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Online Mock Tests
Chapters
2: Issue and Redemption of Debentures
▶ 3: Financial Statements of a Company
4: Analysis of Financial Statements
5: Accounting Ratios
6: Cash Flow Statement
![NCERT solutions for Accountancy - Company Accounts and Analysis of Financial Statements [English] Class 12 chapter 3 - Financial Statements of a Company - Shaalaa.com](/images/accountancy-company-accounts-and-analysis-of-financial-statements-english-class-12_6:7096d8653cde4d43af95f8fd625ffe77.jpg "NCERT solutions for Accountancy - Company Accounts and Analysis of Financial Statements [English] Class 12 chapter 3 - Financial Statements of a Company")
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Solutions for Chapter 3: Financial Statements of a Company
Below listed, you can find solutions for Chapter 3 of CBSE NCERT for Accountancy - Company Accounts and Analysis of Financial Statements [English] Class 12.
NCERT solutions for Accountancy - Company Accounts and Analysis of Financial Statements [English] Class 12 3 Financial Statements of a Company Questions for Practice [Pages 162 - 165]
Short Answer Question
State the meaning of financial statements?
Short Answer Question
What are limitations of financial statements?
Short Answer Question
List any three objectives of financial statements?
Short Answer Question
State the importance of financial statement to shareholders.
Short Answer Question
State the importance of financial statement to creditors.
Short Answer Question
State the importance of financial statement to government.
Short Answer Question
State the importance of financial statements to investors.
How will you disclose the following items in the Balance Sheet of a company;
- Current assets, inventory
- Contigent liabilities in notes to accounts
- Shareholders Funds, Reserve and Surplus
- Fixed Assets, Intangible Assets
- Proposed Dividend for the current year
- Non Current Liabilities
- Arrears of Dividend on Commulative Preference Shares.
Long Answer Question
Explain the nature of the financial statements.
Long Answer Question
Explain in detail about the significance of the financial statements
Long Answer Question
Explain the limitations of financial statements.
Long Answer Question
Prepare the format of statement of Profit and Loss and explain its items.
Long Answer Question
Prepare the format of balance sheet and explain the various elements of balance sheet.
Long Answer Question
Explain how financial statements are useful to the various parties who are interested in the affairs of an undertaking?
Long Answer Question
`Financial statements reflect a combination of recorded facts, accounting conventions and personal judgments’ discuss.
Long Answer Question
Explain the process of preparing income statement and balance sheet.
Numerical Questions
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 |
On 1st Aril, 2017, Jumbo Ltd. issued 10,000; 12% debentures of Rs. 100 each a discount of 20%, redeemable after 5 years. The company decided to write-off discount on issue of such debentures over the life time of the Debentures. Show the items in the balance sheet of the company immediately after the issue of these debentures.
From the following information prepare the balance sheet of Gitanjali Ltd., as per the (Revised) Schedule VI:
Inventories Rs. 14,00,000; Equity Share Capital Rs. 20,00,000; Plant and Machinery Rs. 10,00,000; Preference Share Capital Rs. 12,00,000; Debenture Redemption Reserve Rs. 6,00,000; Outstanding Expenses Rs. 3,00,000; Proposed Dividend Rs. 5,00,000; Land and Building Rs. 20,00,000; Current Investments Rs. 8,00,000; Cash Equivalent Rs. 10,00,000; Short term loan from Zaveri Ltd. (A Subsidiary Company of Twilight Ltd.) Rs. 4,00,000; Public Deposits Rs. 12,00,000.
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 the balance sheet of Jyoti Ltd. as at March 31, 2017 from the following information:
Building Rs. 10,00,000; Investments in the shares of Metro Tyers Rs. 3,00,000; Stores & Spares Rs. 1,00,000; Discount on issue of 10% debentures Rs. 10,000; Statement of Profit and Loss (Dr.) Rs. 90,000; 5,00,000 Equity Shares of Rs. 20 each fully paid-up; Capital Redemption Reserve Rs. 1,00,000; 10% Debentures Rs. 3,00,000; Unpaid dividends Rs. 90,000; Share options outstanding account Rs. 10,000.
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:
| 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 |
Solutions for 3: Financial Statements of a Company
NCERT solutions for Accountancy - Company Accounts and Analysis of Financial Statements [English] Class 12 chapter 3 - Financial Statements of a Company
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Concepts covered in Accountancy - Company Accounts and Analysis of Financial Statements [English] Class 12 chapter 3 Financial Statements of a Company are Financial Statements of a Company, Nature of Financial Statements, Role and Objectives of Financial Management, Types of Financial Statements, Uses and Importance of Financial Statements, Limitations of Financial Statements.
Using NCERT Accountancy - Company Accounts and Analysis of Financial Statements [English] Class 12 solutions Financial Statements of a Company exercise by students is an easy way to prepare for the exams, as they involve solutions arranged chapter-wise and also page-wise. The questions involved in NCERT Solutions are essential questions that can be asked in the final exam. Maximum CBSE Accountancy - Company Accounts and Analysis of Financial Statements [English] Class 12 students prefer NCERT Textbook Solutions to score more in exams.
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