List Any Four Items that Are Shown Under the Sub-heading 'Cash and Cash Equivalents' as per Schedule Iii of the Companies Act, 2013. - Accountancy

Advertisements
Advertisements

List any four items that are shown under the sub-heading 'Cash and Cash Equivalents' as per Schedule III of the Companies Act, 2013.

Advertisements

Solution

Cash and Cash Equivalents include the following items.

i. Balances with Bank

ii. Cheques and drafts-on-hand

iii. Cash on hand

iv. Others, including any short term investments

Concept: Statement of Profit and Loss and Balance Sheet in the Prescribed Form with Major Headings and Sub Headings
  Is there an error in this question or solution?
2015-2016 (March) Foreign Set 1

RELATED QUESTIONS

Under which major sub-headings the following items will be placed in the Balance Sheet of a company as per revised Schedule-VI, Part-I of the Companies Act, 1956:

  1. Accrued Incomes
  2. Loose Tools
  3. Provision for employees benefits
  4. Unpaid dividend
  5. Short-term loans
  6. Long-term loans.

List any four items of 'reserves' that are shown under the heading 'Reserves and Surplus' in the Balance Sheet of a company as per schedule Ill of the Companies Act 2013


NK Ltd., a truck manufacturing company, is registered with an authorised capital of Rs 1,00,00,000 divided into equity shares of Rs 100 each. The subscribed and paid up capital of the company is Rs 50,00,000. The company decided to open technical schools in the Jhalawar district of Rajasthan to train the specially-abled children of the area. It is planning to provide them employment in its various production units and industries in the neighbourhood area.

To meet the capital expenditure requirements of the project, the company offered 20,000 shares to the public for subscription. The shares were fully subscribed and paid.
Present the share capital in the Balance Sheet of the company as per the provisions of Schedule III of the Companies Act, 2013. Also, identify any two values that the company wants to communicate.


Prepare a common size Balance Sheet of KJ Ltd. from the following information:

Particular Note
No.

31-3-2017

Rs

31-3-2016

Rs

I. Equity and Liabilities

   1. Shareholders' Funds

   2. Non-current Liabilities

   3. Current Liabilities

Total

II. Assets

   1. Non- Current Assets

   2. Current Assets

Total

 

 

8,00,000

5,00,000

3,00,000

16,00,000

 

10,00,000

6,00,000

16,00,000

4,00,000

2,00,000

2,00,000

8,00,000

 

5,00,000

3,00,000

8,00,000

 


C and D are the partner in a firm sharing profits in the ratio of 4:1. On 31.3.2016 their Balance Sheet was as follows :

Balance Sheet of C and D
As on 31.3.2016
Liabilities Rs Assets Rs

Sundry Creditors

Provision for Bad debts

Outstanding Salary

General Reserve

 

Capitals

C             1,20,000

D                80,000

40,000

4,000

6,000

10,000

 

 

 

2,00,000

Cash

Debtors

Stock

Furniture

Plant and Machinery

 

 

 

24,000

36,000

40,000

80,000

80,000

 

 

 

  2,60,000   2,60,000

On the above date, E was admitted for 1/4 th share in the profits on the following terms:

1) E will bring 1, 00,000 as his capital and 20,000 for his share of goodwill premium half of which will be withdrawn by C and D.

2) Debtors 2,000 will be written off as bad debts and a provision of 4% will be created on debtors for bad debts and doubtful debts

3) The stock will be reduced by Rs 2,000, furniture will be depreciated by Rs 4,000 and 10% depreciation will be charged on plant and machinery

4) Investments of 7,000 not shown in the Balance Sheet will be taken into account.

5) There was an outstanding repairs bill of Rs 2,300 which will be recorded in the books.

Pass necessary journal entries for the above transactions in the books of the firm on E’s admission.


