Analysis
Of Financial Statements Ts Grewal 2021-2022
for
Class 12 Commerce | Accountancy
Chapter
1 - Financial Statements Of A Company
Page No 1.63:
Question 16:
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) |
Page No 1.63:
Question 17:
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 |
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 |
Page No 1.63:
Question 18:
Under which heads will the following items be shown in the Balance
Sheet of a Company
(i)
Bank Balance; |
(ii)
Investments (Long-term); |
(iii)
Outstanding Salary; |
(iv)
Authorised Capital; |
(v)
Bills Payable; |
|
(vi)
Unclaimed Dividents; |
(vii)
Shares Option Outstanding Account; |
|
(viii)
General Reserve; and |
(ix)
Subsidy Reserve? |
Answer:
S. No. |
Items |
Main Head |
Sub-Head |
1 |
Bank Balance |
Current Assets |
Cash and Cash Equivalents |
2 |
Investments (Long-term) |
Non-Current Assets |
Non-Current Investments |
3 |
Outstanding Salary |
Current Liabilities |
Other Current Liabilities |
4 |
Authorised Capital |
Shareholder's Fund |
Share Capital |
5 |
Bills Payable |
Current Liabilities |
Trade Payables |
6 |
Unclaimed Dividends |
Current Liabilities |
Other Current Liabilities |
7 |
Share Option Outstanding Account |
Shareholders’ Funds |
Reserves and Surplus |
8 |
General Reserve |
Shareholders’ Funds |
Reserves and Surplus |
9 |
Subsidy Reserve |
Shareholders’ Funds |
Reserves and Surplus |
Page No 1.64:
Question 19:
Under which heads the following items are shown in the Balance Sheet of a company:
(i)
Calls-in-Arrears; |
(ii)
Commission Received in Advance; |
(iii)
Debentures; |
(iv)
Stores and Spare Parts; |
(v)
Land and Building; |
(vi)
Forfeited Shares Account? |
Answer:
S. No. |
Items |
Main Head |
Sub-Head |
1 |
Calls-in-Arrears |
Shareholder's Funds |
Share Capital (i.e. as a deduction from subscribed share capital) |
2 |
Commission Received in Advance |
Current Liabilities |
Other Current Liabilities |
3 |
Debentures |
Non-Current Liabilities |
Long-term Borrowings |
4 |
Stores and Spare Parts |
Current Assets |
Inventories |
5 |
Land and Building |
Non-Current Assets |
Fixed Assets (Tangible Assets) |
6 |
Forfeited Shares Account |
Shareholder's Funds |
Share Capital (i.e. as an addition to subscribed share capital) |
|
|
|
|
Page No 1.64:
Question 20: Under which major heads and sub-heads will the following items be presented in the Balance Sheet of the company as per Schedule Il, Part I of the Companies Act, 2013?
(i) Bank Overdraft
(ii) Subsidy Reserve
(iii) Capital Redemption Reserve
(iv) Mining Rights
(v) Patents
(vi) Debit balance in the Statement of Profit and Loss
(vii) Debenture Redemption Reserve
(vii) Provision for Taxation
(CBSE 2019)
Answer:
S. No. |
Item |
Major Head |
Sub-head |
(i) |
Bank Overdraft |
Current Liabilities |
Short-term Borrowings |
(ii) |
Subsidy Reserve |
Shareholders' Funds |
Reserves and Surplus |
(iii) |
Capital Redemption Reserve |
Shareholders' Funds |
Reserves and Surplus |
(iv) |
Mining Rights |
Non-current Assets |
Property, Plant and Equipment (Fixed Assets)-Intangibles Assets |
(v) |
Patents |
Non-current Assets |
Property, Plant and Equipment (Fixed Assets)-Intangibles Assets |
(vi) |
Debit Balance in the Statement of Profit and Loss |
Shareholders' Funds |
Reserves and Surplus (as negative amount) |
(vii) |
Debenture Redemption Reserve |
Shareholders' Funds |
Reserves and Surplus |
(vii) |
Provision for Taxation |
Current Liabilities |
Short-term Provisions |
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