12th Standard CBSE Syllabus & Materials
12th Standard CBSE
CBSE 12th Economics Government Budget and the Economy Previous year Question Papers Study Material - QB365 Set A
NEW12th Standard CBSE
CBSE 12th Computer Science Interface Python with MySQL - New Previous year Question Papers Study Material - QB365 Set A
NEW12th Standard CBSE
CBSE 12th Computer Science Database Concept - New Previous year Question Papers Study Material - QB365 Set A
NEW12th Standard CBSE
CBSE 12th Computer Science Data Communication - New Previous year Question Papers Study Material - QB365 Set A
NEW12th Standard CBSE
CBSE 12th Computer Science Data Structures - New Previous year Question Papers Study Material - QB365 Set A
NEW12th Standard CBSE
CBSE 12th Computer Science Functions - New Previous year Question Papers Study Material - QB365 Set A
Published on: 30/09/2019
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.
Name any five items that can be disclosed under inventories.
2.
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?
3.
Durian Furniture Mart Pvt Ltd is a manufacturer of furniture.They sold waste from wood used for manufacturing furniture for Rs 2,00,000. Is the sale of waste revenue from operations?
4.
While preparing the financial statements, it is advisable to follow the convention of conservation.Why?
5.
Satish is interested in investing in Data Unlimited, a company providing 4G services.However, before investing, his financial advisor who undoubtedly is his wife, advises him to go through the financial statements of the company.Satish falls under which category of user?
6.
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.
7.
List the items which are shown under the heading 'Current Liabilities' as per schedule III part-I of the Companies Act,2013.
8.
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)Cheques in hand
(i)Cheques in hand
(ii)Stock of work-in-progress
(iii)Copyrights
(iv)Loan of Rs.1,00,000 payable after three years
(v)Short term deposits payable on demand
(vi)Negative balance shown by the statement of profit and Loss
(vii)Land
(viii)Cash at Bank
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
10.
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
11.
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
1.
Five items under inventories are as follows:
(i) Raw materials
(ii) Work-in-progress
(iii) Finished goods
(iv) Stock-in-trade (in respect of goods acquired for trading)
(v) Loose tools
2.
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.
3.
Yes, it is revenue from operations because the wood sold as waste is from the manufacturing of furniture.
4.
Convention of conservatism states that"anticipate all losses, but not profits", helsFollowing this convention helps to avoid overstatement of income.Therefore, it is advisable to follow this convention while preparing financial statements.
5.
Satish is a potential investor for Data Unlimited.Therefore, he is an external user.
6.
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
7.
Current Liabilities:
(i)Short-term borrowings
(ii)Trade payables
(iii)Other current liabilities
(iv)Short-term provisions
8.
(i)Current Assets-Cash and Cash Equivalents
(ii)Current Assets-Inventories
(iii)Non-Current Assets-Fixed Assets(Intangible)
(iv)Non-Current Liabilities-Long-term Borrowings
(v)Current Liabilities-Short-term Borrowings
(vi)Shareholder's funds-Reserves and surplus
(vii)Non-Current Assets(Tangible)
(Viii)Current Assets-Cash and Cash Equivalents.
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)
10.
(i) Non-current Liabilities-Long-term Borrowings
(ii) Non-current Assets-Long-term Loans and Advances
(iii) Current Liabilities-Other Current Liabilities.
11.
(i)Non-Current Assets-Fixed Assets(Intangible)
(ii)Non-Current Liabilities-Long-term Provisions
(iii)Non-CurrentAssets-Fixed Assets(Tangible)
12th Standard CBSE Syllabus & Materials
12th Standard CBSE
CBSE 12th Computer Science Python Revision Tour I - New Previous year Question Papers Study Material - QB365 Set A
NEW12th Standard CBSE
CBSE 12th Business Studies Planning Important Questions And Answers Study Material - QB365 Set A
NEW12th Standard CBSE
CBSE 12th Business Studies Business Environment Important Questions And Answers Study Material - QB365 Set A
NEW12th Standard CBSE
CBSE 12th Business Studies Principles of Management Important Questions And Answers Study Material - QB365 Set A
CBSE 12th Standard CBSE Subjects
CBSE Standards
