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Question
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.
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Solution
Heading and subheading under which vehicles are shown in balance sheet:
- Heading: Non-current Assets
- Subheading: Fixed Assets - Tangible Assets
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RELATED QUESTIONS
List any four items that are shown under the sub-heading 'Cash and Cash Equivalents' as per Schedule III of the Companies Act, 2013.
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:
- Accrued Incomes
- Loose Tools
- Provision for employees benefits
- Unpaid dividend
- Short-term loans
- 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
| Balance Sheet of Sameer, Yasmin and Saloni as at 31.3.2016 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Creditors | 1,10,000 | Cash | 80,000 | ||
| General Reserve | 60,000 | Debtors | 90,000 | 80,000 | |
| Capitals: | 7,00,000 | Less: Provision | 10,000 | ||
| Sameer | 3,00,000 | Stock | 1,00,000 | ||
| Yasmin | 2,50,000 | Machinery | 3,00,000 | ||
| Saloni | 1,50,000 | Building | 2,00,000 | ||
| Patents | 60,000 | ||||
| Profit and Loss Account | 50,000 | ||||
| 8,70,000 | 8,70,000 | ||||
On the above date, Sameer retired and it was agreed that:
- 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.
- An unrecorded creditor of 20,000 will be recorded.
- Patents will be completely written off and 5% depreciation will be charged on stock, machinery and building.
- Yasmin and Saloni will share future profits in the ratio of 3 : 2.
- Goodwill of the firm on Sameer’s retirement was valued at ₹ 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.
From the followings Balances Sheet of Vikas Ltd. as on 31.3.2009 and 31.3.2010, prepare a Cash Flow Statement:
|
Liabilities |
31-3-2009 Rs |
31-3-2010 Rs |
Assets |
31-3-2009 Rs |
31-3-2010 Rs |
|
Share Capital |
30,000 |
1,30,000 |
Fixed Assets |
93,400 |
1,66,000 |
|
General Reserve |
30,000 |
55,000 |
Stock |
22,000 |
26,000 |
|
Profit and Loss Account |
20,000 |
30,000 |
Debtors |
36,000 |
39,000 |
|
Trade Creditors |
17,400 |
22,000 |
Cash |
4,000 |
5,000 |
|
|
|
|
Preliminary Expenses |
2,000 |
1,000 |
|
|
1,57,400 |
2,37,000 |
|
1,57,400 |
2,37,400 |
|
|
|
|
|
|
|
Additional Information:
(i) Depreciation charged on fixed assets for the year 2009-2010 was Rs 20,000
(ii) Income Tax Rs 5,000 has been paid in advance during the year.
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
(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.
- Current maturities of long-term debts
- Furniture and Fixtures
- Provision for Warranties
- Income received in advance
- Capital Advances
- 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 of the Companies Act 2013.
- Loose Tools
- Loan repayable on demand
- Provision for Retirement benefits
- Pre-paid Insurance
- Capital advances
- Shares in Listed Companies
