commercemine.com

12th |  Financial Statement of a Company | Question No.  11 To 15 | Ts Grewal Solution 2022-2023

Question 11:


Classify the following items under major head and sub-head (if any) in the Balance Sheet of a company as per Schedule III of the Companies Act, 2013: (i) Capital Work-in-Progress: (ii) Provision for Warranties; (iii) Income received in Advance; and (iv) Capital Advances

 

Answer:


 

Item

Major Head

Sub-Head

Capital Work-in-Progress

Non-Current Assets

Fixed Assets- Capital Work-in-Progress

Provision for Warranties

Non-Current Liabilities

Long Term Provisions

Income Received in Advance

Current Liabilities

Other Current Liabilities

Capital Advances

Non-Current Assets

Long Term Loans & Advances

 

Question 12. Under which major heads and sub-heads will the following items be placed in the Balance Sheet of the company as per Schedule 11, Part I of the Companies Act, 2013?


(i) Debentures with maturity period in current financial year

(ii) Securities Premium Reserve

(ii) Provident Fund

(CBSE Sample Paper 2022)

Answer:


S. No.

Item

Major Head

Sub-head

(i)

Debentures with maturity period in

current financial year

Current Liabilities

 

Other Current Liabilities

(ii)

Securities Premium Reserve

Shareholders' Funds

Reserves and Surplus

(iii)

Provident Fund

Non-current Liabilities

Long-term Provisions

 

 

Question 13:


Under which major head and sub-head of the Assets part of the Balance Sheet will the following be shown:

(i) Intangible Assets; (ii) Intangible Assets under Development; (iii) Investments (more than 12 months); (iv) Deferred Tax Assets (Net); (v) Stores and Spares; and (vi) Loose Tools?

 

Answer:


 

Items

Main head

Sub-head

 Intangible Assets

 Non-Current Assets

 Fixed Assets

 Intangible Assets under development

 Non-Current Assets

 Fixed Assets

 Investments (more than 12 months)

 Non-Current Assets

 Non-Current Investments

 Deferred Tax Assets (Net)

 Non-Current Assets

 Deferred Tax Assets (Net)

 Stores and Spares

 Current Assets

 Inventories

 Loose Tools

 Current Assets

 Inventories

 

 

Question 14:


Under which heads the following items on the Assets part of the Balance Sheet of a company will be presented?
  
 

(i) Sundry Debtors;

(ii) Patents and Trademarks; 

(iii) Shares in Quoted Companies:

(iv) Advances recoverable in cash; 

(v) Prepaid Insurance; and 

(vi) Work-in-Progress (Machinery)?

 

Answer:


 

Items

Main head

Sub-head

 Sundry Debtors

 Current Assets

 Trade Receivables

 Patents and Trade Marks

 Non-Current Assets

 Fixed Assets (Intangible Assets)

 Shares in Quoted Companies

 Non-Current Assets

 Non-Current Investments

 Advance Recoverable in Cash

 Current Assets

 Short-term Loans and Advances

 Prepaid Insurance

 Current Assets

 Other Current Assets

 Work-in-Progress (Machinery)

 Non-Current Assets

 Fixed Assets (Capital Work-in-progress)

 

Question 15:


Under which of the major heads will the following items be shown while preparing Balance Sheet of a company, as per Schedule III of the Companies Act, 2013:

(i) Unamortised Loss on Issue of Debentures (To be written off after 12 months from the date of Balance Sheet);

(ii) 10% Debentures;

(iii) Stock-in-Trade;

(iv) Cash at Bank;

(v) Bills Receivable;

(vi) Goodwill;

(vii) Loose Tools;

(viii) Truck;

(ix) Provision for Tax; and

(x) Sundry Creditors?

 

Answer:


 

ITEMS

HEAD

SUB-HEAD

 Unamortised Loss on Issue of
 Debentures (To be written off
 after 12 months from date of
 Balance sheet)

 Non-Current Assets

 Other Non-Current Assets

 10% Debentures

 Non-Current Liabilities

 Long-term Borrowings

 Stock-in-Trade

 Current Assets

 Inventories

 Cash at Bank

 Current Assets

 Cash and Cash equivalents

 Bills Receivable

 Current Assets

 Trade Receivables

 Goodwill

 Non-Current Assets

 Fixed Assets (Intangible Assets)

 Loose Tools

 Current Assets

 Inventories

 Truck

 Non-Current Assets

 Fixed Assets (Tangible Assets)

 Provision for Tax

 Current Liabilities

 Short term Provisions

 Sundry Creditors

 Current Liabilities

 Trade Payables

 

Click below for more Questions

Ts Grewal Solution 2022-2023

Class 12 / Volume – 3

Click on below links for 

12th TS Grewal’s Accountancy Solutions

Ts Grewal Solution 2022-2023

Ts Grewal Solution 2021-2022

Ts Grewal Solution 2020-2021