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प्रश्न
From the following information, prepare the balance sheet of Jam Ltd.
Inventories Rs. 7,00,000; Equity Share Capital Rs. 16,00,000; Plant and Machinery Rs. 8,00,000; 8% Preference Share Capital Rs. 6,00,000; General Reserves Rs. 6,00,000; Bills payable Rs. 1,50,000; Provision for taxation Rs. 2,50,000; Land and Building Rs. 16,00,000; Noncurrent Investments Rs. 10,00,000; Cash at Bank Rs. 5,00,000;Creditors Rs. 2,00,000; 12% Debentures Rs. 12,00,000.
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उत्तर
| Balance Sheet as at March 31, 2013 | ||
| Particulars | Note No. | Amount (Rs) |
| I. Equity and Liabilities | ||
| 1. Shareholders’ Funds | ||
| a. Share Capital | 1 | 22,00,000 |
| b. Reserves and Surplus | 2 | 6,00,000 |
| 2. Non-Current Liabilities | ||
| a. Long-term Borrowings | 3 | 12,00,000 |
| 3. Current Liabilities | ||
| a. Short-term Borrowings | ||
| b. Trade Payables | 4 | 3,50,000 |
| c. Short-term Provisions | 5 | 2,50,000 |
| Total | 46,00,000 | |
| II. Assets | ||
| 1. Non-Current Assets | ||
| a. Fixed Assets | ||
| i. Tangible Assets | 6 | 24,00,000 |
| b. Non-Current Investments | 7 | 10,00,000 |
| 2. Current Assets | ||
| a. Inventories | 8 | 7,00,000 |
| b. Cash and Cash Equivalents | 9 | 5,00,000 |
| Total | 46,00,000 | |
Notes to Accounts
| Particulars | Amount (Rs.) | Amount (Rs.) | |||
| 1. Share Capital | |||||
| Equity Share Capital | 16,00,000 | 22,00,000 | |||
| Preference Share Capital | 6,00,000 | ||||
| 22,00,000 | |||||
| 2. Reserve and Surplus | |||||
| General Reserve | 6,00,000 | ||||
| 3. Long-Term Borrowings | |||||
| 12% Debentures | 12,00,000 | ||||
| 4. Trade Payables | |||||
| Creditors | 2,00,000 | 3,50,000 | |||
| Bills Payable | 1,50,000 | ||||
| 5. Short-Term Provisions | |||||
| Provision for Taxation | 2,50,000 | ||||
| 6. Tangible Assets | |||||
| Land and Building | 16,00,000 | 24,00,000 | |||
| Plant and Machinery | 8,00,000 | ||||
| 7. Non-current Investment | 10,00,000 | ||||
| 8. Inventories | 7,00,000 | ||||
| 9. Cash and Cash Equivalents | |||||
| Cash at Bank | 5,00,000 | ||||
APPEARS IN
संबंधित प्रश्न
Complete the following journal entries left blank in the books of VK Ltd.:
| VK Ltd. Journal |
||||
| Date | Particulars | L.F. |
Dr. Rs |
Cr. Rs |
| 2018 Feb 1 |
___________________ Dr. ___________________ (Purchased own 500, 9% debentures of Rs 100 each at Rs 97 each for immediate cancellation) |
________
|
________
|
|
| Feb 1 |
___________________ Dr. ___________________ ___________________ (Cancelled own debentures) |
________
|
________ ________ |
|
| ______ |
___________________ Dr. ___________________ (______________________) |
________
|
________ | |
State the objectives of 'Analysis of Financial Statements'.
State any objective of Financial Statement Analysis’.
What is meant by 'Analysis of Financial Statements'? State any two objectives of such an analysis.
State the interest of tax authorities in the analysis of financial statements.
Long Answer Question
Prepare the format of balance sheet and explain the various elements of balance sheet.
Prepare the balance sheet of Jyoti Ltd. as at March 31, 2017 from the following information:
Building Rs. 10,00,000; Investments in the shares of Metro Tyers Rs. 3,00,000; Stores & Spares Rs. 1,00,000; Discount on issue of 10% debentures Rs. 10,000; Statement of Profit and Loss (Dr.) Rs. 90,000; 5,00,000 Equity Shares of Rs. 20 each fully paid-up; Capital Redemption Reserve Rs. 1,00,000; 10% Debentures Rs. 3,00,000; Unpaid dividends Rs. 90,000; Share options outstanding account Rs. 10,000.
Under which major head will the following be shown:
(i) Share Capital; and (ii) Money Received Against Share Warrants?
State giving reason whether Trade Receivables are classified as Current Assets or Non-current Assets in the Balance Sheet of a Company as per Schedule III of the Companies Act, 2013 in the following cases.
| Case | Operating cycle Period (months) | Expected realization period (months) |
| 1 | 10 | 11 |
| 2 | 10 | 12 |
| 3 | 10 | 13 |
| 4 | 14 | 13 |
| 5 | 15 | 16 |
Under which main head and sub-head of Equity and Liabilities part of the Balance Sheet are the following items classified or shown:
(i) Bonds
(ii) Debentures
(iii) Public Deposits
(iv) Capital Redemption Reserve
(v) Forfeited Shares Accounts
(vi) Sundry Creditors and
(vii) Interest Accrued but not Due on Debentures ?
