HSC Commerce Class 12 - Tamil Nadu Board of Secondary Education Question Bank Solutions for Accountancy

At the time of forfeiture, share capital account is debited with

After the forfeited shares are reissued, the balance in the forfeited shares account should be transferred to

Match the pair and identify the correct option.

(1) Under subscription – (i) Amount prepaid for calls
(2) Over subscription – (ii) Subscription above the offered shares
(3) Calls in arrear – (iii) Subscription below the offered shares
(4) Calls in advance - (iv) Amount unpaid on calls

Which of the following statements is not true?

Balance sheet provides information about the financial position of a business concern

The term fund’ refers to

Short Answer Question

State the meaning of financial statements?

What is meant by incomplete records?

The financial statements do not exhibit

Which of the following statement is not true?

Expenses for a business for the first year were ₹ 80,000. In the second year, it was increased to ₹ 88,000. What is the trend percentage in the second year?

‘Financial statements are prepared based on past data’. Explain how this is a limitation.

Briefly explain any three limitations of financial statements.

Incomplete records are generally maintained by ______________.

The excess of assets over liabilities is ________.

Which one of the following statements is not true in relation to incomplete records?

What are the features of incomplete records?

Receipts and payments account is a _________.

Receipts and payments account records receipts and payments of _____________.

Balance of receipts and payments account indicates the _________.