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12th |  Financial Statement of a Company | Question No.  21 To 25 | Ts Grewal Solution 2022-2023

 

Question 21:


How are the following items shown while preparing Balance Sheet of a company:
(i) Surplus, i.e., Balance in Statement of Profit and Loss (Dr.);
(ii) Interest accrued and due on Debentures;
(iii) Computer Software under development;
(iv) Interest accrued on Investment?

 

Answer:


 

ITEMS

MAJOR HEAD

SUB-HEAD

 Surplus, i.e. Balance in Statement
 of Profit and Loss (Dr.)

 Shareholder’s Funds

 Reserves and Surplus (as
 negative figure)

 Interest accrued and due on
 debentures

 Current Liabilities

 Other Current Liabilities

 Computer Software under
 development

 Non-current Assets

 Fixed Assets (Intangible Assets
 under development)

 Interest accrued on Investments

 Current Assets

 Other Current Assets

 

Question 22: Under which heads and sub-heads will be the following items shown in the Balance Sheet of a Company as per Schedule l, Part I of the Companies Act, 2013?


(i) Securities Premium Reserve

(ii) Interest accrued and due on secured loans

(iii) Cash and Bank balance

(iv) Interest accrued but not due

(v) Building

(vi) Mining Rights

(vii) Sundry Debtors

(vii) Sundry Creditors

(ix) Premium on Redemption of Debentures

(x) Provision for Tax

 

Answer:


S. No.

Major Head

Sub-head

(i)

Shareholders' Funds

Reserves and Surplus

(ii)

Current Liabilities

Other Current Liabilities

(ii)

Current Assets

Cash and Cash Equivalents

(iv)

Current Liabilities

Other Current Liabilities

(v)

Non-current Assets

Property, Plant and Equipment

(Fixed Assets)-Tangible Assets

(vi)

Non-current

Assets Property, Plant and Equipment

(Fixed Assets)-Intangible Assets

(vii)

Current Assets

Trade Receivables

(vii)

Current Liabilities

Trade Payables

(ix)

Non-current Liabilities

Other Long-term Liabilities

(x)

Current Liabilities

Short-term Provisions

 

 

 

 

Question 23:


Prepare Balance Sheet of the Company as per Schedule III of the Companies Act, 2013:

 `

10% Debentures of  ` 100 each

1,90,000

Stock-in-Trade (inventories)

40,000

Goodwill 

20,000

Provision for Tax

60,000

Totalling of Balance Sheet is not required

 

Answer:


Balance Sheet

as at …

Particulars

Note No.

Amount

( `)

I. Equity and Liabilities

 

 

1. Shareholders’ Funds

 

2. Non-Current Liabilities

 

 

Long-term Borrowings

1

1,90,000

3. Current Liabilities

 

 

Short-term Provisions

2

6,000

Total                                              

 

 

II Assets

 

 

1. Non-Current Assets

 

 

Intangible (Fixed Assets)

3

20,000

2. Current Assets

 

 

a. Inventories

4

40,000

Total

 

 

 

NOTES TO ACCOUNTS

Note No.

Particulars

Amount

( `)

1

Long-term Borrowings

 

 

10% Debentures

1,90,000

 

 

 

2

Short-term Provisions

 

 

Provision for Tax

6,000

 

 

 

3

Intangible (Fixed Assets)

 

 

Goodwill

20,000

 

 

 

4

Inventories

 

 

Stock-in-Trade

40,000

 

 

 

 

Question 24:


Prepare Balance Sheet of VT Ltd. as at 31st March 2022, from the following information as per Schedule III, Part I of the Companies Act, 2013:
 

 

 `

 

 

 `

General Reserve

3,000

 

Fixed Assets: Tangible Assets (Cost)

9,000

8% Debentures

3,000

 

Other Current Liabilities

2,500

Surplus, i.e., Balance in Statement of Profit and Loss (Credit)

1,200

 

Share Capital

5,000

Depreciation of Fixed Assets

700

 

Other Current Assets

6,400

Answer:


Balance Sheet

as at March 31, 2022

Particulars

Note No.

 ( `)

I Equity and Liabilities

 

 

1. Shareholders’ Funds

 

 

a. Share Capital

1

5,000

b. Reserves and Surplus

2

4,200

2. Non-Current Liabilities

 

 

Long-term Borrowings

3

3,000

3. Current Liabilities

 

 

Other Current Liabilities

 

2,500

Total

 

14,700

II Assets

 

 

1. Non-Current Assets

 

 

Fixed Assets (Tangible Assets)

4

8,300

2. Current Assets

 

 

Other Current Assets

 

6,400

Total

 

14,700

 

NOTES TO ACCOUNTS

Note No.

Particulars

 ( `)

1

Share Capital

 

 

Share Capital

5,000

 

 

 

2

Reserves and Surplus

 

 

General Reserve

3,000

 

Balance in Statement of Profit and Loss (Credit)

1,200

 

 

4,200

 

 

 

3

Long-term Borrowings

 

 

8% Debentures

3,000

 

 

 

4

Fixed Assets

 

 

Tangible Assets (Cost)

9,000

 

 

Depreciation

(700)

8,300

 

 

 

 

Question 25:


From the following information extracted from the books of Howrach Ltd., prepare Balance Sheet of the company as at 31st March, 2022 as per Schedule III of the Companies Act, 2013:

 

( ` in '000)

 

( ` in '000)

Long-term Borrowings

1,000

 Fixed Assets (Tangible)

1,600

Trade Payable

60

 Inventories

40

Share Capital

800

 Trade Receivables

160

Reserves and Surplus

180

 Cash and Cash Equivalents

240

Answer:


Balance Sheet of Howrach Ltd.

as at March 31, 2022

Particulars

Note No.

 ( ` in ‘000)

I. Equity and Liabilities

 

 

1. Shareholders’ Funds

 

 

a. Share Capital

 

800

b. Reserves and Surplus

 

180

2. Non-Current Liabilities

 

 

Long-term Borrowings

 

1,000

3. Current Liabilities

 

 

Trade Payables

 

60

Total

 

2,040

II. Assets

 

 

1. Non-Current Assets

 

 

Fixed Assets (Tangible Assets)

 

1,600

2. Current Assets

 

 

Inventories

 

40

Trade Receivables

 

160

Cash and Cash Equivalents

 

240

Total

 

2,040

 

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Class 12 / Volume – 3

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