State any two items that are included in the following major heads under which liabilities of a company are shown:
(i) Reserves and Surplus;
(ii) Long-term Borrowings;
(iii) Short-term Borrowings;
(iv) Other Current Liabilities.
Classify the following items under major head and sub-head (if any) in the Balance Sheet of a company as per Schedule III of the Companies Act, 2013:
(i) Capital Work-in-Progress:
(ii) Provision for Warranties;
(iii) Income received in Advance; and
(iv) Capital Advances
Choose the appropriate alternative from the given options:
Which of the following is a limitation of financial analysis?
Which of the following statement is not true?
‘Financial statements are prepared based on past data’. Explain how this is a limitation.
What are the objectives of preparing financial statements?
Which of the following is a fictitious Asset?
Which Indian Companies Act is in force these days?
Assertion (A): The focus of calculation of working capital revolves around managing the operating cycle of the business.
Reason (R): It is because the concept of operating cycle is required to ascertain the liquidity of assets and urgency of payments to liabilities.
In the context of the above two statements, which of the following is correct?
Financial statements includes which types of statements are required for external reporting and also for internal needs of the management?
For income measurement ______ basis of accounting is followed.
The statement which shows the assets and liabilities of a company is known as ______.
Consider the following statements.
Statement 1 - "Financial statements are primarily directed towards the needs of owners"
Statement 2 - "Financial statements are primarily not directed towards the needs of owners"
Consider the following statements.
Statement 1 - "Going Concern concept assumes that the enterprise continues for a long period of time."
Statement 2 - "Going Concern concept assumes that the enterprise continues for a shorter period of time."
What are the items shown under the heading 'Miscellaneous expenditure?'
Provision of taxation is made by debiting which account?
What are the items shown under the heading of "Investments" in the balance sheet?
The financial statements of a business enterprise include ______.
______ are especially interested in the average payment period, since it provides them with a sense of the bill-paying patterns of the firm.
| Nitya, Shreya and Ishita are partners in a firm. They share profits in the ratio of 5: 3 : 2. Their fixed capitals are ₹ 1,80,000; ₹ 1,60,000 and ₹ 2,00,000 respectively. For the year ending 31st March 2022, Nitya withdrew ₹ 7,500 at the end of every quarter. |
The average number of months for which interest on drawings will be calculated will be:
|
Rudra, Dev and Shiv were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were ₹ 6,00,000, ₹ 4,00,000 and ₹ 2,00,000 respectively. Besides his capital Shiv had given a loan of ₹ 75,000 to the firm. Their partnership deed provided for the following:
During the year Rudra withdrew ₹ 50,000 at the end of each quarter; Dev withdrew ₹ 50,000 in the beginning of each half year and Shiv withdrew ₹ 70,000 at the end of each half year. The profit of the firm for the year ended 31-3-2022 before allowing interest on Shiv's loan was ₹ 7,06,750. |
How much amount of net profit will be transferred to Profit and Loss Appropriation A/c?
|
Rudra, Dev and Shiv were partners in a firm sharing profits in the ratio of 5 : 3 : 2. Their fixed capitals were ₹ 6,00,000, ₹ 4,00,000 and ₹ 2,00,000 respectively. Besides his capital Shiv had given a loan of ₹ 75,000 to the firm. Their partnership deed provided for the following:
During the year Rudra withdrew ₹ 50,000 at the end of each quarter; Dev withdrew ₹ 50,000 in the beginning of each half year and Shiv withdrew ₹ 70,000 at the end of each half year. The profit of the firm for the year ended 31-3-2022 before allowing interest on Shiv's loan was ₹ 7,06,750. |
What will the amount of interest on drawings of the partners?
Richa and Anmol are partners sharing profits in the ratio of 3 : 2 with capitals of ₹ 2,50,000 and ₹ 1,50,000 respectively. Interest on capital is agreed @6% p.a. Anmol is to be allowed an annual salary of ₹ 12,500. During the year ended 31st March 2023, the profits of the year prior to calculation of interest on capital but after charging Anmol’s salary amounted to ₹ 62,000. A provision of 5% of this profit is to be made in respect of manager’s commission.
Following is their Profit & Loss Appropriation Account:
| Particulars | (₹) | Particulars | (₹) |
| To Interest on Capital | By Profit & loss account (After manager’s commission) | __(2)__ | |
| Richa | ______ | ||
| Anmol | ______ | ||
| To Anmol’s Salary a/c | 12,500 | ||
| To Profit transferred to: Richa’s Capital A/C (1) | __(1)__ | ||
| Anmol’s Capital A/c | ______ | ||
| ______ | ______ |
The amount to be reflected in blank (1) will be:
