12th | Ts grewal 2021-2022 Question 21 to 25 | 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 1.65:

Question 21:

Under which heads the following are shown in a company's Balance Sheet:

(i) Public Deposits;

(ii) Office Furniture;

(iii) Prepaid Rent;

(iv) Outstanding Salaries;

(v) Computer Software;

(vi) Interest Accrued on Investment?

Answer:

S. No.

Items

Main Head

Sub-Head

1

Public Deposits

Non-Current Liabilities

Long-term Borrowings

2

Office Furniture

Non-Current Assets

Fixed Assets (Tangible Assets)

3

Prepaid Rent

Current Assets

Other Current Assets

4

Outstanding Salaries

Current Liabilities

Other Current Liabilities

5

Computer Software

Non-Current Assets

Fixed Assets (Intangible Assets)

6

Interest Accrued on Investment

Current Assets

Other Current Assets

 

 

 

 

 



Page No 1.65:

Question 22:

Under which major headings and sub-headings the following items will be shown in the Balance Sheet of a company as per schedule III of Companies Act, 2013?
(i) Provision for Employee Benefits.
(ii) Calls-in-Advance.

 

Answer:

 

S.No.

Item

Major Head

Sub-head

i)

Provision for Employee Benefit

Non-current Liabilities

Long term Provisions

ii)

Calls-in-Advance

Current Liabilities

Other Current Liabilities

 



Page No 1.65:

Question 23: Under which sub-headings will the following items be placed in the Balance Sheet of a company as per Schedule II, Part I of the Companies Act, 2013?

(i) Prepaid Expenses

(ii) Loose Tools

(iii) Loans Repayable on Demand

(iv) Provision for Employees Benefit

(v) Negative Balance in the Statement of Profit and Loss

(vi) Bank Overdraft

(vii) Bills Receivables

(viii) Trade Marks

(Delhi 2019)

 

Answer:

S. No.

Item

Sub-head

(i)

Prepaid Expenses

Other Current Assets

(i)

Loose Tools

Inventories

(ii)

Loans repayable on Demand

Short-term Borrowings

(iv)

Provision for Employees Benefit

Long-term Provisions

(v)

Negative balance in Statement of Profit and Loss

Reserves and Surplus (as negative amount)

(vi)

Bank Overdraft

Short-term Borrowings

(vi)

Bills Receivables

Trade Receivables

(vii)

Trade Marks

Property, Plant and Equipment (Fixed Assets)Intangible Assets

 

 



Page No 1.65:

Question 24:

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
 of Profit and Loss (Dr.)

 Shareholder’s Funds

 Reserves and Surplus (as
 negative figure)

 Interest accrued and due on
 debentures

 Current Liabilities

 Other Current Liabilities

 Computer Software under
 development

 Non-current Assets

 Fixed Assets (Intangible Assets
 under development)

 Interest accrued on Investments

 Current Assets

 Other Current Assets

 



Page No 1.66:

Question 25:

Hero Ltd. has raised following long-term loans on 1st April, 2018:

10,000; 10% Debentures of  ` 100 each redeemable in four equal yearly 

 `

installments beginning 1st July, 2019

10,00,000

11% Bank Loan from SBI repayable after 5 years

20,00,000

Interest on Debentures and Bank Loan has not yet been paid.

 

How will be the above items shown in the Balance Sheet of the company as at 31st March, 2019?

 

Answer:

Extract of Balance Sheet

as at March 31, 2019

 

Particulars

Note No.

Amount

( `)

 

2. Non-Current Liabilities

 

 

 

   Long-term Borrowings

 

 

 

   11% Loan from SBI

20,00,000

 

 

 

   7,500, 10% Debentures of  ` 100 each

7,50,000

 

27,50,000

 

3. Current Liabilities

 

 

 

   Other Current Liabilities

 

 

 

   Current Maturity of Long-term Debts (2,500
   Debentures of  ` 100 each maturing within 12 months)

2,50,000

 

 

 

   Interest accrued and Due on Debentures

1,00,000

 

 

 

  Interest accrued and Due on Loan

2,20,000

 

5,70,000

 

 

 

 

 

 

Total

 

33,20,000