Arts (English Medium) इयत्ता १२ - CBSE Question Bank Solutions for Accountancy

Under which major heads and sub-heads will the following items be presented in the Balance Sheet of the company as per Schedule III, Part I of the Companies Act, 2013?

1. Income received in advance
2. Computer Software
3. Balance of forfeited shares account

Name the major heads and sub-heads under which the following items will be presented in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013 :

1. Goodwill
2. Debenture Redemption Reserve
3. Licenses and Franchise

From the following information, calculate the value of opening and closing inventory:

Inventory Turnover Ratio - 4 times.

Gross Profit = 20% on Revenue from Operations.

Revenue from Operations = ₹ 10,00,000.

Opening inventory is 25% of the inventory at the end.

Under which major heads and sub-heads will the following items be presented in the Balance Sheet of a Company as per Schedule III, Part I of the Companies Act, 2013:

1. Cheques-Drafts on hand
2. Work-in-Progress
3. Balance in Statement of Profit and Loss

Under which heads and sub-heads the following items will appear in the Balance Sheet of Company as per Schedule III, Part-I of the Companies Act, 2013:

1. Loose tools
2. Calls-in-Advance
3. Capital Reserve

Shyam, Gopal & Arjun are partners carrying on garment business. Shyam withdrew ₹ 10,000 in the beginning of each quarter. Gopal, withdrew garments amounting to ₹ 15,000 to distribute it to flood victims, and Arjun withdrew ₹ 20,000 from his capital account. The partnership deed provides for interest on drawings @ 10% p.a. The interest on drawing charged from Shyam, Gopal & Arjun at the end of the year will be:

P, Q and R were partners with fixed capital of ₹ 40,000, ₹ 32,000 and ₹ 24,000. After distributing the profit of ₹ 48,000 for the year ended 31^st March 2022 in their agreed ratio of 3:1:1 it was observed that:

1. Interest on capital was provided at 10% p.a. instead of 8% p.a.
2. Salary of ₹ 12,000 was credited to P instead of Q.

You are required to pass a single journal entry in the beginning of the next year to rectify the above omissions.

Classify the following items under Major heads and Sub heads (If any) in the balance sheet of a Company as per schedule III of the Companies Act 2013.

1. Loose Tools
2. Loan repayable on demand
3. Provision for Retirement benefits
4. Pre-paid Insurance
5. Capital advances
6. Shares in Listed Companies

What is meant by 'Activity Ratios'?

From the following information calculate inventory turnover ratio; Revenue from operations Rs.16,00,000; Average Inventory Rs.2,20,000; Gross Loss Ratio 5%.

From the following information obtained from the books of Kundan Ltd., calculate the inventory turnover ratio for the years 2015-16 and 2016-17 :

(Gross profit is 25% on the cost of revenue from operations)

In the year 2015-16, inventory increased by Rs 2,00,000.

The current ratio of Y Ltd. is 2:1. A state with reason which of the following transaction would

i. increase;
ii. decrease or
iii. not change the ratio

1) Trade receivables included debtors of Rs 40,000 which were received

2) The company purchased furniture of Rs 45,000. The vendor was paid by issue of equity share of Rs 10 each at par.

The quick ratio of a company is 1.5: 1. A state with reason which of the following transactions would

i. increase:
ii. decrease or
iii. not change the ratio

a. Paid rent Rs 3,000 in advance.
b. Trade receivables included a debtor Shri Ashok who paid his entire amount due Rs 9,700.

Choose the appropriate alternative from the given options:

Which of the following is not an activity ratio?

Calculate Inventory Turnover Ratio

Calculate Revenue from operations of BN Ltd. From the following information:

Goods were sold at a profit of 25% on cost.

What will be the amount of gross profit of a firm if its average inventory is ₹ 80,000, Inventory turnover ratio is 6 times, and the Selling price is 25% above cost?

Codification of Accounts required for the purpose of ______.

The 'Inventory Turnover Ratio' from the following information will be:

If revenue from operations is ₹ 9,00,000; gross profit is 25% on cost and operating expenses are ₹ 90,000 the operating ratio will be: