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1.
Under what heads and sub-heads, the following items will appear in the balance sheet of a company as per Schedule III, Part I of the Companies Act, 2013?
(i) Tax reserve
(ii) Interest on calls-in-advance
(ii) Stores and spares
2.
Under what heads and sub-heads, will the following items appear in the balance sheet of a company as per Schedule III, Part I of the Companies Act, 2013?
(i) Debentures
(ii) Loose tools
(iii) Calls-in-advance
3.
Under which major heads and sub-heads will the following items be placed in the balance sheet of a company as per Schedule III, Part I of the Companies Act, 2013?
(i) Bank overdraft
(ii) Cash and cash equivalents
(iii) Securities premium reserve
(iv) Negative balance of the statement of profit and loss
(v) Goodwill
(vi) Trademark
(vii) 5 years loan obtained from SBI
(viii) Investments
4.
JW Ltd was a company manufacturing geysers. As a part of its long-term goal for expansion, the company decided to identify the opportunity in rural areas. Initial plan was rolled out for Bhiwani village in Haryana. Since the village did not have regular supply of electricity, the company decided to manufacture solar geysers.
The core team consisting of the Regional Manager, Accountant and the Marketing Manager was taken from the Head Office and the remaining employees were selected from the village and neighbourhood areas. At the time of preparation of financial statements, the accountant of the company fell sick and the company deputed a junior accountant temporarily from the village for two months.
The balance sheet prepared by the junior accountant showed the following items against the major heads and sub-heads mentioned which were not as per Schedule III of the Companies Act, 2013.
| Items | Major Head/Sub-head |
| Loose Tools Cheques in Hand Term Loan from Bank Computer Software | Trade Receivables Current Investments Other Long-term Liabilities Tangible Fixed Assets |
Present the above items under the correct major heads and sub-heads as per Schedule III of the Companies Act. 2013.
5.
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.
(i) Current maturities of long-term debts
(ii) Furniture and fixtures
(iii) Provision for warranties
(iv) Income received in advance
(v) Capital advances
(vi) Advances recoverable in cash within the operation cycle
6.
Prepare balance sheet of XYZ Ltd as at 31st March, 2018 from the following information.
| Particulars | Amt(Rs.) | Particulars | Amt(Rs.) |
|---|---|---|---|
| Equity Share Capital | 40,00,000 | Surplus i.e. Balance in Statement of Profit and | |
| Loss (Cr) | 6,00,000 | ||
| 12% Preference Share Capital | 20,00,000 | Stock | 12,00,000 |
| Fixed A sets (At cost) | 93,20,000 | Sundry Debtors | 16,00,000 |
| Depreciation Written-off till Date | 33,20,000 | Cash | 3,00,000 |
| Investments | 8,00,000 | Loans and Advances | 1,00,000 |
| Current Liabilities | 16,00,000 | Provision for Taxation | 4,00,000 |
| 12% Debentures | 12,00,000 | Workmen Compensation Reserve | 2,00,000 |
7.
From the following information for the year ended 31st March, 2018, prepare notes to accounts on finance costs.
| Particulars | Amt(Rs.) |
|---|---|
| Interest paid on Cash Credit | 1,10,000 |
| Interest paid on Debentures | 1,75,000 |
| Commitment Charges | 10,000 |
| Bank Charges | 2,250 |
| Interest paid on Public Deposits | 40,000 |
| Comrnisslon p<l.id for Deposit Mobilisation | 8,000 |
8.
From the following information of Manchur Ltd for the year ended 31st March, 2018, calculate amount that will be shown in the notes to accounts on changes in inventories of finishedgoods, WIP and stock-in-trade
| Particular | Opening Inventory (Rs.) | Closing Inventory(Rs.) |
|---|---|---|
| Finished Goods | 7,50,000 | 6,25,000 |
| Work-in-progress | 5,25,000 | 4,62,500 |
| Stock-in-trade | 4,75,000 | 4,00,000 |
9.
Compute revenue from operations, other income and total revenue for banking company from the following information. Interest earned Rs.31,00,000; Dividend received Rs.3,10,000; Amount received from sale of building Rs.10,00,000 (Book value Rs.4,00,000); Amount received from sale of investments Rs.2,50,000 (Book value Rs.1,60,000); Refund of income tax Rs.5,000
10.
