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NCERT solutions for Class 12 Accountancy chapter 3 - Financial Statements of a Company

Ncert Class 12 Accountancy - Company Accounts and Analysis of Financial Statements

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NCERT Ncert Class 12 Accountancy - Company Accounts and Analysis of Financial Statements

Ncert Class 12 Accountancy - Company Accounts and Analysis of Financial Statements - Shaalaa.com

Chapter 3: Financial Statements of a Company

Short Answer QuestionLong Answer QuestionNumerical Questions

Chapter 3: Financial Statements of a Company Exercise Short Answer Question solutions [Pages 162 - 163]

Short Answer Question | Q 1 | Page 162

Short Answer Question

State the meaning of financial statements?

Short Answer Question | Q 2 | Page 162

Short Answer Question

What are limitations of financial statements?

Short Answer Question | Q 3 | Page 162

Short Answer Question

List any three objectives of financial statements?

Short Answer Question | Q 4 | Page 162

Short Answer Question

State the importance of financial statements to
   (i) shareholders
   (ii) creditors
   (iii) government
   (iv) investors

Short Answer Question | Q 5 | Page 163

Short Answer Question

How will you disclose the following items in the Balance Sheet of a company:

(i) Loose Tools

(ii) Uncalled liability on partly paid-up shares

(iii) Debentures Redemption Reserve

(iv) Mastheads and publishing titles

(v) 10% debentures

(vi) Proposed dividends

(vii) Share forfeited account

(viii) Capital Redemption Reserve

(ix) Mining Rights

(x) Work-in-progress

Chapter 3: Financial Statements of a Company Exercise Long Answer Question solutions [Page 163]

Long Answer Question | Q 1 | Page 163

Long Answer Question

Explain the nature of the financial statements.

Long Answer Question | Q 2 | Page 163

Long Answer Question

Explain in detail about the significance of the financial statements

Long Answer Question | Q 3 | Page 163

Long Answer Question

Explain the limitations of financial statements.

Long Answer Question | Q 4 | Page 163

Long Answer Question

Prepare the format of statement of Profit and Loss and explain its items.

Long Answer Question | Q 5 | Page 163

Long Answer Question

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

Long Answer Question | Q 6 | Page 163

Long Answer Question

Explain how financial statements are useful to the various parties who are interested in the affairs of an undertaking?

Long Answer Question | Q 7 | Page 163

Long Answer Question

`Financial statements reflect a combination of recorded facts, accounting conventions and personal judgments’ discuss.

Long Answer Question | Q 8 | Page 163

Long Answer Question

Explain the process of preparing income statement and balance sheet.

Chapter 3: Financial Statements of a Company Exercise Numerical Questions solutions [Pages 163 - 165]

Numerical Questions | Q 1 | Page 163

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  
Numerical Questions | Q 2 | Page 164

On 1st Aril, 2017, Jumbo Ltd. issued 10,000; 12% debentures of Rs. 100 each a discount of 20%, redeemable after 5 years. The company decided to write-off discount on issue of such debentures over the life time of the Debentures. Show the items in the balance sheet of the company immediately after the issue of these debentures.

Numerical Questions | Q 3 | Page 164

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.

Numerical Questions | Q 4 | Page 164

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.

Numerical Questions | Q 5 | Page 164

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.

Numerical Questions | Q 6 | Page 164

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.

Numerical Questions | Q 7 | Page 165

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

Chapter 3: Financial Statements of a Company

Short Answer QuestionLong Answer QuestionNumerical Questions

NCERT Ncert Class 12 Accountancy - Company Accounts and Analysis of Financial Statements

Ncert Class 12 Accountancy - Company Accounts and Analysis of Financial Statements - Shaalaa.com

Textbook solutions for Class 12






















NCERT solutions for Class 12 Accountancy chapter 3 - Financial Statements of a Company

NCERT solutions for Class 12 Accountancy chapter 3 (Financial Statements of a Company) include all questions with solution and detail explanation. This will clear students doubts about any question and improve application skills while preparing for board exams. The detailed, step-by-step solutions will help you understand the concepts better and clear your confusions, if any. Shaalaa.com has the CBSE Ncert Class 12 Accountancy - Company Accounts and Analysis of Financial Statements solutions in a manner that help students grasp basic concepts better and faster.

Further, we at Shaalaa.com provide such solutions so that students can prepare for written exams. NCERT textbook solutions can be a core help for self-study and acts as a perfect self-help guidance for students.

Concepts covered in Class 12 Accountancy chapter 3 Financial Statements of a Company are Limitations of Financial Statements, Uses and Importance of Financial Statements, Types of Financial Statements, Role and Objectives of Financial Management, Nature of Financial Statements, Concept of Financial Statements.

Using NCERT Class 12 solutions Financial Statements of a Company exercise by students are an easy way to prepare for the exams, as they involve solutions arranged chapter-wise also page wise. The questions involved in NCERT Solutions are important questions that can be asked in the final exam. Maximum students of CBSE Class 12 prefer NCERT Textbook Solutions to score more in exam.

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