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 |
Shareholder’s
Funds |
Reserves
and Surplus (as |
|
Interest
accrued and due on |
Current
Liabilities |
Other
Current Liabilities |
|
Computer
Software under |
Non-current
Assets |
Fixed
Assets (Intangible Assets |
|
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 |
Click below for more Questions
Ts Grewal Solution 2022-2023
Class 12 / Volume – 3
Chapter 1 – Financial Statement of a Company
Question No. 1 To 5
Question No. 6 To 10
Question No. 11 To 15
Question No. 16 To 20
Question No. 21 To 25
Question No. 26 To 30
Question No. 31 To 33
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12th TS Grewal’s Accountancy Solutions