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Published on: 05/08/2019
Financial Statements of a Company
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.
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?
2.
Name the sub-heads under the head 'Non-Current assets' in the Balance Sheet under Schedule-III of the companies Act.,2013
3.
List the items which are shown under the heading 'Current Liabilities' as per schedule III part-I of the Companies Act,2013.
4.
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)Debenture;
(ii)Securities against telephone
(iii)Calls-in-advance
5.
Under what heads and sub-heads the following items will appear in the Balance Sheet of a company as per schedule III, part-1 Companies Act 2013:
(i)Premium on redemption of Debentures
(ii)Loose tools
(iii)Balances with banks
6.
What is an accounting period in case of a company?
7.
Define operating cycle
8.
Which Schedule and act prescribes the form for Companies Balance Sheet?
9.
What is the number of major heads which appear for the equity and liabilities items of company's Balance Sheet?
10.
Name the two basic financial statements of a company as per Schedule III part I of the Companies Act,2013.
11.
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%
12.
From the following information of Evergreen Ltd for the year ended 31st March 2015, prepare the notes to accounts on finance costs.
(a) Interest paid on term loan Rs 5,00,000
(b) Interest paid on bank overdraft Rs 70,000
(c) Discount on issue of debentures written-off Rs 20,000
(d) Interest received on fixed deposits Rs 50,000
(e) Bank charges Rs 19,000
(f) Interest paid on deposits Rs 1,15,000
13.
Compute cost of materials consumed from the following information.
Opening inventory of materials Rs 5,00,000, materials purchased Rs 40,00,000 and closing inventory of materials Rs 6,00,000.
14.
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
15.
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.
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.
2.
(i)Fixes Assets
(ii)Non-Current investments
(iii)Deferred tax assets(net)
(iv)Long-term loans and advances
(v)Other non-current assets
3.
Current Liabilities:
(i)Short-term borrowings
(ii)Trade payables
(iii)Other current liabilities
(iv)Short-term provisions
4.
(i) Non-current Liabilities-Long-term Borrowings
(ii) Non-current Assets-Long-term Loans and Advances
(iii) Current Liabilities-Other Current Liabilities.
5.
(i)Non-current Liabilities-Other long term liabilities
(ii)Current Assets-
(iii)Current Assets-Cash and Cash Equivalents.
6.
( )
From 1st April to 31st March
7.
( )
Operating Cycle means the time between the acquisition of assets for processing and their realisation in cash or cash equivalents. When operating cycle cannot be identified, it is assumed to be 12 months.
8.
( )
Schedule III, Part I, Companies Act,2013
9.
( )
four
10.
( )
(i)Statement of profit and Loss
(ii)Balance sheet
11.
| 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 | ||
12.
| Particulars | Year Ended 31st March, 2015 ) |
|---|---|
| Finance Costs | |
| Interest on term Loan | 5,00,000 |
| Interest paid on Bank Overdraft | 70,000 |
| Interest Paid on Deposits | 1,50,000 |
| Discount on Issue of Debentures Written-off | 20,000 |
| 7,40,000 |
13.
Cost of materials consumed=Opening inventory of materials+ Purchases - Closing inventory of materials
= Rs 5,00,000+Rs 40,00,000-Rs 6,00,000
= Rs 39,00,000.
14.
| 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 | |
15.
Revenue from operations = Rs 5,15,000 ;
Other income = Rs 9,000;
Total revenue = Rs 5,24,000
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