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Questions:

Generic 3

3 x 3 = 9

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)Bonds
(ii)Capital Redemption Reserve
(iii)Short-term Provisions
(iv)Balance of the statement of profit and Loss
(v)Provision for Warranties
(vi)Brand/Trade Marks

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)Mining Rights
(ii)Encashment of employees earned leave payable on retirement
(iii)Vehicles

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

Generic 8

2 x 8 = 16

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%

Calculate revenue from operations, other income and total revenue for a non-financial company from the following information
sales Rs 1,04,00,000 sales return Rs 4,00,000, sale of scrap Rs 50,000 interest on fixed deposits Rs 60,000 dividend earned Rs 20,000

Generic 6

2 x 6 = 12

In the question given above, determine the amount that will be shown in the statement of profit and loss against change in inventories of finished goods, work-in-progress and stock-in-trade.

Calculate revenue from operations, other income and total revenue of a financial company from the following information.Interest received on loans disbursed Rs 10,20,000, dividend received on investment in equity Rs 1,80,000, profit on sale of assets of business Rs 2,00,000, other incomes Rs 10,000.

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Answers Key:

Generic 3

3 x 3 = 9

(i)Non-current Liabilities-Long-term Borrowings
(ii)Shareholders' Fund-Reserves and Surplus
(iii)Current Liabilities-Short-term Provisions
(iv)Shareholders' Funds-Reserves and Surplus
(v)Non-Current Liabilities-Long-term provisions Non-current Assets-Fixed Assets(Intangible)

(i)Non-Current Assets-Fixed Assets(Intangible)
(ii)Non-Current Liabilities-Long-term Provisions
(iii)Non-CurrentAssets-Fixed Assets(Tangible)

(i) Shareholders' Fund-Reserves and Surplus
(ii)Current Liabilities-Other Current Liabilities
(iii)Current Assets-Inventories

Generic 8

2 x 8 = 16

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

Particulars		Amt(Rs)
I.Revenue from Operations
Sales	1,04,00,000
(-) Sales Return	(4,00,000)	1,00,00,000
Sale of Scrap		50,000
		1,00,50,000
II. Other Income
Interest on Fixed Deposits	60,000
Divident Earned	20,000	80,000
III. Total Revenue(I+II)		1,01,30,000