NCERT solutions for अकाउंटेंसी कंपनी अकाउंट्स एण्ड एनालिसिस ऑफ फाइनेंशियल स्टेटमेंट्स [अंग्रेजी] कक्षा १२ chapter 3 - Financial Statements of a Company [Latest edition]

Classify the following items in the balance sheet of a company under Major heads and Sub-heads.

Short Answer Question

State the meaning of financial statements?

Short Answer Question

What are limitations of financial statements?

Short Answer Question

List any three objectives of financial statements?

Short Answer Question

State the importance of financial statement to shareholders.

Short Answer Question

State the importance of financial statement to creditors.

Short Answer Question

State the importance of financial statement to government.

Short Answer Question

State the importance of financial statements to investors.

How will you disclose the following items in the Balance Sheet of a company;

1. Current assets, inventory
2. Contigent liabilities in notes to accounts
3. Shareholders Funds, Reserve and Surplus
4. Fixed Assets, Intangible Assets
5. Proposed Dividend for the current year
6. Non Current Liabilities
7. Arrears of Dividend on Commulative Preference Shares.

Long Answer Question

Explain the nature of the financial statements.

Long Answer Question

Explain in detail about the significance of the financial statements

Long Answer Question

Explain the limitations of financial statements.

Prepare the format of the statement of profit and loss and explain its items up to the ascertainment of profit before tax.

Long Answer Question

Prepare the format of balance sheet and explain the various elements of balance sheet.

Long Answer Question

Explain how financial statements are useful to the various parties who are interested in the affairs of an undertaking?

Long Answer Question

`Financial statements reflect a combination of recorded facts, accounting conventions and personal judgments’ discuss.

Long Answer Question

Explain the process of preparing income statement and balance sheet.

Show the following items in the balance sheet as per the provisions of the Companies Act, 2013 in Schedule III:

On April 1, 2017, Jumbo Ltd. issued 10,000 12% debentures of Rs. 100 each, a discount of 20%, redeemable after 5 years. The company decided to write off the discount on the issue of such debentures on March 31, 2018. Show the items in the balance sheet of the company immediately after the issue of these debentures.

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.

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.

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 Ltd. Rs. 3,00,000; Stores & Spares Rs. 1,00,000; 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.

Brinda Ltd. has furnished the following information:

(a) 25,000, 10% debentures of Rs. 100 each;

(b) Bank Loan of Rs. 10,00,000 repayable after 5 years;

(c) Interest on debentures is yet to be paid.

Show the above items in the balance sheet of the company as at March 31, 2017.

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