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प्रश्न
Show the following items in the balance sheet as per the provisions of the Companies Act, 2013 in Schedule III:
| Particulars | Rs. | Particulars | Rs. |
| Preliminary Expenses | 2,40,000 | Good will | 30,000 |
| Discount on issue of shares | 20,000 | Loose tools | 12,000 |
| 10% Debentures | 2,00,000 | Motor Vehicles | 4,75,000 |
| Stock in Trade | 1,40,000 | Provision for tax | 16,000 |
| Cash at bank | 1,35,000 | ||
| Bills receivable | 1,20,000 |
उत्तर
Extract of Balance Sheet
as at March 31, 2013
|
Particulars |
Note No. |
Amount (Rs) |
|
I. Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
a. Share Capital |
|
|
|
b. Reserves and Surplus |
|
|
|
2. Non-Current Liabilities |
|
|
|
1 |
2,00,000 |
|
3. Current Liabilities |
|
|
|
|
|
| b. Short-term Provisions |
2 |
16,000 |
|
II. Assets |
|
|
|
1. Non-Current Assets |
|
|
|
|
|
| i. Tangible Assets |
3 |
4,75,000 |
| ii. Intangible Assets |
4 |
30,000 |
| b. Non-Current Investments |
|
|
|
2. Current Assets |
|
|
|
5 |
1,52,000 |
| b. Trade Receivables |
6 |
1,20,000 |
| c.Cash and Cash Equivalents |
7 |
1,35,000 |
| d. Other Current Assets |
8 |
2,60,000 |
Notes to Accounts
|
Particulars |
Amount (Rs) |
||
|
1. Long Term Borrowings |
|
||
|
10% Debentures |
2,00,000 |
||
|
2. Short Term Provisions |
|
||
|
Provision for Tax |
16,000 |
||
|
3. Tangible Assets |
|
||
|
Motor Vehicles |
4,75,000 |
||
|
4. Intangible Assets |
|
||
|
Goodwill |
30,000 |
||
|
5. Inventory |
|
||
|
Loose Tools |
12,000 |
|
|
|
Stock |
1,40,000 |
1,52,000 |
|
|
|
1,52,000 |
||
|
6. Trade Receivables |
|
||
|
Bill Receivable |
1,20,000 |
||
|
7. Cash and Cash equivalents |
|
||
|
Cash at Bank |
1,35,000 |
||
|
8. Other Current Assets |
|
||
|
Preliminary Expenses |
2,40,000 |
|
|
|
Discount on Issue of Shares |
20,000 |
2,60,000 |
|
|
|
2,60,000 |
||
APPEARS IN
संबंधित प्रश्न
Complete the following journal entries left blank in the books of VK Ltd.:
| VK Ltd. Journal |
||||
| Date | Particulars | L.F. |
Dr. Rs |
Cr. Rs |
| 2018 Feb 1 |
___________________ Dr. ___________________ (Purchased own 500, 9% debentures of Rs 100 each at Rs 97 each for immediate cancellation) |
________
|
________
|
|
| Feb 1 |
___________________ Dr. ___________________ ___________________ (Cancelled own debentures) |
________
|
________ ________ |
|
| ______ |
___________________ Dr. ___________________ (______________________) |
________
|
________ | |
Financial Statements are prepared following the constituent accounting concepts principles procedures and also the legal environment in which the business organisation operate. These statements are the source of information on the basis of which conclusions are drawn about the profitability and financial position of a company so that their users can easily understand and use them in their economic decisions in a meaningful way.
From the above statements identify any two values that a company should observe while preparing its financial statements. Also, State under which major headings and sub-headings the following items will be presented in the Balance Sheet of a company as per Schedule III of the Companies Act 2013
(1) Capital Reserve
(2) Calls-in-Advance
(3) Loose Tools
(4) Bank overdraft
'Good Blankets Ltd.' are the manufacturers of woollen blankets. Blankets of the company are exported to many countries. The company decided to distribute blankets free of cost to five villages of Kashmir Valley destroyed by the recent floods. It also decided to employ 100 young persons from these villages in their newly established factory at Solan in Himachal Pradesh. To meet the requirements of funds for starting its new factory, the company issued 50,000 equity shares of Rs 10 each and 2,000 8% debentures of Rs 100 each to the vendors of machinery purchased for Rs 7,00,000. Pass necessary journal entries for the above transactions in the books of the company. Also, identify anyone value which the company wants to communicate to the society.
State any objective of Financial Statement Analysis’.
State any one limitation of Financial Statement Analysis’
Financial statements are prepared following the consistent accounting concepts, principles, procedures and also the legal environment in which the business organisations operate. These statements are the source of information on the basis of which conclusions are drawn about the profitability and financial position of a company so that their users can easily understand and use them in their economic decisions.
From the above statement identify any two values that a company should observe while preparing its financial statements. Also, state under which major headings and sub-headings the following items will be presented in the Balance Sheet of a company as per Schedule III of the Companies Act, 2013:
(i) Calls-in-arrears
(ii) Calls-in-advance
(iii) Gain on reissue of forfeited equity shares
(iv) Trade payables to be settled beyond 12 months from the date of Balance Sheet
Long Answer Question
Prepare the format of balance sheet and explain the various elements of balance sheet.
Long Answer Question
Explain the process of preparing income statement and balance sheet.
From the following information prepare the balance sheet of Jam Ltd. as per the (revised) Schedule VI:
Inventories Rs. 7,00,000; Equity Share Capital Rs. 16,00,000; Plant and Machinery Rs. 8,00,000; Preference Share Capital Rs. 6,00,000; General Reserves Rs. 6,00,000; Bills payable Rs. 1,50,000; Provision for taxation Rs. 2,50,000; Land and Building Rs. 16,00,000; Noncurrent Investments Rs. 10,00,000; Cash at Bank Rs. 5,00,000;Creditors Rs. 2,00,000; 12% Debentures Rs. 12,00,000.
Prepare a balance sheet of Black Swan Ltd., as at March 31, 2017 form the following information:
| General Reserve | : | 3,000 |
| 10% Debentures | : | 3,000 |
| Statement of Profit & Loss | : | 1,200 |
| Depreciation on fixed assets | : | 700 |
| Gross Block | : | 9,000 |
| Current Liabilities | : | 2,500 |
| Preliminary Expenses | : | 300 |
| 6% Preference Share Capital | : | 5,000 |
| Cash & Cash Equivalents | : | 6,100 |
Under which major head will the following be shown:
(i) Share Capital; and (ii) Money Received Against Share Warrants?
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.
| Case | Operating cycle Period (months) | Expected realization period (months) |
| 1 | 10 | 11 |
| 2 | 10 | 12 |
| 3 | 10 | 13 |
| 4 | 14 | 13 |
| 5 | 15 | 16 |
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
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.
Which of the following statement is not true?
Briefly explain any three limitations of financial statements.
What are the objectives of preparing financial statements?
Which Indian Companies Act is in force these days?
The Goodwill is not a ________.
Financial statements includes which types of statements are required for external reporting and also for internal needs of the management?
For income measurement ______ basis of accounting is followed.
The statement which shows the assets and liabilities of a company is known as ______.
Profit and loss account is also called ______ statement.
Consider the following statements.
Statement 1 - "Recorded facts are based on replacement cost"
Statement 2 - "Recorded facts are not based on replacement cost"
Consider the following statements.
Statement 1 - "Going Concern concept assumes that the enterprise continues for a long period of time."
Statement 2 - "Going Concern concept assumes that the enterprise continues for a shorter period of time."
What are the items shown under the heading 'Miscellaneous expenditure?'
What are the limitations of financial statements?
What are the items shown under the heading of "Investments" in the balance sheet?
What are the limitations of financial statements?
Which of the following is not a part of Finance Cost (in Statement of Profit and Loss)?
Assertion (A): Financial statements are the end products of the accounting process which reveal the financial results of a specified period and financial position as on a particular date.
Reason (R): The basic objective of these statements is to provide information required for decision making by the management as well as other outsiders who are interested in the affairs of the undertaking, as per Section 129 Schedule III to the Companies Act, 2013 every year.
Richa and Anmol are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 2,50,000 and ₹ 1,50,000 respectively. Interest on capital is agreed @6% p.a. Anmol is to be allowed an annual salary of ₹ 12,500. During the year ended 31st March 2023, the profits of the year prior to calculation of interest on capital but after charging Anmol’s salary amounted to ₹ 62,000. A provision of 5% of this profit is to be made in respect of manager’s commission.
Following is their Profit & Loss Appropriation Account:
| Particulars | (₹) | Particulars | (₹) |
| To Interest on Capital | By Profit & loss account (After manager’s commission) | ___(2)___ | |
| Richa | ______ | ||
| Anmol | ______ | ||
| To Anmol’s Salary A/c | 12,500 | ||
| To Profit transferred to: | |||
| Richa’s Capital A/C (1) | ___(1)___ | ||
| Anmol’s Capital A/c | ______ | ||
| ______ | ______ |
The amount to be reflected in blank (2) will be:
Richa and Anmol are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 2,50,000 and ₹ 1,50,000 respectively. Interest on capital is agreed @6% p.a. Anmol is to be allowed an annual salary of ₹ 12,500. During the year ended 31st March 2023, the profits of the year prior to calculation of interest on capital but after charging Anmol’s salary amounted to ₹ 62,000. A provision of 5% of this profit is to be made in respect of manager’s commission.
Following is their Profit & Loss Appropriation Account:
| Particulars | (₹) | Particulars | (₹) |
| To Interest on Capital | By Profit & loss account (After manager’s commission) | __(2)__ | |
| Richa | ______ | ||
| Anmol | ______ | ||
| To Anmol’s Salary a/c | 12,500 | ||
| To Profit transferred to: Richa’s Capital A/C (1) | __(1)__ | ||
| Anmol’s Capital A/c | ______ | ||
| ______ | ______ |
The amount to be reflected in blank (2) will be:
