Commerce Exam > Commerce Notes > DK Goel Solutions - Class 12 Accountancy > DK Goel Solutions: Financial Statements of Companies (As per Schedule III)
DK Goel Solutions: Financial Statements of Companies (As per Schedule III) | DK Goel Solutions - Class 12 Accountancy - Commerce PDF Download
Q1: On 1st April 2018, ABC Ltd. was established with an authorized capital of Rs. 25,00,000/- divided into 2,50,000 equity shares of Rs. 10/- each. Out of these, the company issued 1,00,000 equity shares of Rs. 10/- each at a premium of 10%. The amount was payable as follows:
On Application: Rs. 4/- (including premium)
On Allotment: Rs. 4/-
On Final Call: Rs. 3/-
The public applied for 90,000 equity shares and all the money was duly received. How will you show the ‘Share Capital’ in the Balance Sheet of a company? Also, prepare ‘notes to accounts’ for the same.
Ans:
Extract of Balance Sheet of ABC LTD.
As at 31st March 2019
Notes to Accounts:
Q2: French Ltd. has an opening debit balance of Rs. 5,00,000/- in Reserves and Surplus as Balance of Statement of Profit and Loss. It earned a profit of Rs. 8,00,000/- for the year ended March 31st 2019. How would you show these items in the Balance Sheet and notes to accounts?
Ans:
French Ltd.
Extract of Balance Sheet as at 31st March 2019
Notes to Accounts:
Q3: Neptune Ltd. has the following balances on 1st April 2018:
Rs.
General reserve 4,50,000
Statements of P&L 2,00,000
During the year ended 31st March 2019, it incurred a loss of Rs. 3,20,000/-. How would you show these items in the Balance Sheet and notes to accounts?
Ans:
Neptune Ltd.
Extract of Balance Sheet as at 31st March 2019
Notes to Accounts:
Q4: Name the sub-headings under which the shareholder’s funds shall be classified in a company’s balance sheet.
Ans:
Shareholder’s funds shall be classified as follows:
- Share Capital
- Reserves and Surplus
- Money received against share warrants
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FAQs on DK Goel Solutions: Financial Statements of Companies (As per Schedule III) - DK Goel Solutions - Class 12 Accountancy - Commerce
| 1. What are the key components of financial statements as per Schedule III? |  |
Ans. The key components of financial statements as per Schedule III include the Balance Sheet, the Statement of Profit and Loss, the Cash Flow Statement, and the Notes to Accounts. Each component provides essential information about the financial position, performance, and cash flows of a company.
| 2. How does Schedule III affect the presentation of financial statements? | |
Ans. Schedule III prescribes the format and disclosures required in the financial statements of companies. It ensures uniformity and transparency, making it easier for stakeholders to understand the financial health of the company. This includes specific line items and classifications for assets, liabilities, equity, income, and expenses.
| 3. What is the significance of the Notes to Accounts in financial statements? | |
Ans. The Notes to Accounts provide detailed explanations and additional information about the figures presented in the financial statements. They include accounting policies, contingent liabilities, and any significant events that may affect the financial position of the company. This section is crucial for users to gain a comprehensive understanding of the financial statements.
| 4. How do companies ensure compliance with Schedule III while preparing financial statements? | |
Ans. Companies ensure compliance with Schedule III by adhering to the guidelines set out in the Companies Act and following the accounting standards prescribed by the Institute of Chartered Accountants of India (ICAI). Regular audits and reviews by external auditors also help verify that the financial statements are prepared in accordance with the requirements of Schedule III.
| 5. What are the consequences of non-compliance with Schedule III for companies? | |
Ans. Non-compliance with Schedule III can lead to penalties, fines, and legal repercussions for companies. It may also result in a loss of credibility among investors and stakeholders, potentially affecting the company's ability to raise funds or maintain market reputation. Regular inspection by regulatory authorities can lead to further scrutiny and corrective measures.
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Nov 21, 2024 Last updated |
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