Balance Sheet of Sameer, Yasmin and Saloni
As on 31.3.2016
Liabilities Rs Assets Rs

Creditors

General Reserve

Capitals:

   Sameer         3,00,000

   Yasmin          2,50,000

   Saloni           1,50,000

 

 

1,10,000

60,000

 

 

 

7,00,000

 

 

Cash

Debtors                90,000

Less: Provision     10,000

Stock

Machinery

Building

Patents

Profit and Loss Account

80,000

 

80,000

1,00,000

3,00,000

2,00,000

60,000

50,000

  8,70,000   8,70,000

On the above date, Sameer retired and it was agreed that:

1) Debtors of 4,000 will be written off as bad debts and a provision of 5% on debtors for bad and doubtful debts will be maintained

2) An unrecorded creditor of 20,000 will be recorded.

3) Patents will be completely written off and 5% depreciation will be charged on stock, machinery and
building.

4) Yasmin and Saloni will share future profits in the ratio of 3:2

5) Goodwill of the firm on Sameer’s retirement was valued at  Rs 5, 40,000.

Pass necessary journal entries for the above transactions in the books of the firm on Sameer’s retirement


From the following Balance Sheet as SRS Ltd and the additional information as in 31.3.2016, prepare a Cash Flow Statements :

Balance Sheet of SRS Ltd as at 31-3-2016
Particulars Note
No.

31-03-2016

Rs

31-03-2015

Rs

I. Equity and Liabilities

   1. Shareholder’s Funds

       (a) Share Capital

       (b) Reserve and Surplus

   2. Non - Current Liabilities

      (a) Long-term borrowings

   3. Current Liabilities

      (a) Short-term borrowings

      (b) Short-term provisions

 

 

 

1

 

2

 

3

4

 

 

4,50,000

1,25,000

 

2,25,000

 

75,000

1,00,000

 

 

3,50,000

50,000

 

1,75,000

 

37,500

62,500

Total   9,75,000 6,75,000

II. Assets

    1. Non – Current Assets

       (a) Fixed Assets

           Tangible assets

           Intangible

       (b) Non – Current Investments

    2. Current Assets

     (a) Current Investments

     (b) Inventories

     (c) Cash and Cash

 

 

 

5

6

 

 

 

7

 

 

7,32,500

50,000

75,000

 

20,000

61,000

36,500

 

4,52,500

75,000

50,000

 

35,000

36,000

26,500

Total   9,75,000 6,75,000

 

Note No Particulars

31-3-2016

Rs

31-3-2015

Rs

1

 

Reserve and Surplus

(Surplus i.e. Balance in Statement of Profit and Loss)

1,25,000

 

50,000

 

    1,25,000 50,000

2

 

Long term borrowings :

12 % Debentures

 

2,25,000

 

1,75,000

    2,25,000 1,75,000

3

 

Short-term borrowings :

Bank Overdraft

 

75,000

 

37,500

    75,000 37,500

4

 

Short-term provisions

Provisions for tax

 

1,00,000

 

62,500

    1,00,000 62,500

5

 

 

Tangible Assets

Machinery

Accumulated Depreciation

 

8,37,500

(1,05,000)

 

5,22,500

(70,000)

    7,32,500 4,52,500

6

 

Intangible Assets

Goodwill

 

50,000

 

75,000

    50,000 75,000

7

 

Inventories

Stock in trade

 

61,000

 

36,000

    61,000 36,000

Additional Information:

1) Rs 50,000, 12% debentures were issued on 31.3.2016

2) During the year a piece of machinery costing Rs40,000 on which accumulated depreciation was Rs 20,000 was sold at a loss of Rs 5,000.


Tractors India Ltd. is registered with an authorized capital of Rs10,00,000 divided into 1,00,000 equity shares of Rs 10 each. The company issued 50,000 equity shares at a premium of Rs 5 per share. Rs 2 per share were payable with the application, Rs 8 per share including premium on the allotment and the balance amount on first and final call. The issue was fully subscribed and all the amount due was received except the first and final call money on 500 shares allotted to Balaram. Present the 'Share Capital in the Balance Sheet of Tractors India Ltd. as per Schedule VI Part I of the Companies Act, 1956, Also prepare Notes to Accounts for the same.


