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Question
Classify the following items under Major heads and Sub-head (if any) in the Balance Sheet of a Company as per schedule III of the Companies Act 2013.
- Current maturities of long-term debts
- Furniture and Fixtures
- Provision for Warranties
- Income received in advance
- Capital Advances
- Advances recoverable in cash within the operation cycle
Solution
| Item | Heading | Sub - Heading |
| (i) Current maturities of long-term debts | Current Liabilities | Short term borrowings |
| (ii) Furniture and Fixtures | Non-Current Assets | Property, Plant and Equipments and Intangible Assets Property, Plant and Equipment |
| (iii) Provision for Warranties | Non-Current Liabilities | Long Term Provisions |
| (iv) Income received in advance | Current Liabilities | Other Current Liabilities |
| (v) Capital Advances | Non-Current Assets | Long-Term Loans and Advances |
| (vi) Advances recoverable in cash within the operation cycle | Current Assets | Short-Term Loans and Advances |
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RELATED QUESTIONS
List any four items that are shown under the sub-heading 'Cash and Cash Equivalents' as per Schedule III of the Companies Act, 2013.
Under which major sub-headings the following items will be placed in the Balance Sheet of a company as per revised Schedule-VI, Part-I of the Companies Act, 1956:
- Accrued Incomes
- Loose Tools
- Provision for employees benefits
- Unpaid dividend
- Short-term loans
- Long-term loans.
List any four items of 'reserves' that are shown under the heading 'Reserves and Surplus' in the Balance Sheet of a company as per schedule Ill of the Companies Act 2013
List any four items other than 'stock-in-trade' that are presented under the sub-head 'inventories' as per schedule Ill of the Companies Act, 2013.
Prepare a common size Balance Sheet of KJ Ltd. from the following information:
| Particular | Note No. |
31-3-2017 Rs |
31-3-2016 Rs |
|
I. Equity and Liabilities 1. Shareholders' Funds 2. Non-current Liabilities 3. Current Liabilities Total II. Assets 1. Non- Current Assets 2. Current Assets Total
|
8,00,000 5,00,000 3,00,000 16,00,000
10,00,000 6,00,000 16,00,000 |
4,00,000 2,00,000 2,00,000 8,00,000
5,00,000 3,00,000 8,00,000 |
C and D are the partner in a firm sharing profits in the ratio of 4:1. On 31.3.2016 their Balance Sheet was as follows :
| Balance Sheet of C and D As on 31.3.2016 |
|||
| Liabilities | Rs | Assets | Rs |
|
Sundry Creditors Provision for Bad debts Outstanding Salary General Reserve
Capitals C 1,20,000 D 80,000 |
40,000 4,000 6,000 10,000
2,00,000 |
Cash Debtors Stock Furniture Plant and Machinery
|
24,000 36,000 40,000 80,000 80,000
|
| 2,60,000 | 2,60,000 | ||
On the above date, E was admitted for 1/4 th share in the profits on the following terms:
1) E will bring 1, 00,000 as his capital and 20,000 for his share of goodwill premium half of which will be withdrawn by C and D.
2) Debtors 2,000 will be written off as bad debts and a provision of 4% will be created on debtors for bad debts and doubtful debts
3) The stock will be reduced by Rs 2,000, furniture will be depreciated by Rs 4,000 and 10% depreciation will be charged on plant and machinery
4) Investments of 7,000 not shown in the Balance Sheet will be taken into account.
5) There was an outstanding repairs bill of Rs 2,300 which will be recorded in the books.
Pass necessary journal entries for the above transactions in the books of the firm on E’s admission.
Tractors India Ltd. is registered with an authorized capital of Rs10,00,000 divided into 1,00,000 equity shares of Rs 10 each. The company issued 50,000 equity shares at a premium of Rs 5 per share. Rs 2 per share were payable with the application, Rs 8 per share including premium on the allotment and the balance amount on first and final call. The issue was fully subscribed and all the amount due was received except the first and final call money on 500 shares allotted to Balaram. Present the 'Share Capital in the Balance Sheet of Tractors India Ltd. as per Schedule VI Part I of the Companies Act, 1956, Also prepare Notes to Accounts for the same.
Under which heads the following items will be placed in the Balance Sheet of a company as per Schedule VI part I of the Companies Act, 1956?
(1) Cash in hand
(2) Mining Rights
(3) Short-term deposits
(4) Debenture Redemption Reserve
(5) Income received in advance
(6) The balance of the Statement of Profit and Loss
(7) Office Equipment and
(8) Work-in-progress.
Following is the Balance Sheets of Solar Power Ltd as at 31.3.2014 :
| Solar Power Ltd. Balance Sheet |
|||
| Particulars | Note No. |
31-3-2014 Rs |
31-3-2014 Rs |
|
I. Equity and Liabilities 1. Shareholder’s Funds a. Share Capital b. Reserve and Surplus 2. Non - Current Liabilities a. Long-term borrowings 3. Current Liabilities a. Trade Payables b. Short Term Provisions |
24,00,000 6,00,000
4,80,000
3,58,000 1,00,000 |
22,00,000 4,00,000
3,40,000
4,08,000 1,54,000 |
|
| Total | 39,38,000 | 35,02,000 | |
|
II. Assets 1. Non – Current Assets a) Fixed Assets (i) Tangible assets (ii) Intangible b) Non – Current Investments 2. Current Assets a) Current Investment b) Inventories c) Trade Receivables d)Cash and Cash |
21,40,000 80,000
4,80,000 2,58,000 3,40,000 6,40,000 |
17,00,000 2,24,000
3,00,000 2,42,000 2,86,000 7,50,000 |
|
| Total | 39,38,000 | 35,02,000 | |
Notes to Accounts
| Note No |
Particulars | As On 31-3-2014 |
As On 31-3-2013 |
|
1
|
Reserve and Surplus (Surplus i.e. Balance in Statement of Profit and Loss) |
6,00,000
|
4,00,000
|
|
2
|
Tangible Assets Machinery Less: Accumulated Depreciation |
25,40,000 (4,00,000) |
20,00,000 (3,00,000) |
|
3
|
Intangible Assets Goodwill |
80,000 |
2,24,0000 |
Additional Information:-
During the year a piece of machinery, costing Rs 48,000 on which accumulated depreciation was Rs 32,000, was sold at Rs 12,000.
Prepare Cash Flow Statement.
List the items which are shown under the heading current liabilities and provisions as per Schedule VI Part-I of the Companies’ Act,1956.
Prepare a Comparative Income Statement from the following information:
|
Particulars |
31.3.2009 Rs |
31.3.2010 Rs |
|
Sales |
40,000 |
50,000 |
|
Cost of goods sold |
30,000 |
35,000 |
|
Wages paid |
16,000 |
14,000 |
|
Operating Expenses |
2,500 |
3,000 |
|
Other Incomes |
2,000 |
3,000 |
|
Income tax |
4,750 |
7,500 |
Name an item which is never shown on the ‘Payments’ side of ‘Receipts and Payments Account’, but is shown as an Expenses while preparing ‘Income and Expenditure Account’
State under which major headings and sub-headings will the following items be presented in the Balance Sheet of a company as per Schedule-III, Part-I of the Companies Act, 2013.
(i) Prepaid Insurance
(ii) Investments in Debentures
(iii) Calls-in-arrears
(iv) Unpaid dividend
(v) Capital Reserve
(vi) Loose Tools
(vii) Capital work-in-progress
(viii) Patents being developed by the company.
Classify the following items under major heads and sub-heads (if any) in the balance sheet of a company as per Schedule III, part I of the Companies Act, 2013:
- Loans repayable on demand
- Bills Payable
- Patents
Under which major heads and sub-heads will the following items be presented in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013?
- Income received in advance
- Computer Software
- Balance of forfeited shares account
Name the major heads and sub-heads under which the following items will be presented in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013 :
- Goodwill
- Debenture Redemption Reserve
- Licenses and Franchise
Under which heads and sub-heads the following items will appear in the Balance Sheet of Company as per Schedule III, Part-I of the Companies Act, 2013:
- Loose tools
- Calls-in-Advance
- Capital Reserve
