हिंदी

Prepare a balance sheet of Black Swan Ltd., as at March 31, 2017, from the following information: General Reserve 3,000, 10% Debentures 3,000, Balance in Statement of Profit & Loss 1,200

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प्रश्न

Prepare a balance sheet of Black Swan Ltd., as at March 31, 2017, from the following information:

  Rs.
General Reserve 3,000
10% Debentures 3,000
Balance in Statement of Profit & Loss 1,200
Depreciation on fixed assets 700
Gross Block 9,000
Current Liabilities 2,500
Preliminary Expenses 300
6% Preference Share Capital 5,000
Cash & Cash Equivalents 6,100
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उत्तर

Balance Sheet as at March 31, 2017
Particulars Note No. Amount (Rs)
I. Equity and Liabilities    
1. Shareholders’ Funds    
a. Share Capital 1 5,000
b. Reserves and Surplus 2 4,200
2. Non-Current Liabilities    
a. Long-term Borrowings 3 3,000
3. Current Liabilities   2,500
Total   14,700
II. Assets    
1. Non-Current Assets    
a. Fixed Assets    
i. Tangible Assets 4 8,300
2. Current Assets    
a. Cash and Cash Equivalents 5 6,100
b. Other Current Assets 6 300
Total   14,700

Notes to Accounts

Particulars Amount (Rs) Amount (Rs)
1. Share Capital    
6% Preference Share Capital   5,000
2. Reserve and Surplus    
General Reserve 3,000 4,200
Statement of Profit or Loss 1,200
    4,200
3. Long-Term Borrowings    
10% Debentures   3,000
4. Tangible Assets    
Fixed Assets 9,000 8,300
Less: Depreciation 700
    8,300
5. Cash and Cash Equivalents    
Cash   6,100
6. Other Current Assets    
Preliminary Expenses   300
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अध्याय 3: Financial Statements of a Company - Questions for Practice [पृष्ठ १७०]

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एनसीईआरटी Accountancy Company Accounts and Analysis of Financial Statements [English] Class 12
अध्याय 3 Financial Statements of a Company
Questions for Practice | Q 7. | पृष्ठ १७०

वीडियो ट्यूटोरियलVIEW ALL [1]

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.

      ___________________

(______________________)

 

  ________

 

 

  ________

 


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


'Good Blankets Ltd.' are the manufacturers of woollen blankets. Blankets of the company are exported to many countries. The company decided to distribute blankets free of cost to five villages of Kashmir Valley destroyed by the recent floods. It also decided to employ 100 young persons from these villages in their newly established factory at Solan in Himachal Pradesh. To meet the requirements of funds for starting its new factory, the company issued 50,000 equity shares of Rs 10 each and 2,000 8% debentures of Rs 100 each to the vendors of machinery purchased for Rs 7,00,000. 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.


State any objective of Financial Statement Analysis’.


Briefly explain the significance of 'Analysis of financial statements' to (a) The Finance Manager, and (b) Trade Payables.   


State the interest of tax authorities in the analysis of financial statements.


State the significance of analysis of financial statements to ‘Top Management’.


Short Answer Question

State the meaning of financial statements?


What are the major heads in the Equity and Liabilities part of the Balance Sheet as per Schedule III?  


Under which major head will the following be shown:

(i) Share Capital; and (ii) Money Received Against Share Warrants?


List any five items that are shown under Reserves and Surplus.


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

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 head and how are the following items shown in the Balance Sheet of a company under Schedule III:

(i) Calls-in-Arrears;  (ii)  Share Application Money Pending Allotment; (iii) Unpaid Dividend; and (iv) Dividend not paid on Cumulative Preference Shares?


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


Prepare Balance Sheet of VT Ltd. as at 31st March 2026, from the following information as per Schedule III, Part I of the Companies Act, 2013:

  ₹     ₹
General Reserve 3,000   Property, Plant and Equipment (Cost) 9,000
8% Debentures 3,000   Other Current Liabilities 2,500
Surplus, i.e., Balance in Statement of Profit and Loss (Credit) 1,200   Share Capital 5,000
Depreciation 700   Other Current Assets 6,400

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.


Choose the appropriate alternative from the given options:
Which of the following is a limitation of financial analysis?


The financial statements do not exhibit


Expenses for a business for the first year were ₹ 80,000. In the second year, it was increased to ₹ 88,000. What is the trend percentage in the second year?


‘Financial statements are prepared based on past data’. Explain how this is a limitation.


A company has an operating cycle of eight months. It has accounts receivables amounting to ₹ 1,00,000 out of which ₹ 60,000 have a maturity period of 11 months. How would this information be presented in the balance sheet?


Which of the following points explain the nature of financial statements?


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"


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?'


What are the limitations of financial statements?


Name the expenses that are incurred in connection with the formation of a company?


What are the components of income statement?


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?


Carriage Inwards is shown in the Statement of Profit and Loss under ______.


Purchase of goods for reselling is shown in the Statement of Profit and Loss under ______.


Assertion (A): Financial statements are the end products of the accounting process which reveal the financial results of a specified period and financial position as on a particular date.

Reason (R): The basic objective of these statements is to provide information required for decision making by the management as well as other outsiders who are interested in the affairs of the undertaking, as per Section 129 Schedule III to the Companies Act, 2013 every year.


Securities Premium is shown under which head in the Balance Sheet ?


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:


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:


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