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प्रश्न
Name the itmes that are shown under Long-term Borrowings.
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उत्तर
Items shown under Long-term Borrowings are:
a. Debentures,
b. Bonds,
c. Terms Loans (both from Banks and from others),
d. Public Deposits,
e. Other Loans and Advances.
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संबंधित प्रश्न
What is meant by 'Financial Statements' of a company?
'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 two limitations and any two objectives of 'Analysis of Financial Statement'.
Briefly explain the significance of 'Analysis of financial statements' to (a) The Finance Manager, and (b) Trade Payables.
Long Answer Question
Prepare the format of balance sheet and explain the various elements of balance sheet.
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 |
Under which major head will the following be shown:
(i) Share Capital; and (ii) Money Received Against Share Warrants?
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 Calance 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 ?
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.
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?
Under which heads the following items on the Assets part of the Balance Sheet of a company will be presented?
(i) Sundry Debtors
(ii) Patents and Trademarks
(iii) Shares in Quoted Companies
(iv) Advances recoverable in cash
(v) Prepaid Insurance and
(vi) Worl-in-Progress (Machinery)?
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 |
From the following information, prepare Note to Accounts on Finance Costs: Interest paid to Bank ₹ 75,000; Interest on Debentures ₹ 58,000; Loss on issue of Debentures written off ₹ 27,500; and Commitment Charges ₹ 15,000.
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.
The financial statements do not exhibit
Which Indian Companies Act is in force these days?
___________ is conducted by bankers and government.
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?
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?
The statement which shows the assets and liabilities of a company is known as ______.
Profit and loss account is also called ______ statement.
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 - "Recorded facts are based on replacement cost"
Statement 2 - "Recorded facts are not based on replacement cost"
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."
Match the following:
| (i) | Gross profit | (a) | The explanatory notes to financial statements |
| (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 |
What are the uses and importance 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?
What are the components of income statement?
The financial statements of a business enterprise include ______.
‘Freedom to Choose of method of depreciation’ refers to which limitation of financial statement analysis.
|
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?
