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Published on: 31/07/2018
Some of the important questions are prepared from this chapter Financial Statements of a Company. In this question paper, questions are prepared from the book back and creative question.
Download CBSE Class 12th Standard CBSE Accountancy question papers, sample papers, important questions, and previous year solved papers in PDF format. Get free study materials, NCERT solutions, and exam preparation resources for Class 12th Standard CBSE Accountancy
Questions + Answers key
Take MCQ Accountancy Test
1.
Name the sub-heads under the head 'Non-Current assets' in the Balance Sheet under Schedule-III of the companies Act.,2013
2.
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.
3.
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.
4.
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
5.
Name any two items which are shown under the heading 'Shareholders' Funds'.
6.
Which section of the Companies Act 2013, requires the Balance Sheet to be prepared in the prescribed form?
7.
What is the number of major heads which appear for the assets items of company's Balance Sheet?
8.
Name the two basic financial statements of a company as per Schedule III part I of the Companies Act,2013.
9.
Following balances have been extracted from the books of Vardhman Ltd on 31st March 2015.Equity share capital (2,00,000 equity shares of Rs 10 each) Rs 20,00,000. securities premium reserve Rs 4,00,000, 12% debentures Rs 10,00,000, creditors Rs 4,00,000, proposed divident Rs 1,00,000, surplus, i.i. balance in statement of profit and loss (debit) Rs 1,00,000, land and building Rs 18,00,000, government bonds Rs 10,00,000, capital work-in-progress(building) Rs 7,00,000, discount on issue of 12% debentures Rs 2,00,000, cash at bank Rs 1,00,000.Debentures were issued on 1st April, 2014 redeemable after 5 years, i.e. on 31st March 2019.Surplus, i.e. balance in statement of profit and loss is before writing off discount on issue of debentures.
Prepare the balance sheet of the company as per Schedule III, Part I of the Companies Act, 2013.
Identify the value involved in the presentation of balance sheet.
10.
From the following trial balance of Aryaman Ltd for the year ended 31st March 2015, prepare statement of profit and loss as per Part II of Schedule III of the Companies Act, 2013.
| Particulars | Debit Balance(Rs) | Credit Balance(Rs) |
|---|---|---|
| Share capital | 20,00,000 | |
| Securities Premium Reserve | 5,00,000 | |
| 9% Debentures | 10,00,000 | |
| Bank overdraft | 4,00,000 | |
| Proposed Dividend | 2,00,000 | |
| Provision for tax | 3,00,000 | |
| Fixed Assets | 35,00,000 | |
| Investments | 9,00,000 | |
| Sale | 85,00,000 | |
| Sale of Scrap | 1,00,000 | |
| Dividend on Investment | 15,000 | |
| Openings Inventory of Materials | 3,00,000 | |
| Purchase of Materials | 42,00,000 | |
| Opening Inventory of Work-in-prodress | 1,50,000 | |
| Opening Inventory of Finished Goods | 2,50,000 | |
| Wages | 12,00,000 | |
| Salaries | 14,40,000 | |
| Staff Welfare | 1,20,000 | |
| Interest on debentures | 1,00,000 | |
| Interest on Bank loans | 40,000 | |
| Depreciation | 3,00,000 | |
| Carriage Inwards | 42,000 | |
| Audit Fee | 85,000 | |
| Advertisement Expenses | 1,50,000 | |
| Telephone and Internet Expenses | 48,000 | |
| Courier Expenses | 24,000 | |
| Power and Electricity Expenses | 60,000 | |
| Bank Charges | 6,000 | |
| Administrative Expenses | 60,000 | |
| Marketing and selling Expenses | 40,000 | |
| Total | 1,30,15,000 | 1,30,15,000 |
Additional information
Closing inventory: Materials Rs 2,50,000, work-in-progress Rs 1,30,000, finished goods Rs 2,80,000.Provide for tax @ 35%
11.
Calculate revenue from operations, other income and total revenue of a financial company from the following information.
Miscellaneous income Rs 10,000, interest on loans Rs 60,00,000, divident Rs 2,00,000, profiton sale of building Rs 30,00,000.
12.
Calculate revenue from operations, other income and total revenue for a non-financial company from the following information. Sales Rs 50,40,000, sales return Rs 40,000, sale of scrap Rs 15,000, interest on fixed deposit Rs 5,000, dividend earned on shares of Agro Limited Rs 4,000.
1.
(i)Fixes Assets
(ii)Non-Current investments
(iii)Deferred tax assets(net)
(iv)Long-term loans and advances
(v)Other non-current assets
2.
Balance Sheet of...... Co.Ltd
as at......
| Particulars | Note No. |
Rs. |
|---|---|---|
|
1.EQUITY AND LIABILITIES 1.Shareholders Funds |
3.
(i)Shareholders' Fund-Reserve and Surplus (ii)Non-current Assets-Fixed Asset(Intangible) (iii)Current Liabilities-Short term provisions
4.
(i) Shareholders' Fund-Reserves and Surplus
(ii)Current Liabilities-Other Current Liabilities
(iii)Current Assets-Inventories
5.
( )
(a)Share Capital
(b)Reserves and Surplus
6.
( )
Section 129
7.
( )
Two
8.
( )
(i)Statement of profit and Loss
(ii)Balance sheet
9.
Balance Sheet
as at 31st March 2105
| Particulars | Note No | 31st March 2015(Rs) |
|---|---|---|
| I.Equity and liabilities | ||
| 1.Shareholders Funds | ||
| (a) Share Capital | 1 | 20,00,000 |
| (b) Reserves and Surplus | 2 | 2,60,000 |
| 2.Non-current Liabilities | ||
| Long-term Borrowings | 3 | 10,00,000 |
| 3.Current Liabilties | ||
| (a) Trade Payable | 4 | 4,00,000 |
| (b)Short-term Provisions | 5 | 1,00,000 |
| Total | 37,60,000 | |
| II.Assets | ||
| 1.Non-current Assets | ||
| (a) Fixed assets | ||
| (i) Tangible Assets | 6 | 18,00,000 |
| (ii) Capital work-in-progress | 7 | 7,00,000 |
| (b) Non-current Investments | 8 | 10,00,000 |
| (c) Other Non-current Assets | 9 | 1,20,000 |
| Particulars | Note No | 31st March 2015(Rs) |
|---|---|---|
| 2.Current Assets | ||
| (a) Cash and Cash Equivalents | 10 | 1,00,000 |
| (b) Other Current Assets | 11 | 40,000 |
| Total | 37,60,000 |
| Particulars | Amt(Rs) |
|---|---|
| 1.Share capital | |
| Authorised Capital | |
| ...Equity Shares of Rs 10 each | ... |
| Issued Capital | |
| ...Equity Shares of Rs 10 each | ... |
| Subscribed Capital | |
| Subscribed and Fully Paid-up | |
| 2,00,000 Equity Shares of Rs 10 each | 20,00,000 |
| 2. Reserve and Surplus | |
| Securities Premium Reserve | 4,00,000 |
| (-) Surplus,i.e. Balance in Statement of Profit and Loss* | (1,40,000) |
| 2,60,000 | |
| Surplus, i.e. Balance in Statement of Profit and Loss is after writing-off | |
| Rs 40,000 being 1/5th of Discount on issue of 12% Debentures | |
| 3.Long-term Borrowings | |
| 12% Debentures | 10,00,000 |
| 4.Trade Payable | |
| Creditors | 4,00,000 |
| 5.Short-term Provisions | |
| Proposed Divident | 1,00,000 |
| 6.Tangible Assets | |
| Land and Building | 18,00,000 |
| 7.Capital Work-in-progress | |
| Building under Construction | 7,00,000 |
| 8.Non-current Investments | |
| Governemnt Bonds | 10,00,000 |
| 9.Other Non-current Assets | |
| Unamortised Discount on Issue of Debentures | 1,20,000 |
| 10.Cash and Cash Equivalents | |
| Cash at Bank | 1,00,000 |
| 11.Other Current Assets | |
| Unamortised Discount on Issue of Debentures | 40,000 |
Values involved in the presentation of balance sheet pre:
(i) Complying with the legal provision
(ii) Orderliness
10.
| Particulars | Note No. | 31st March, 2015 s) |
|---|---|---|
| I.Revenue from operations | 1 | 86,00,000 |
| II. Other Income | 2 | 15,000 |
| III.Total Revenue(I+II) | 86,15,000 | |
| IV.Expenses | ||
| Cost of Materials consumed | 3 | 42,50,000 |
| Changes in Inventories of Finished Goods and Work- in-progress | 4 | (10,000) |
| Employees Benefit Expenses | 5 | 27,60,000 |
| Finance Costs | 6 | 1,40,000 |
| Depreciation and Amortisation Expenses | 3,00,000 | |
| Other Expenses | 7 | 5,15,000 |
| Total Expenses | 79,55,000 | |
| V.Profit before Tax(III-IV) | 6,60,000 | |
| VI.(-) Tax | (2,31,000) | |
| VII.Profit or Loss for the Period(V-VI) | 4,29,00 |
| Particulars | 31st March 2015(Rs) | |
|---|---|---|
| 1.Revenue from Operations | ||
| Sale | 85,00,000 | |
| Sale of Scrap | 1,00,000 | |
| 86,00,000 | ||
| 2.Other Income | ||
| Divident | 15,000 | |
| 3.Cost of Materials Consumed | ||
| Opening Inventory of Materials | 3,00,000 | |
| (+) Purchase of Materials | 42,00,000 | |
| 45,00,000 | ||
| (-) Closing Inventory of Materials | (2,50,000) | |
| 42,50,000 | ||
| 4.Changes in Inventories of Finished Goods and Work-in-progress | ||
| (i) Finished Goods | ||
| Opening Inventory | 2,50,000 | |
| (-) Closing Inventory | (2,80,000) | (30,000) |
| (ii)Work-in-progress | ||
| Opening Inventory | 1,50,000 | |
| (-) Closing Inventory | (1,30,000) | 20,000 |
| Total(i+ii) | (10,000) | |
| 5.Employees Benefit Expenses | ||
| Wages | 12,00,000 | |
| Salaries | 14,40,000 | |
| Staff Welfare | 1,20,000 | |
| 27,60,000 | ||
| 6.Finance Costs | ||
| Interest on Debentures | 1,00,000 | |
| Interest on Bank loans | 40,000 | |
| 1,40,000 | ||
| 7.Other Expenses | ||
| Carriage Inwards | 42,000 | |
| Audit Fee | 85,000 | |
| Advertisement Expenses | 1,50,000 | |
| Telephone and Internet Expenses | 48,000 | |
| Courier Expenses | 24,000 | |
| Power and Electricity Expenses | 60,000 | |
| Bank charges | 6,000 | |
| Administrative Expenses | 60,000 | |
| Marketing and Selling Expenses | 40,000 | |
| 5,15,000 | ||
11.
| Particulars | Amt(Rs) | |
|---|---|---|
| I. Revenue from Operations | ||
| Interest on Loans | 60,00,000 | |
| Divident | 2,00,000 | |
| 62,00,000 | ||
| II. Other Income | ||
| Profit on sale of Building | 30,00,000 | |
| Miscellaneous Income | 10,000 | 30,10,000 |
| III. Total Revenue(I+II) | 92,10,000 | |
12.
Revenue from operations = Rs 5,15,000 ;
Other income = Rs 9,000;
Total revenue = Rs 5,24,000
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