List the items which are shown under the heading 'non-current assets' as per Schedule III, Part I of the Companies Act, 2013.
11.
Name any five items that can be disclosed under 'long-term borrowings'.
12.
State the meaning of financial statements?
13.
Rearrange the following items under assets according to Revised or New Schedule VI:
a. Livestock
b. Loose Tools
c. Goodwill
d. Trademarks
e. Bills Receivable
f. Debtors
g. Land
h. Leasehold
i. Stock-in-Trade
j. Store and Spare Parts
k. Vehicles
l. Cash at Bank
m. Work in Progress (Machinery)
n. Interest accrued on Investment
o. Furniture
p. Advance to Subsidiaries
q. Cash in Hand
r. Plant
s. Deposits with electricity supply company..
14.
Gyan Ud issued 10,000, 10% debentures of Rs 100 each on 1st October 2014 to be redeemed on 31st July 2015. How will it be shown in the balance sheet as at 31st March 2015?
15.
Prepare a Comparative Balance Sheet of Deepankur Ltd. from the following information :
| Particulars | Note No. |
2012 Rs. |
2011 Rs. |
|---|---|---|---|
|
I. Equity and liabilities |
|
||
|
Share Capital |
9,00,000 |
7,50,000 | |
| General Reserves |
2,25,000 |
1,50,000 |
|
|
Long-term Borrowings |
3,00,000 |
4,20,000 |
|
| Current Liabilities | 5,55,000 |
5,85,000 |
|
| Total | 19,80,000 |
19,05,000 |
|
|
II. Assets |
|||
| Fixed Assets |
11,55,000 |
12,45,000 |
|
| Current Assets |
8,25,000 |
6,60,000 |
|
| Total | 19,80,000 | 19,05,000 |
16.
Prepare a comparative Statement of Profit and Loss from the following information:
| Particulars | Note No. | 2011-12 | 2010-11 |
|---|---|---|---|
|
Revenue from Operations |
50,000 |
40,000 |
|
|
Cost of Material Consumed |
35,000 |
30,000 |
|
|
Other Expenses |
3,000 |
2,500 |
|
|
Other Income |
2,000 |
3,000 |
|
| Income Tax | 7,500 | 4,750 |
17.
From the following statements of Profit nand Loss of Suntrack Ltd., for the years ended 31st March 2011 and 2012, prepare a comparative statement of Profit & loss'.
Particulars |
Note No. | 2011-12 |
2010-11 |
|---|---|---|---|
|
Revenue from Operations |
60,00,000 |
36,00,000 |
|
|
Other Income |
36,00,000 |
27,00,000 |
|
| Expenses | 29,00,000 | 26,00,000 |
18.
Under which major heads the following items will appear in the statement of profit and Loss of a company:
(i)Sales of services
(ii)Dividend received
(iii)Net loss on sale of investment
(iv)Staff Welfare Expenses
(v)Rent paid
(vi)Sale o Scrap
(vii)Interest on Bank Loan
(viii)Bonus to Employee
19.
List four items under the heading 'Other Income' in a Statement of Profit and Loss prepared as Schedule III, Part II of the Companies Act,2013.
20.
Name the sub-heads under the head 'Shareholders Funds' as per Schedule III part 1 of the Balance Sheet.
21.
Show the major heads under which equity and Liabilities are presented in the Balance Sheet of a company as per schedule III part-I of the Companies Act,2013.
22.
Under which major sub-headings the following items will be placed in the Balance Sheet of a company as per Schedule III Part I of the Companies Act 2013:(i)Cheques in hand
(i)Cheques in hand
(ii)Stock of work-in-progress
(iii)Copyrights
(iv)Loan of Rs.1,00,000 payable after three years
(v)Short term deposits payable on demand
(vi)Negative balance shown by the statement of profit and Loss
(vii)Land
(viii)Cash at Bank
23.
Under which major sub-headings the following items will be placed in the Balance Sheet of a company as per Schedule III Part I of the Companies Act 2013:
(i)Accrued Incomes
(ii)Capital Reserves
(iii)Provision for employees benefits
(iv)Unpaid dividend
(v)Short term Loans
(vi)Long-term Loans
24.
Under what heads and sub-heads will the following items appear in the Balance Sheet of a company as per Schedule III Part I of the Companies Act 2013:
(i)Subsidy Reserve
(ii)Patents
(iii)Provision for doubtful debts.
25.
Under what heads and sub-heads the following items will appear in the Balance Sheet of a company as per Schedule III Part-I of companies Act 2013:
(i)Tax Reserve
(ii)Interest on calls in Advance
(iii)Stores and Spares
26.
Prepare comparative income statement of Sai Ltd from the following statement of profit and loss.
| Particulars | Note No. | 31 st March 2017 Amt(Rs.) |
31st March 2018 Amt (Rs.) |
|---|---|---|---|
| I. Income | |||
| Revenue from Operations (Net sales) | 50,00,000 | 60,00,000 | |
| Other Income | 80,000 | 80,000 | |
| Total | 50,80,000 | 60,80,000 | |
| II. Expenses | |||
| Cost of Materials Consumed | 30,00,000 | 36,00,000 | |
| Changes in Inventories of Finished Goods and Work-in-progress | 20,000 | (30,000) | |
| Employees Benefit Expenses | 4,80,000 | 4,80,000 | |
| Finance Cost | 1,40,000 | 1,80,000 | |
| Depreciation and Amortisation | 50,000 | 45,000 | |
| Other Expenses | 42,22,000 | 48,79,000 | |
| III. Profit (I - II) | 8,58,000 | 12,01,000 |
Notes to Accounts
| Particulars | 2017(Rs.) | 2018(Rs.) |
|---|---|---|
| 1. Other Expenses | ||
| Power and Fuel | 72,000 | 80,000 |
| Carriage Outwards | 15,000 | 19,000 |
| License Fee | 5,000 | 5,000 |
| Selling and Distribution | 3,40,000 | 3,80,000 |
| Provision for Tax | 1,00,000 | 1,20,000 |
| 5,32,000 | 6,04,000 |
27.
From the following information, prepare Common size statement of profit and loss for the year ended March 31, 2016 and March 31, 2017:
| Particulars | 2015-16(Rs.) | 2016-17(Rs.) |
|---|---|---|
| Revenue from operations | 25,00,000 | 20,00,000 |
| Other income | 3,25,000 | 2,50,000 |
| Employee benefit expenses | 8,25,000 | 4,50,000 |
| Other expenses | 2,00,000 | 1,00,000 |
| Income tax (% of the profit before tax) | 30% | 20% |
28.
From the following particulars, prepare Statement of profit and loss for the year ending March 2017, showing profit before tax as per schedule III of the companies Act – 2013.
| Balances | (Rs.) | (Rs.) |
|---|---|---|
| Plant and Machinery | 1,60,000 | |
| Land | 6,74,000 | |
| Depreciation on Plant and Machinery | 16,000 | |
| Purchases (Adjusted) | 4,00,000 | |
| Closing stock | 1,50,000 | |
| Wages | 1,20,000 | |
| Sales (Net) | 10,00,000 | |
| Salaries | 80,000 | |
| Bank overdraft | 2,00,000 | |
| 10% debentures (issued on 1st April, 2016) | 1,00,000 | |
| Equity share capital – shares of Rs. 100 each (fully paid) | 2,00,000 | |
| Preference share capital – 1,000; 6% shares of Rs. 100 | 1,00,000 | |
| each (fully paid) | ||
| 16,00,000 | 16,00,000 |
1.
| S. No | Items | Major Heads | Sub-heads |
| (i) | Tax reserve | Current Liabilities | Short-term Provisions |
| (ii) | Interest on calls-in-advance | Current Liabilities | Other Current Liabilities |
| (iii) | Stores and spares | Current Assets | Inventories |
2.
| S. No | Items | Major Heads | Sub-heads |
| (i) | Debentures | Non-current Liabilities | Long-term Borrowings |
| (ii) | Loose tools | Current Assets | Inventories |
| (iii) | Calls-in-advance | Current Liabilities | Other Current Liabilities |
3.
| S. No | Items | Major Heads | Sub-heads |
| (i) | Bank overdraft | Current Liabilities | Short-term Borrowings |
| (ii) | Cash and cash equivalents | Current Assets | Cash and Cash Equivalents |
| (iii) | Securities premium reserve | Shareholder's Funds | Reserves and Surplus |
| (iv) | Negative balance of the statement of profit and loss | Shareholder's Funds | Shown by Way of Deduction from Reserves and Surplus |
| (v) | Goodwill | Non-current Assets | Intangible Fixed Assets |
| (vi) | Trademark | Non-current Assets | Intangible Fixed Assets |
| (vii) | 5 years loan obtained from SBI | Non-current Liabilities | Long-term Borrowings |
| (viii) | Investments | Non-current Assets | Non-current Investments |
4.
| S. No | Items | Major Heads | Sub-heads |
| (i) | Loose Tools | Current Assets | Inventories |
| (ii) | Cheques-in-hand | Current Assets | Cash and Cash Equivalents |
| (iii) | Term Loan from Bank | Non-current Liabilities | Long-term Borrowings |
| (iv) | Computer Software | Non-current Assets | Fixed Assets (Intangible) |
5.
| S. No | Items | Major Heads | Sub-heads |
| (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 |
| (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 Loan |
6.
Total ofbalance sheet = Rs.1,00,00,000
7.
Finance costs = Rs.3,43,000 (Interest exp)
= Rs.3,25,000, Plus other borrowingcosts
= Rs.18,000)
8.
Changein inventoriesof finishedgoods
=Rs. 1,25,000; Work-in-progress
=Rs. 62,500 Stock-in-trade
=Rs. 75,000; Net change
=Rs. 2,62,500
9.
Revenuefrom operations=Rs. 35,00,000, Other income
Rs. 6,0Rs.,000; Total revenue=Rs. 41,05,000
10.
The items which are shown under the heading 'non-current assets' are
(i) Fixed assets
(ii) Non-current investments
(iii) Deferred tax assets (Net)
(iv) Long-term loans and advances
(v) Other non-current assets
11.
The items that are presented under 'long-term borrowings' are
(i) Bonds/Debentures
(ii) Term loans
(iii) Deferred payment liabilities
(iv) Deposits
(v) Loans and advances from related parties
12.
Financial statements at least refer to the two statements which are prepared by a business concern at the end of the year. These are:
(i) income statement or trading and profit and loss account which is prepared by a business concern in order to know the profit earned and loss sustained during a specified period;
(ii) position statements or balance sheet which is prepared by a business concern on a particular date in order to know its financial position.
13.
i. Fixed Assets(Tangible): Livestock, Land, Lasehold, furniture, vehicles and plant
ii. Capital Work-in-progress: Work in progress(Machinery)
iii. Fixed Assets(Intangible): Goodwill and Trademarks
iv. Inventories: Loose Tools, Stock-in-Trade, Stores and Spare Parts.
v. Trade Receivables: Bill Receivables, Debtors
vi. Cash and Cash Equivalents: Cash at Bank, Cash in Hand.
vii. Long term Loans and Advances: Advances to Subsidiaries, Deposits with Electricity Supply Company
vii. Ohter Current Assets: Interest Accrued on Investments.
14.
They will be shown as 'short-term borrowings' in the balance sheet as at 31st March 2014 because they are repayable within 12 months of the date of issue of debentures.
15.
Percentage change : Fixed Assets(7.23%),Current Assets 25% , Current Liabilities (5.12%) sLong-term borrowing (28.57%)Share Capital 20% ,general Reserve 50% ,total 3.93%.
16.
Percentage change : Revenue from Operations 25%, Other income 50% , Cost of Material Consumed 16.67% , Other Expenses 20% , Others 57.89% each
17.
Percentage : Revenue from Operations 66.67%, Other Income 33.33% Expenses 11.54%,Profit Tax before 81.08%.
18.
(i)Revenue from Operations
(ii)Other Income
(iii)Other Expenses
(iv)Employees Benefit Expenses
(v)Other Expenses
(vi)Revenue from Operations
(vii)Finance Costs
(viii)Employee's Benefit Expenses
19.
(i)Interest Income
(ii)Dividend Income
(iii)Rental Income
(iv)Profit on Sale of investment
20.
(i)Share Capital
(ii)Reserves and Surplus
(iii)Money received against share warrents
21.
Balance Sheet of...... Co.Ltd
as at......
| Particulars | Note No. |
Rs. |
|---|---|---|
|
1.EQUITY AND LIABILITIES 1.Shareholders Funds |
22.
(i)Current Assets-Cash and Cash Equivalents
(ii)Current Assets-Inventories
(iii)Non-Current Assets-Fixed Assets(Intangible)
(iv)Non-Current Liabilities-Long-term Borrowings
(v)Current Liabilities-Short-term Borrowings
(vi)Shareholder's funds-Reserves and surplus
(vii)Non-Current Assets(Tangible)
(Viii)Current Assets-Cash and Cash Equivalents.
23.
(i)Current Assets-Other Current Assets
(ii)Shareholders' Fund-Reserves and surplus
(iii)Non-Current liabilities-Long term provisions
(iv)Current Liabilities-Other Current Liabilities
(v)Current Liabilities-Short term Borrowings
(vi)Non-current Liabilities-Long-term Borrowings
24.
(i)Shareholders' Fund-Reserve and Surplus (ii)Non-current Assets-Fixed Asset(Intangible) (iii)Current Liabilities-Short term provisions
25.
(i) Shareholders' Fund-Reserves and Surplus
(ii)Current Liabilities-Other Current Liabilities
(iii)Current Assets-Inventories
26.
| Particulars | 31 st March, 2017 Amt(Rs.) | 31st March, 2018 Amt(Rs.) | Absolute Change (Increase or Decrease)Rs. | Percentage Change (Increase or Decrease) (%) |
|---|---|---|---|---|
| I. Revenue from Operations | 50,00,000 | 60,00,000 | 10,00,000 | 20.00 |
| II. Other Income | 80,000 | 80,000 | - | - |
| III. Total Revenue (I + II) | 50,80,00 | 60,80,000 | 10,00,000 | 19.69 |
| IV. Expenses | ||||
| (a) Cost of Materials Consumed | 30,00,000 | 36,00,000 | 6,00,000 | 20.00 |
| (b) Changes in | ||||
| Inventories of Finished Goods | ||||
| and Work-in-progress | 20,000 | (30,000) | (50,000) | (250.00) |
| (c) Employees Benefit Expenses | 4,80,000 | 4,80,000 | - | - |
| (d) Finance Cost | 1,40,000 | 1,80,000 | 40,000 | 28.57 |
| (e) Depreciation and Amortisation | 50,000 | 45,000 | (5,000) | (10.00) |
| (I) Other Expenses | 4,32,000 | 4,84,000 | 52,000 | 12.04 |
| Total Expenses | 41,22,000 | 47,59,000 | 6,37,000 | 15.45 |
| V. Profit before Tax (111- IV) | 9,58,000 | 13,21,000 | 3,63,000 | 37.89 |
| (-) Provision for Tax | 1,00,000 | 1,20,000 | 20,000 | 20.00 |
| VI. Profit after Tax | 8,58,000 | 12,01,000 | 3,43,000 | 39.98 |
27.
| Particulars | Absolute Amounts | Percentage of Net Revenue from operations |
||
|---|---|---|---|---|
| 2015-16 | 2016-17 | 2015-16 | 2016-17 | |
| Rs | Rs. | (%) | (%) | |
| Revenue from Operations | 25,00,000 | 20,00,00 | 100 | 100 |
| (Add) Other income | 3,25,000 | 2,50,000 | 13 | 12.5 |
| Total revenue | 28,25,000 | 22,50,000 | 113 | 112.5 |
| (Less) expenses : | ||||
| a) Employee benefit | 8,25,000 | 4,50,000 | 33 | 22.5 |
| expenses | ||||
| b) Other expenses | 2,00,000 | 1,00,000 | 8 | 5 |
| Profit before tax | 18,00,000 | 17,00,000 | 72 | 85 |
| (Less) taxes | 5,40,000 | 3,40,000 | 21.6 | 17 |
| Profit after tax | 12,60,000 | 13,60,000 | 50.4 | 68 |
28.
| Particulars | Note No | Amount (Rs.) |
|---|---|---|
| I. Income | ||
| Revenue from operations (Sales) | 10,00,000 | |
| Total | 10,00,000 | |
| II. Expenses | ||
| Cost of materials consumed (Adjusted purchase) | 4,00,000 | |
| Employees benefit expenses | 1 | 2,00,000 |
| Finance cost | 10,000 | |
| Depreciation and amortisation | 16,000 | |
| Total | 6,26,000 | |
| Profit before tax (I-II) | 3,74,000 |
Notes to Accounts
| Particulars | Amount(Rs.) | Amount(Rs.) |
|---|---|---|
| Employee Benefit Expenses | ||
| (i) Wages | 1,20,000 | |
| (ii) Salary | 80,000 | 2,00,000 |
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