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Question
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.
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Solution
| Item | Heading | Sub-heading |
| Prepaid Insurance | Current Assets | Other Current Assets |
| Investments in Debentures | Non-Current assets | Non-Current Investments |
| Calls-in-arrears | Shareholder's Funds | Share Capital: Notes to Accounts |
| Unpaid Dividend | Current liabilities | Other Current Liabilities |
| Capital Reserve | Shareholder’s Funds | Reserves and Surplus |
| Loose Tools | Current assets | Inventories |
| Capital work-in-progress | Non-Current Assets | Fixed Assets |
| Patents being developed by the company | Non-Current Assets | Intangible Assets under development |
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| 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.
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.
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 |
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:
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(ii) Income Tax Rs 5,000 has been paid in advance during the year.
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- Loans repayable on demand
- Bills Payable
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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?
- Income received in advance
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- Licenses and Franchise
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- Cheques-Drafts on hand
- Work-in-Progress
- Balance in Statement of Profit and Loss
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