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12th | Financial Statement of a Company| Question No.  1 To 5 | Ts Grewal Solution 2022-2023

Question 1:


What are the major heads in the Equity and Liabilities part of the Balance Sheet as per Schedule III?  

 

Answer:


 

The major heads in the Equities and Liabilities part of the Balance sheet are:

i. Shareholder’s Funds,

ii. Share Application Money Pending Allotment,

iii. Non- Current Liabilities and

iv. Current Liabilities

Balance Sheet

as at_______

Particulars

Note No.

 ( `)

I. Equity and Liabilities

 

 

   1. Shareholders’ Funds

 

 

a. Share Capital

 

 

b. Reserves and Surplus

 

 

c. Money Received against Share Warrants

 

 

   2. Share Application Money Pending Allotment

 

 

   3. Non-Current Liabilities

 

 

  a. Long-term Borrowings

 

 

  b. Deferred Tax Liabilities (Net)

 

 

  c. Other Long-term Liabilities

 

 

  d. Long Term Provisions

 

 

4. Current Liabilities

 

 

a. Short-term Borrowings

 

 

b. Trade Payables

 

 

c. Other Current Liabilities

 

 

d. Short-term Provisions

 

 

Total

 

 

 

Question 2:


Under which major head will the following be shown:

(i) Share Capital; and (ii) Money Received Against Share Warrants?

 

Answer:


 

Items

Major Head

 Share Capital

 Shareholder’s Funds

 Money received against share warrants

 Shareholder’s Funds

 

Question 3:


List any five items that are shown under Reserves and Surplus.

 

Answer:


 

Items shown under Reserves and Surplus are:

i. Capital Reserve,

ii. Capital Redemption Reserve,

iii. Securities Premium Reserve,

iv. Debenture Redemption Reserve,

v. Revaluation Reserve etc.

 

Question 4:


Under which sub-head will the following be classified or shown: 
(i) Long-term Borrowings; (ii) Deferred Tax Liabilities (Net); and (iii) Long-term Provision?

 

Answer:


 

Items

Sub-head

 Long-term Borrowings

 Non-Current Liabilities

 Deferred Tax Liabilities (Net)

 Non-Current Liabilities

 Long-Term Provisions

 Non-Current Liabilities

 

 

 

 

Question 5:


Name the items that are shown under Long-term Borrowings.

 

Answer:


 

Items shown under Long-term Borrowings are:

a. Debentures,

b. Bonds,

c. Terms Loans (both from Banks and from others),

d. Public Deposits,

e. Other Loans and Advances.

 

 

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Ts Grewal Solution 2022-2023

Class 12 / Volume – 3

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