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Published on: 05/10/2019
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.
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.
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)Debenture;
(ii)Securities against telephone
(iii)Calls-in-advance
3.
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.
4.
Calculate cost of material consumed from the information given below
Opening inventory
Raw material Rs 1,25,000
Work-in-progress Rs 4,75,000
Finished goods Rs 2,25,000
Raw material purchased
during the year Rs 9,75,000
Closing inventory
Raw material Rs 3,15,000
Work-in-progress Rs 1,25,000
Finished goods Rs 4,75,000
5.
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.
6.
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.
7.
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.
1.
(i)Shareholders' Fund-Reserve and Surplus (ii)Non-current Assets-Fixed Asset(Intangible) (iii)Current Liabilities-Short term provisions
2.
(i) Non-current Liabilities-Long-term Borrowings
(ii) Non-current Assets-Long-term Loans and Advances
(iii) Current Liabilities-Other Current Liabilities.
3.
Change in inventories will be (89,500).
4.
Cost of raw material consumed = Rs 7,85,500
5.
Revenue from operations = Rs 12,00,000 ;
Other income = Rs 2,10,000;
Total revenue = Rs 14,10,000.
6.
Revenue from operations = Rs 5,15,000 ;
Other income = Rs 9,000;
Total revenue = Rs 5,24,000
7.
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
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