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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
Concept: Statement of Profit and Loss
What is meant by 'Financial Statements' of a company?
Concept: Concept of Financial Statements
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.
Concept: Statement of Profit and Loss
Under which heads the following items will be placed in the Balance Sheet of a company as per Schedule VI part I of the Companies Act, 1956?
(1) Cash in hand
(2) Mining Rights
(3) Short-term deposits
(4) Debenture Redemption Reserve
(5) Income received in advance
(6) The balance of the Statement of Profit and Loss
(7) Office Equipment and
(8) Work-in-progress.
Concept: Statement of Profit and Loss
State any objective of Financial Statement Analysis’.
Concept: Concept of Financial Statements
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.
Concept: Statement of Profit and Loss
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
Concept: Statement of Profit and Loss
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:
- Loans repayable on demand
- Bills Payable
- Patents
Concept: Statement of Profit and Loss
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
- Computer Software
- Balance of forfeited shares account
Concept: Statement of Profit and Loss
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 :
- Goodwill
- Debenture Redemption Reserve
- Licenses and Franchise
Concept: Statement of Profit and Loss
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:
- Cheques-Drafts on hand
- Work-in-Progress
- Balance in Statement of Profit and Loss
Concept: 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:
- Loose tools
- Calls-in-Advance
- Capital Reserve
Concept: Statement of Profit and Loss
‘Freedom to Choose of method of depreciation’ refers to which limitation of financial statement analysis.
Concept: Concept of Financial Statements
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
Concept: Statement of Profit and Loss
What is meant by a 'Common Size Statement'?
Concept: Common-Size Statement
From the following information, prepare a 'Common Size Statement of Profit and Loss' of K K Ltd. for the year ended 31.3.2021 and 31.3.2022:
| Particulars | 31.3.2022 Amount (₹) |
31.3.2022 Amount (₹) |
| Revenue from operations | 20,00,000 | 15,00,000 |
| Other Income | 2,00,000 | 1,50,000 |
| Expenses | 4,00,000 | 3,00,000 |
| Tax Rate 50% |
Concept: Common-Size Statement
From the following information, prepare a 'Common Size Statement of Profit and Loss' of GG Ltd. for the year ended 31.3.2021 and 31.3.2022:
| 31.3.2022 | 31.3.2021 | |
| Revenue from operations | 20,00,000 | 10,00,000 |
| Other Income | 2,00,000 | 1,00,000 |
| Expenses | 15,00,000 | 8,00,000 |
| Tax @ 50% |
Concept: Common-Size Statement
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?
- Bills Receivable
- Securities premium reserve
- Calls in advance
Concept: Concept of Financial Statement Analysis
It is technique which involves regrouping of data by application of arithmetical relationships. Identify the technique and state any two advantages of the technique identified.
Concept: Concept of Financial Statement Analysis
From the information extracted from the statement of Profit & Loss of Zee Ltd for the year ended 31st March 2022 and 31st March 2023, prepare a common size statement of profit & loss:
| Particulars | Note No. | 2022-23 (₹) | 2021-22 (₹) |
| Revenue from operations |
8,00,000 | 10,00,000 | |
| Gross Profit | 60% | 70% | |
| Other Expenses | 2,20,000 | 2,60,000 | |
| Tax Rate | 50% | 50% |
Concept: Common-Size Statement
