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Published on: 04/12/2019
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.
State any six items which are shown under the heading 'Reserves and Surplus' in the Balance Sheet of a Company as per Schedule III, Part-I of the Companies Act,2013.
2.
List the items which are shown under the heading 'Current Liabilities' as per schedule III part-I of the Companies Act,2013.
3.
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)Long term Borrowings
(ii)Trade Payables
(iii)Provision or Tax
(iv)Securities Premium Reserve
(v)Patents
(vi)Accrued Incomes
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.
What is an accounting period in case of a company?
6.
Define operating cycle
7.
Which Schedule and act prescribes the form for Companies Balance Sheet?
8.
Which section of the Companies Act 2013, requires the Balance Sheet to be prepared in the prescribed form?
9.
What is the number of major heads which appear for the equity and liabilities items of company's Balance Sheet?
10.
What is the number of major heads which appear for the assets items of company's Balance Sheet?
11.
Name the two basic financial statements of a company as per Schedule III part I of the Companies Act,2013.
12.
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.
13.
From the following information, prepare the relevant notes to accounts.
| Particulars | Amt(Rs) | Particulars | Amt(Rs) |
|---|---|---|---|
| Buildings | 80,00,000 | Provision for Doubtful Depts | 40,000 |
| Plant and Equipment | 40,00,000 | Consumption of Stores and Spare Parts | 2,80,000 |
| Vehicles | 10,00,000 | Power and Fuel | 3,20,000 |
| Furniture | 12,00,000 | Rent | 2,00,000 |
| Brands | 40,00,000 | Repairs to Buildings | 1,60,000 |
| Computer Software | 18,00,000 | Repairs to Machinery | 1,20,000 |
| Insurance | 80,000 | Rates and Taxes | 40,000 |
| Sundry Debtors | 16,00,000 | Miscellaneous Expenses | 40,000 |
| Payment to the Auditor | 6,40,000 |
Depreciate buildings @ 5%, plant and equipment @ 20%, furniture and fixtures @ 10%, brands @ 10% and computer software @ 60%.
14.
From the following information for the year ended 31st march, 2015, prepare notes to accounts on employees benefit expenses.
(a) Wages Rs 4,80,000
(b) Salaries Rs 7,20,000
(c) Entertainment expenses Rs 30,000
(d) Bonus Rs 1,00,000
(e) Gratuity paid Rs 2,40,000
(f) Conveyance expenses Rs 50,000
(g) Medical expenses Rs 80,000
15.
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.
1.
Reserves and Surplus: (i)Capital Reserve (ii)Capital Redemption Reserve (iii)Securities Premium(Reserve) (iv)Revaluation Reserve (v)Debenture Redemption Reserve (vi)Share Options Outstanding Account
2.
Current Liabilities:
(i)Short-term borrowings
(ii)Trade payables
(iii)Other current liabilities
(iv)Short-term provisions
3.
(i)Non-current Liabilities
(ii)Current Liabilities
(iii)Current Liabilities
(iv)Shareholders' fund
(v)Non-current Assets
(vi)Current Assets
4.
(i) Non-current Liabilities-Long-term Borrowings
(ii) Non-current Assets-Long-term Loans and Advances
(iii) Current Liabilities-Other Current Liabilities.
5.
( )
From 1st April to 31st March
6.
( )
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.
7.
( )
Schedule III, Part I, Companies Act,2013
8.
( )
Section 129
9.
( )
four
10.
( )
Two
11.
( )
(i)Statement of profit and Loss
(ii)Balance sheet
12.
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
13.
| Particulars | Amt(Rs) | |
|---|---|---|
| Depreciation | ||
| Buildings(5% of Rs 80,00,000) | 4,00,000 | |
| Plant and Equipment(20% of Rs 40,00,000) | 8,00,000 | |
| Vehicles (20% of Rs 10,00,000) | 2,00,000 | |
| Furniture and Fixtures(10% of Rs 12,00,000) | 1,20,000 | 15,20,000 |
| Amortisation | ||
| Brands (10 % of Rs 40,00,000) | 4,00,000 | |
| Computer Software (60 % of Rs 18,00,000) | 10,80,000 | 14,80,000 |
| 30,00,000 | ||
14.
| Particulars | Year Ended 31st March.2015(Rs) |
|---|---|
| Employees Benefit Expenses | |
| Wages | 4,80,000 |
| Salaries | 7,20,000 |
| Bonus | 1,00,000 |
| Gratuity Paid | 2,40,000 |
| Medical Expenses | 80,000 |
| 16,20,000 |
15.
Change in inventories will be (89,500).
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