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What is meant by 'Financial Statements' of a company?

[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements

State the objectives of 'Analysis of Financial Statements'.

[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements

Financial Statements are prepared following the constituent accounting concepts principles procedures and also the legal environment in which the business organisation operate. These statements are the source of information on the basis of which conclusions are drawn about the profitability and financial position of a company so that their users can easily understand and use them in their economic decisions in a meaningful way.

From the above statements identify any two values that a company should observe while preparing its financial statements. Also, State under which major headings and sub-headings the following items will be presented in the Balance Sheet of a company as per Schedule III of the Companies Act 2013

(1) Capital Reserve
(2) Calls-in-Advance
(3) Loose Tools
(4) Bank overdraft

[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements

Short Answer Question

State the meaning of financial statements?

[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements

Long Answer Question

Prepare the format of balance sheet and explain the various elements of balance sheet.

[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements

Long Answer Question

Explain the process of preparing income statement and balance sheet.

[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements

Show the following items in the balance sheet as per the provisions of the Companies Act, 2013 in Schedule III:

Particulars  Rs. Particulars  Rs.
Preliminary Expenses 2,40,000 Good will 30,000
Discount on issue of shares 20,000 Loose tools 12,000
10% Debentures 2,00,000 Motor Vehicles 4,75,000
Stock in Trade 1,40,000 Provision for tax 16,000
Cash at bank 1,35,000    
Bills receivable 1,20,000  
[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements

From the following information prepare the balance sheet of Gitanjali Ltd., as per the (Revised) Schedule VI:

Inventories Rs. 14,00,000; Equity Share Capital Rs. 20,00,000; Plant and Machinery Rs. 10,00,000; Preference Share Capital Rs. 12,00,000; Debenture Redemption Reserve Rs. 6,00,000; Outstanding Expenses Rs. 3,00,000; Proposed Dividend Rs. 5,00,000; Land and Building Rs. 20,00,000; Current Investments Rs. 8,00,000; Cash Equivalent Rs. 10,00,000; Short term loan from Zaveri Ltd. (A Subsidiary Company of Twilight Ltd.) Rs. 4,00,000; Public Deposits Rs. 12,00,000.

[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements

From the following information prepare the balance sheet of Jam Ltd. as per the (revised) Schedule VI:

Inventories Rs. 7,00,000; Equity Share Capital Rs. 16,00,000; Plant and Machinery Rs. 8,00,000; Preference Share Capital Rs. 6,00,000; General Reserves Rs. 6,00,000; Bills payable Rs. 1,50,000; Provision for taxation Rs. 2,50,000; Land and Building Rs. 16,00,000; Noncurrent Investments Rs. 10,00,000; Cash at Bank Rs. 5,00,000;Creditors Rs. 2,00,000; 12% Debentures Rs. 12,00,000.

[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements

Prepare the balance sheet of Jyoti Ltd. as at March 31, 2017 from the following information:

Building Rs. 10,00,000; Investments in the shares of Metro Tyers Rs. 3,00,000; Stores & Spares Rs. 1,00,000; Discount on issue of 10% debentures Rs. 10,000; Statement of Profit and Loss (Dr.) Rs. 90,000; 5,00,000 Equity Shares of Rs. 20 each fully paid-up; Capital Redemption Reserve Rs. 1,00,000; 10% Debentures Rs. 3,00,000; Unpaid dividends Rs. 90,000; Share options outstanding account Rs. 10,000.

[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements

Brinda Ltd. has furnished the following information:

(a) 25,000, 10% debentures of Rs. 100 each;

(b) Bank Loan of Rs. 10,00,000 repayable after 5 years;

(c) Interest on debentures is yet to be paid.

Show the above items in the balance sheet of the company as at March 31, 2017.

[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements

Prepare a balance sheet of Black Swan Ltd., as at March 31, 2017 form the following information:

General Reserve : 3,000
10% Debentures : 3,000
Statement of Profit & Loss : 1,200
Depreciation on fixed assets : 700
Gross Block : 9,000
Current Liabilities : 2,500
Preliminary Expenses : 300
6% Preference Share Capital : 5,000
Cash & Cash Equivalents : 6,100
[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements

What are the major heads in the Equity and Liabilities part of the Balance Sheet as per Schedule III?  

[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements

Under which major head will the following be shown:

(i) Share Capital; and (ii) Money Received Against Share Warrants?

[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements

List any five items that are shown under Reserves and Surplus.

[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements

Under which sub-head will the following be classified or shown: 
(i) Long-term Borrowings;

(ii) Deferred Tax Liabilities (Net); and

(iii) Long-term Provision?

[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements

Name the itmes that are shown under Long-term Borrowings.

[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements

A company has an opening credit balance in Surplus, i.e., Balance in Statement of Profit and Loss of ₹ 1,00,000. During the year, it earned a profit of ₹ 75,000. It decided to transfer ₹ 15,000 to Debentures Redemption Reserve (DRR) and also proposed to pay dividend of ₹ 25,000.
How will be the appropriations shown in the financial statements? 

[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements

State giving reason whether Trade Receivables are classified as Current Assets or Non-current Assets in the Balance Sheet of a Company as per Schedule III of the Companies Act, 2013 in the following cases. 

Case Operating cycle Period (months) Expected realization period (months)
1 10 11
2 10 12
3 10 13
4 14 13
5 15 16
[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements

State giving reason whether Trade Payables are classified as Current Liabilities or Non-current Liabilities in the Calance Sheet of a Company as per Schedule III of the Companies Act, 2013 in the following cases:

Case

Operating Cycle Period (Months) 

Expected Payment Period (Months

10

11

2

10

12

3 10 13
4 14 13
5

15

16

[2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Chapter: [2.01] Financial Statements of Sole Proprietorship: from Complete and Incomplete Records
Concept: Concept of Financial Statements
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