Question 1

Question 1 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 1 Chapter 1 of +2-B
1. What are the major heads in the equity and liabilities part of the balance sheet as per schedule III?
The solution of Question 1 Chapter 1 of +2-B: -

Particular
(1)

Note No.
(2)

Figures as at the end of the Current Reporting Period(3)

Figures as at the end of the Previous Reporting Period(4)

I. Equity and Liabilities

1. Shareholders’ Funds

(a) Share Capital

(b) Reserves and Surplus

(c) Money Received against Share

Question 2

Question 2 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 2 Chapter 1 of +2-B
2. Under which major head will the following be shown:
(i) Share Capital; and (ii) Money Received against share warrants?
The solution of Question 2 Chapter 1: -

Items(1)

Heads(3)

Subheads(4)

1. Share Capital
Equity and Liabilities
Shareholders’ Funds

2. Money Received against ShareWarrants
Equity and Liabilities
Shareholders’ Funds

Question 3

Question 3 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 3 Chapter 1 of +2-B
3. List any five items that are shown under Reserves and surplus.
The solution of Question 3 Chapter 1 of +2-B: -

Particular
(1)

Note No.
(2)

Figures as at the end of the Current Reporting Period(3)

Figures as at the end of the Previous Reporting Period(4)

I. Equity and Liabilities

1. Shareholders’ Funds

(a) Share Capital

(b) Reserves and Surplus

(i) Debentures Redemption reserves

(ii) Securities premium rese

Question 4

Question 4 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 4 Chapter 1 of +2-B
4. Under which sub-head will the following be classified or shown:
Long-term borrowing; (ii) Deferred Tax liabilities(net); and (iii) Long-term provision.
The solution of Question 4 Chapter 1 of +2-B: -

Particular

Heads

Sub. Heads

1. Long-term borrowing
Equity and Liabilities
Non-Current liabilities

2. Deferred Tax liabilities
Equity and Liabilities
Non-Current liabilities

3. Long-term provision
Equity and Liabilities
Non-Current liabilit

Question 5

Question 5 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 5 Chapter 1 of +2-B
5. Name the items that are shown under long-term borrowing.
The solution of Question 5 Chapter 1 of +2-B: -

Particular
(1)

Note No.
(2)

Figures as at the end of the Current Reporting Period(3)

Figures as at the end of the Previous Reporting Period(4)

I. Equity and Liabilities

Non-current liabilities

Long-term borrowing

Bonds

Debentures

Long-term loan from the bank

Long-term Loans from others

Publi

Question 6

Question 6 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 6 Chapter 1 of +2-B
6. A company has an opening credit balance in surplus, i.e., Balance in the statement of profit and loss of Rs 1,00,000. During the year, it earned a profit of Rs 75,000. It decided to transfer Rs 15,000 to debentures redemption reserve (DRR) and a dividend of Rs 25,000.How will be appropriations shown in the financial statements?
The solution of Question 6 Chapter 1 of +2-B: -

Particular
(1)

Note No.
(2)

Figures as at the end of the Current Reporting Per

Question 7

Question 7 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 7 Chapter 1 of +2-B
7. State giving whether Trade receivables are classified as Current assets or non-current assets in the balance sheet of a company as perschedule III of the Companies act,2013 in the following cases:

Case
(1)

Operating Cycle Period (months)

Expected Realisation Period (months)

1
10
11

2
10
12

3
10
13

4
14
13

5
15
16

The solution of Question 7 Chapter 1 of +2-B: -

Case

Operating Cycle Period (months)

Expected Realisation Perio

Question 8

Question 8 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 8 Chapter 1 of +2-B
8. State giving whether Trade Payables are classified as Current liabilitiesor non-current liabilities in the balance sheet of a company as perschedule III of the Companies act,2013 in the following cases:

Case
(1)

Operating Cycle Period (months)

Expected Realisation Period (months)

1
10
11

2
10
12

3
10
13

4
14
13

5
15
16

The solution of Question 8 Chapter 1 of +2-B: -

Case

Operating Cycle Period (months)

Expected Realisation

Question 9

Question 9 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 9 Chapter 1 of +2-B
9.Under which head and how are the following items shown in thebalance sheet of a company under schedule III:
(i) Calls-in-arrears; (ii) Share Application Money Pending Allotment; (iii) Unpaid dividend; and (iv) Dividend not paid on cumulative preferences shares?
The solution of Question 9 Chapter 1 of +2-B: -

Items

Heads
Sub. Heads

(i)Calls-in-Arrears
Equity and Liabilities
Shareholders’ Funds

(ii)Share Application Money PendingAllotment
Equity and Liab

Question 10

Question 10 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 10 Chapter 1 of +2-B
10.Under which main head and sub-head of Equity and Liabilities part ofthe balance sheet is the following items classified or shown:

(i)Bonds
(v) Forfeited Shares Account

(ii)Debentures
(vi) Sundry Creditors

(iii)Public Deposits
(vii) Interest Accrued But Not due on Debentures

(iv) Capital Redemption Reserve

The solution of Question 10 Chapter 1 of +2-B: -

Items

Heads
Sub. Heads

(i) Bonds
Non-Current Liabilities
Long-term Borrowing

(ii)Deb

Question 11

Question 11 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 11 Chapter 1 of +2-B
11.State any two items that are included in the following major heads underwhich liabilities of a company are shown: (i)Reserves and Surplus;(ii)Long-term Borrowings;(iii) Short-term Borrowings;(iv) Other CurrentLiabilities.
 
The solution of Question 11 Chapter 1 of +2-B: -

Items

Heads
Sub. Heads

(i)Reserves and Surplus
Capital Reserves
Capital Redemption Reserves

(ii)Long-term Borrowings
Debentures
Public Deposits

(iii)Short-term Borrowings
Bank Overd

Question 12

Question 12 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 12 Chapter 1 of +2-B
12.Classify the following items under major head and sub-head (if any) inthe Balance Sheet of a company asper 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
 
The solution of Question 12 Chapter 1 of +2-B: -

Items

Heads
Sub. Heads

(i) Capital Work-in-Progress
Non-current Assets
Fixed Assets- Capital Work-in-Progress

(ii)Provision for War

Question 13

Question 13 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 13 Chapter 1 of +2-B
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; (iv)Deferred Tax Assets(Net);(v)Stores and Spares(vi)Loose Tools
 
The solution of Question 12 Chapter 1 of +2-B: -

Items

Heads
Sub. Heads

(i) Intangible Assets
Non-current Assets
Fixed Assets-Intangible Assets

(ii)Intangible Assets Under Development
Non-Current Liabilit

Question 14

Question 14 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 14 Chapter 1 of +2-B
14.Under which heads following items are classified or shown on the Assetspart of the Balance Sheet of a company:(i)Loose Tools; (ii)Bills Receivable;(iii)Sundry Debtors; (iv)AdvanceRecoverable in cash?
 
The solution of Question 14 Chapter 1 of +2-B: -

Items

Heads
Sub. Heads

(i) Loose Tools
Current Assets
Inventories

(ii) Bills Receivable
Current Assets
Trade Receivable

(iii) Sundry Debtors
Current Assets
Trade Receivable

(iv) Advance Recoverable in

Question 15

Question 15 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 15 Chapter 1 of +2-B
15.Under which heads following items on the assets part of the BalanceThe sheet of a company will be presented:(i)Sundry Debtors; (ii)Patents and Trademarks; (iii)Shares in QuotedCompanies; (iv)Advances recoverable in cash; (v)Prepaid Insurance;and (vi)Work-in-Progress
 
The solution of Question 15 Chapter 1 of +2-B: -

Items

Heads
Sub. Heads

(i)Sundry Debtors
Current Assets
Trade Receivable

(ii)Patents and Trademarks
Non-Current Assets
Fixed Assets: Intan

Question 16

Question 16 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 16 Chapter 1 of +2-B
16. Under which of the heads will the following items be shown whilepreparing Balance Sheet of a company, as per Schedule III of theCompanies Act; 2013:

(i) Unamortised Loss on Issue of Debentures (to be written of 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; 
(x) Sundry Creditors?

