12th | Ts grewal 2021-2022 Question 16 to 20 | ch1 Financial Statement of a Company

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
 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

 



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