advances recoverable in cash

(v) Prepaid Insurance and

(vi) Worl-in-Progress (Machinery)?

Prepare Balance Sheet of VT Ltd. as at 31st March 2019, from the following information as per Schedule III, Part I of the Companies Act, 2013:  

From the following information, prepare Note to Accounts on Finance Costs: Interest paid to Bank ₹ 75,000; Interest on Debentures ₹ 58,000; Loss on issue of Debentures written off ₹ 27,500; and Commitment Charges ₹ 15,000.

From the following information of Best Marketing Ltd. for the year ended 31st March, 2019 prepare Note to Accounts on Depreciation and Amortisation Expenses:
Depreciation on: Building ₹ 15,500; Plant and Machinery ₹ 25,000; Computers ₹ 60,000; Goodwill written off ₹ 7,500; Patents written off ₹ 12,500.