Following is the Balance Sheets of Solar Power Ltd as at 31.3.2014 :

Solar Power Ltd.
Balance Sheet
Particulars Note
No.

31-3-2014

Rs

31-3-2014

Rs

I. Equity and Liabilities

   1. Shareholder’s Funds

     a. Share Capital

     b. Reserve and Surplus

   2. Non - Current Liabilities

     a. Long-term borrowings

  3. Current Liabilities

    a. Trade Payables

    b. Short Term Provisions

 

 

 

24,00,000

6,00,000

 

4,80,000

 

3,58,000

1,00,000

 

 

22,00,000

4,00,000

 

3,40,000

 

4,08,000

1,54,000

Total   39,38,000 35,02,000

II. Assets

1. Non – Current Assets

  a) Fixed Assets

    (i) Tangible assets

    (ii) Intangible

  b) Non – Current Investments

2. Current Assets

  a) Current Investment

  b) Inventories

  c) Trade Receivables

  d)Cash and Cash

 

 

 

21,40,000

80,000

 

 

 

4,80,000

2,58,000

3,40,000

6,40,000

 

 

17,00,000

2,24,000

 

 

 

3,00,000

2,42,000

2,86,000

7,50,000

Total   39,38,000 35,02,000

Notes to Accounts

Note
No
Particulars As On
31-3-2014
As On
31-3-2013

1

 

Reserve and Surplus

(Surplus i.e. Balance in Statement of Profit and Loss)

6,00,000

 

4,00,000

 

2

 

 

Tangible Assets

Machinery

   Less: Accumulated Depreciation

 

25,40,000

(4,00,000)

 

20,00,000

(3,00,000)

3

 

Intangible Assets

Goodwill

 

80,000

 

2,24,0000

Additional Information:-

During the year a piece of machinery, costing Rs 48,000 on which accumulated depreciation was Rs 32,000, was sold at Rs 12,000.

Prepare Cash Flow Statement.


List the items which are shown under the heading current liabilities and provisions as per Schedule VI Part-I of the Companies’ Act,1956.


Prepare a Comparative Income Statement from the following information: 

  Particulars

31.3.2009

Rs

31.3.2010

Rs

Sales

40,000

50,000

Cost of goods sold

30,000

35,000

Wages paid

16,000

14,000

Operating Expenses

2,500

3,000

Other Incomes

2,000

3,000

Income tax

4,750

7,500

 


Name an item which is never shown on the ‘Payments’ side of ‘Receipts and Payments Account’, but is shown as an Expenses while preparing ‘Income and Expenditure Account’  


State under which major headings and sub-headings will the following items be presented in the Balance Sheet of a company as per Schedule-III, Part-I of the Companies Act, 2013.
(i) Prepaid Insurance
(ii) Investments in Debentures
(iii) Calls-in-arrears
(iv) Unpaid dividend
(v) Capital Reserve
(vi) Loose Tools
(vii) Capital work-in-progress
‚Äč(viii) Patents being developed by the company.


Classify the following items under Major heads and Sub-head (if any) in the Balance Sheet of a Company as per schedule III of the Companies Act 2013.

  1. Current maturities of long-term debts
  2. Furniture and Fixtures
  3. Provision for Warranties
  4. Income received in advance
  5. Capital Advances
  6. Advances recoverable in cash within the operation cycle

Classify the following items under major heads and sub-heads (if any) in the balance sheet of a company as per Schedule III, part I of the Companies Act, 2013:

  1. Loans repayable on demand
  2. Bills Payable
  3. Patents

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

Mention the heading and sub-heading under which Vehicles are shown in the Balance Sheet of a company prepared as per Schedule III of the Companies Act, 2013.


Share
Notifications



      Forgot password?
Use app×