The solutio

Question 17

Question 17 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 17 Chapter 1 of +2-B
17. Under which of the heads will the following items be shown in BalanceA sheet of a company;

(i)Bank Balance;
(ii)Investment(long-term);
(iii)Outstanding Salary;

(iv)Authorised Capital;
(v) Bills Payable;
(vi) Unclaimed Dividend;

(vii) Shares Option Outstanding Account;
(viii)General Reserve; and
(ix) Subsidy Reserve?

The solution of Question 17 Chapter 1 of +2-B: -

Items

Heads
Sub. Heads

(i)Bank Balance
Current Assets
Cash and Cash Equivalents

Question 18

Question 18 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 18 Chapter 1 of +2-B
18. Under which of the heads will the following items be shown in BalanceA sheet of a company;

(i)Calls-in-Arrears;
(ii)The commission received in advance;

(iii)Debentures;
(iv)Stores and Spare Parts;

(v) Land and Building;
(vi)forfeited Shares Account?

The solution of Question 18 Chapter 1 of +2-B: -

Items

Heads
Sub. Heads

(i)Calls-in-Arrears
Shareholders’ fund
Share Capital

(ii)The commission received in advance
Current Liabilities
Other Curre

Question 19

Question 19 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 19 Chapter 1 of +2-B
19. 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;

The solution of Question 19 Chapter 1 of +2-B: -

Items

Heads
Sub. Heads

(i)Public Deposits
Non-Current Liabilities
Long-term Borrowing

(ii)Office Furniture
Non-Current Assets
Fixed Assets-Tangible Assets

(iii)Prepaid Rent
Curr

Question 20

Question 20 Chapter 1 of +2-B  - T.S. Grewal 12 Class

Sarbjit Singh · Accepted Answer

Question 20 Chapter 1 of +2-B
20. Name the major heads under which the following items will we presented in the Balance Sheet of a company as per Schedule III of the Companies Act, 2013

(i)Loose Tools;
(ii)Unpaid Dividend;

(iii)Copyrights and Patents;
(iv)Land and Building;

The solution of Question 20 Chapter 1 of +2-B: -

Items

Heads
Sub. Heads

(i)Loose Tools
Current Assets
Inventories

(ii)Unpaid Dividend
Current Liabilities
Other Current Liabilities

(iii)Copyrights and Pate

Particular (1)	Note No. (2)	Figures as at the end of the Current Reporting Period (3)	Figures as at the end of the Previous Reporting Period (4)

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 Provision
4. Current Liabilities
(a) Short-term Borrowings
(b) Trade Payables
(c) Other current Liabilities
(d) Short-term Provision
Total
II. Assets
1.Non-Current Assets
(a) Fixed Assets:
(i) Tangible Assets
(ii) Intangible Assets
(iii) Capital Work-in-progress
(iv) Intangible Assets under development
(b) Non-Current Investment
(c) Deferred Tax Assets (net)
(d) Long-term loans and advances
(e) Other Non-Current Assets
2. Current Assets
(a)Current Investment
(b)Inventories
(c) Trade receivable
(d) Cash and Cas equivalents
(e) Short-term loans and advances
(f) Other current Assets
Total

T.S. Grewal 12 Class Book Keeping Part - B - T.S. Grewal - XII Solutions Chapter No. 1 - Financial Statements of a Company

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Table of Contents

Question 1 Chapter 1 of +2-B - T.S. Grewal 12 Class

The solution of Question 1 Chapter 1 of +2-B: -

Question 2 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 3 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 4 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 5 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 6 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 7 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 8 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 9 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 10 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 11 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 12 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 13 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 14 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 15 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 16 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 17 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 18 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 19 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 20 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 21 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 22 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 23 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 24 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 25 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 26 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 27 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 28 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 29 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 30 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 31 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 32 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 33 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 34 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 35 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 36 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 37 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 38 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 39 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 40 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 41 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 42 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 43 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 44 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 45 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 46 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 47 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 48 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 49 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 50 Chapter 1 of +2-B - T.S. Grewal 12 Class

Question 51 Chapter 1 of +2-B - T.S. Grewal 12 Class

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