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प्रश्न
'Panipat Blankets Limited' are the manufacturers and exporters of blankets. The company decided to distribute 1,000 blankets free of cost to five villages of Kashmir which had been damaged by the floods. It also decided to employ 100 young persons from these villages in their newly established factory at Ludhiana in Punjab To meet the requirements of funds for its new factory, the company issued 1,00,000 equity shares of Rs 10 each and 2,000, 9% debentures of Rs 100 each to the vendors of machinery purchased for Rs 12,00,000.
Pass necessary journal entries for the above transactions in the books of the company. Also, identify anyone value which the company wants to communicate to the society.
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उत्तर
| Journal In the books of Panipat Blankets Ltd |
||||
| Date | Particulars | L.F. |
Dr. Rs |
Cr. Rs |
|
Machinery A/c Dr. To Vendor (Being purchased machinery) |
12,00,000
|
12,00,000
|
||
|
Vendor A/c Dr. To Equity Share Capital A/c To 9% Debentures A/c (Being issued 1,00,000 equity shares and 2,000 |
12,00,000
|
10,00,000 2,00,000
|
||
Values involved in the above scenario
(1) Improvement in employment opportunities
(2) Social welfare
संबंधित प्रश्न
What is meant by 'Financial Statements' of a company?
State the objectives of 'Analysis of Financial Statements'.
Financial Statements are prepared following the constituent accounting concepts principles procedures and also the legal environment in which the business organisation operate. These statements are the source of information on the basis of which conclusions are drawn about the profitability and financial position of a company so that their users can easily understand and use them in their economic decisions in a meaningful way.
From the above statements identify any two values that a company should observe while preparing its financial statements. Also, State under which major headings and sub-headings the following items will be presented in the Balance Sheet of a company as per Schedule III of the Companies Act 2013
(1) Capital Reserve
(2) Calls-in-Advance
(3) Loose Tools
(4) Bank overdraft
Name any two financial statements prepared by a not-for-profit organisation.
Show the following items in the balance sheet as per the provisions of the Companies Act, 2013 in Schedule III:
| Particulars | Rs. | Particulars | Rs. |
| Preliminary Expenses | 2,40,000 | Good will | 30,000 |
| Discount on issue of shares | 20,000 | Loose tools | 12,000 |
| 10% Debentures | 2,00,000 | Motor Vehicles | 4,75,000 |
| Stock in Trade | 1,40,000 | Provision for tax | 16,000 |
| Cash at bank | 1,35,000 | ||
| Bills receivable | 1,20,000 |
From the following information, prepare the balance sheet of Gitanjali Ltd.
Inventories Rs. 14,00,000; Equity Share Capital Rs. 20,00,000; Plant and Machinery Rs. 10,00,000; Preference Share Capital Rs. 12,00,000; Debenture Redemption Reserve Rs. 6,00,000; Outstanding Expenses Rs. 3,00,000; Proposed Dividend Rs. 5,00,000; Land and Building Rs. 20,00,000; Current Investments Rs. 8,00,000; Cash Equivalent Rs. 10,00,000; Short term loan from Zaveri Ltd. (A Subsidiary Company of Twilight Ltd.) Rs. 4,00,000; Public Deposits Rs. 12,00,000.
Under which sub-head will the following be classified or shown:
(i) Long-term Borrowings;
(ii) Deferred Tax Liabilities (Net); and
(iii) Long-term Provision?
A company has an opening credit balance in Surplus, i.e., Balance in Statement of Profit and Loss of ₹ 1,00,000. During the year, it earned a profit of ₹ 75,000. It decided to transfer ₹ 15,000 to Debentures Redemption Reserve (DRR) and also proposed to pay dividend of ₹ 25,000.
How will be the appropriations shown in the financial statements?
State giving reason whether Trade Payables are classified as Current Liabilities or Non-current Liabilities 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 Payment 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 ?
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
Under which major head and sub-head of the Assets part of the Balance Sheet will the following be shown:
(i) Intangible Assets; (ii) Intangible Assets under Development; (iii) Investments (more than 12 months); (iv) Deferred Tax Assets (Net); (v) Stores and Spares; and (vi) Loose Tools?
Under which heads the following items are classified or shown on the Assets part of the Balance Sheet of a copany: (i) Loose Tools; (ii) Bills Receivable; (iii) Sundry Debtors: and (iv) Advances Recoverable in Cash?
From the following information of Best Marketing Ltd. for the year ended 31st March, 2025 prepare Note to Accounts on Depreciation and Amortisation Expenses:
Depreciation on: Building ₹ 15,500; Plant and Machinery ₹ 25,000; Computers ₹ 60,000; Goodwill written off ₹ 7,500; Patents written off ₹ 12,500.
Identify which of the following items will be shown in the Note to Accounts on Other Expenses?
(i) Salaries;
(ii) Postage Expenses;
(iii) Telephone and Internet Expenses;
(iv) Rent for warehouse;
(v) Carriage Inwards;
(vi) Depreciation on computers;
(vii) Computer Software amortised;
(viii) Computer Hiring Charges;
(ix) Audit fee;
(x) Bonus.
State under which major headings and sub-headings the following items will be presented in the Balance Sheet of a company as per Schedule III of the Companies Act, 2013:
(i) Capital Reserve;
(ii) Calls-in-Advance;
(iii) Loose Tools; and
(iv) Bank overdraft.
Choose the appropriate alternative from the given options:
Which of the following is a limitation of financial analysis?
‘Financial statements are prepared based on past data’. Explain how this is a limitation.
Which of the following is a fictitious Asset?
Which Indian Companies Act is in force these days?
A company prepares its Balance Sheet as per the format in ______.
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?
Consider the following statements.
Statement 1 - "Financial statements are the end products of accounting process"
Statement 2 - "Financial statements are not the end products of accounting process"
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 - "Facts and figures presented in financial statements are based on personal judgements"
Statement 2 - "Facts and figures presented in financial statements are not at all based on personal judgements"
What are the uses and importance of financial statements?
What are the limitations of financial statements?
Name the expenses that are incurred in connection with the formation of a company?
What are the items shown under the heading of "Current assets" in the balance sheet?
Find out Cost of goods sold Opening stock = 1002, Purchases = 50,000, Wages = 5000, Manufacturing expenses = 20,000.
The financial statements of a business enterprise include ______.
As per Schedule III, Part I of the Companies Act, 2013 'calls-in-arrears' will be presented under which of the following head/sub-head, in the Balance Sheet of a company?
______ are especially interested in the average payment period, since it provides them with a sense of the bill-paying patterns of the firm.
Securities Premium is shown under which head in the Balance Sheet ?
