Question 11:
Classify the following items under major head and sub-head (if any) in the Balance Sheet of a company as per Schedule III of the Companies Act, 2013: (i) Capital Work-in-Progress: (ii) Provision for Warranties; (iii) Income received in Advance; and (iv) Capital Advances
Answer:
Item |
Major Head |
Sub-Head |
Capital
Work-in-Progress |
Non-Current
Assets |
Fixed
Assets- Capital Work-in-Progress |
Provision
for Warranties |
Non-Current
Liabilities |
Long
Term Provisions |
Income
Received in Advance |
Current
Liabilities |
Other
Current Liabilities |
Capital
Advances |
Non-Current
Assets |
Long
Term Loans & Advances |
Question 12. Under which major heads and sub-heads will the following items be placed in the Balance Sheet of the company as per Schedule 11, Part I of the Companies Act, 2013?
(i) Debentures with maturity period in current financial year
(ii) Securities Premium Reserve
(ii) Provident Fund
(CBSE Sample Paper 2022)
Answer:
S. No. |
Item |
Major Head |
Sub-head |
(i) |
Debentures with maturity period in current financial year |
Current Liabilities |
Other Current Liabilities |
(ii) |
Securities Premium Reserve |
Shareholders' Funds |
Reserves and Surplus |
(iii) |
Provident Fund |
Non-current Liabilities |
Long-term Provisions |
Question 13:
Under which major head and sub-head of the Assets part of the
Balance Sheet will the following be shown:
(i) Intangible Assets; (ii) Intangible Assets under
Development; (iii) Investments (more than 12 months); (iv) Deferred Tax Assets
(Net); (v) Stores and Spares; and (vi) Loose Tools?
Answer:
Items |
Main head |
Sub-head |
Intangible
Assets |
Non-Current
Assets |
Fixed
Assets |
Intangible
Assets under development |
Non-Current
Assets |
Fixed
Assets |
Investments
(more than 12 months) |
Non-Current
Assets |
Non-Current
Investments |
Deferred
Tax Assets (Net) |
Non-Current
Assets |
Deferred
Tax Assets (Net) |
Stores
and Spares |
Current
Assets |
Inventories |
Loose
Tools |
Current
Assets |
Inventories |
Question 14:
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) |
Question 15:
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 |
Class : 12th | Ts Grewal solution 2022-2023
Volume 3 | Chapter 1: Financial Statement of A Company
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