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प्रश्न
Prepare Balance Sheet of VT Ltd. as at 31st March 2019, from the following information as per Schedule III, Part I of the Companies Act, 2013:
| ₹ | ₹ | |||
| General Reserve | 3,000 | Fixed Assets: Tangible Assets (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 of Fixed Assets | 700 | Other Current Assets | 6,400 |
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उत्तर
Balance Sheet
as at March 31, 2019
|
Particulars |
Note No. |
Amount (₹) |
|
I Equity and Liabilities |
|
|
|
1. Shareholders’ Funds |
|
|
|
a. Share Capital |
1 |
5,000 |
|
b. Reserves and Surplus |
2 |
4,200 |
|
2. Non-Current Liabilities |
|
|
|
Long-term Borrowings |
3 |
3,000 |
|
3. Current Liabilities |
|
|
|
Other Current Liabilities |
|
2,500 |
|
Total |
|
14,700 |
|
II Assets |
|
|
|
1. Non-Current Assets |
|
|
|
Fixed Assets (Tangible Assets) |
4 |
8,300 |
|
2. Current Assets |
|
|
|
Other Current Assets |
|
6,400 |
NOTES TO ACCOUNTS
|
Note No. |
Particulars |
Amount (₹) |
|
|
1 |
Share Capital |
|
|
|
|
Share Capital |
5,000 |
|
|
2 |
Reserves and Surplus |
|
|
|
|
General Reserve |
3,000 |
|
|
|
Balance in Statement of Profit and Loss (Credit) |
1,200 |
|
|
|
|
4,200 |
|
|
3 |
Long-term Borrowings |
|
|
|
|
8% Debentures |
3,000 |
|
|
4 |
Fixed Assets |
|
|
|
|
Tangible Assets (Cost) |
9,000 |
8,300 |
|
|
Depreciation |
(700) |
|
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संबंधित प्रश्न
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
Financial statements are prepared following the consistent accounting concepts, principles, procedures and also the legal environment in which the business organizations operate. These statements are the sources 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 statement 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.
General Reserves, short term loans and advances, Capital work in progress and desgin.
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State the interest of tax authorities in the analysis of financial statements.
Short Answer Question
State the meaning of financial statements?
Long Answer Question
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Brinda Ltd. has furnished the following information:
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| 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 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
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| (ii) | Operating profit | (b) | Amounts receivable by the company |
| (iii) | Sundry Debtors | (c) | Amounts payable by the company |
| (iv) | Sundry Creditors | (d) | Sales - Cost of good sold |
| (v) | Schedules | (e) | Gross profit - Operating expenses |
| (vi) | Net profit | (f) | Operating profit - interest and tax |
Name the expenses that are incurred in connection with the formation of a company?
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What are the components of income statement?
What are the limitations of financial statements?
Purchase of goods for reselling is shown in the Statement of Profit and Loss under ______.
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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 (2) will be:
