Important Questions Class 12 Accountancy Chapter 10 Financial Statement A Company
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1: Under which major sub-heading the following items will be placed in the Balance Sheet of a Company as per Schedule-VI, Part I of the Companies Act, 1956 : (i)Accrued Incomes (ii)Loose Tools (iii)Provision for employees benefits (iv)Unpaid dividend (v)Short-term loans (vi)Long-term loans Solution :
2: List the items which are shown under the heading, ‘Current As-sets’ in the Balance Sheet of a company as per provisions of Schedule VI, of the Companies Act, 1956. Solution : (a) Current Investments (b) Inventories (c) Trade Receivables (d) Cash and cash equivalents (e) Short-term loans and advances (f) Other Current Assets
3: Name the major headings under which the equity and liabilities side of a company’s Balance Sheet is organized and presented. Solution : The major headings on the Equity and Liabilities side are : I. Shareholder’s funds II. Share Application money pending allotment III. Non Current Liabilities IV. Current Liabilities
4: List the items that are included under Inventories. Solution : (i) Raw materials (ii) Work-in-progress (iii) Finished goods (iv) Stock-in-trade (v) Stores and spares (vi) Loose tools
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Accrued Incomes Loose tools Provision for Employees benefits Unpaid Dividends Short-term loans Long-term loans
Other Current Assets Inventories Long-term provisions Other Current Liabilities Short-term borrowings/Short-term loans and advances Long-term borrowings/Long-term loans and advances