Commerce Exam > Commerce Notes > Additional Study Material for Commerce > NCERT Solution (Part - 2) - Finacial Statements of a Company
NCERT Solution (Part - 2) - Finacial Statements of a Company | Additional Study Material for Commerce PDF Download
Page No 173:
Question 1: Show the following items in the balance sheet as per the provisions of the Companies Act, 2013 in Schedule III:
ANSWER:
Notes to Accounts 
Page No 174:
Question 2: On 1st Aril, 2017, Jumbo Ltd. issued 10,000; 12% debentures of Rs. 100 each a discount of 20%, redeemable after 5 years. The company decided to write-off discount on issue of such debentures over the life time of the Debentures. Show the items in the balance sheet of the company immediately after the issue of these debentures.
ANSWER:
Notes to Accounts 
Question 3: From the following information prepare the balance sheet of Gitanjali Ltd., as per the (Revised) Schedule VI:
Inventories Rs. 14,00,000; Equity Share Capital Rs. 20,00,000; Plant and Machinery Rs. 10,00,000; Preference Share Capital Rs. 12,00,000; Debenture Redemption Reserve Rs. 6,00,000; Outstanding Expenses Rs. 3,00,000; Proposed Dividend Rs. 5,00,000; Land and Building Rs. 20,00,000; Current Investments Rs. 8,00,000; Cash Equivalent Rs. 10,00,000; Short term loan from Zaveri Ltd. (A Subsidiary Company of Twilight Ltd.) Rs. 4,00,000; Public Deposits Rs. 12,00,000.
ANSWER:
Question 4: From the following information prepare the balance sheet of Jam Ltd. as per the (revised) Schedule VI:
Inventories Rs. 7,00,000; Equity Share Capital Rs. 16,00,000; Plant and Machinery Rs. 8,00,000; Preference Share Capital Rs. 6,00,000; General Reserves Rs. 6,00,000; Bills payable Rs. 1,50,000; Provision for taxation Rs. 2,50,000; Land and Building Rs. 16,00,000; Noncurrent Investments Rs. 10,00,000; Cash at Bank Rs. 5,00,000;Creditors Rs. 2,00,000; 12% Debentures Rs. 12,00,000.
ANSWER:
Question 5: Prepare the balance sheet of Jyoti Ltd. as at March 31, 2017 from the following information:
Building Rs. 10,00,000; Investments in the shares of Metro Tyers Rs. 3,00,000; Stores & Spares Rs. 1,00,000; Discount on issue of 10% debentures Rs. 10,000; Statement of Profit and Loss (Dr.) Rs. 90,000; 5,00,000 Equity Shares of Rs. 20 each fully paid-up; Capital Redemption Reserve Rs. 1,00,000; 10% Debentures Rs. 3,00,000; Unpaid dividends Rs. 90,000; Share options outstanding account Rs. 10,000.
ANSWER:
*Note: There is a misprint in the book. The number of equity shares issued must be 50,000 so that both the sides of the Balance Sheet stand equal.
Question 6: Brinda Ltd. has furnished the following information:
(a) 25,000, 10% debentures of Rs. 100 each;
(b) Bank Loan of Rs. 10,00,000 repayable after 5 years;
(c) Interest on debentures is yet to be paid.
Show the above items in the balance sheet of the company as at March 31, 2017.
ANSWER:
Page No 175:
Question 7: Prepare a balance sheet of Black Swan Ltd., as at March 31, 2017 form the following information:
ANSWER:
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FAQs on NCERT Solution (Part - 2) - Finacial Statements of a Company - Additional Study Material for Commerce
| 1. What are financial statements of a company? |  |
Ans. Financial statements of a company are documents that provide information about the financial activities, performance, and position of a company. These statements include the balance sheet, income statement, cash flow statement, and statement of changes in equity. They are essential for investors, creditors, and other stakeholders to assess the company's financial health and make informed decisions.
| 2. What is the purpose of financial statements? | |
Ans. The purpose of financial statements is to provide relevant and reliable information about a company's financial performance and position. These statements help stakeholders, such as investors, lenders, and suppliers, in making decisions regarding their involvement with the company. Financial statements also assist management in assessing the company's performance, identifying areas of improvement, and making strategic decisions.
| 3. How often are financial statements prepared? | |
Ans. Financial statements are typically prepared on a quarterly and annual basis. Quarterly financial statements provide an interim snapshot of a company's financial performance and position, while annual financial statements provide a comprehensive overview for the entire fiscal year. Publicly listed companies are required to publish their financial statements at regular intervals, while private companies may prepare them as per their internal reporting requirements.
| 4. What is the difference between the balance sheet and income statement? | |
Ans. The balance sheet and income statement are two crucial financial statements that present different aspects of a company's financial information.
The balance sheet provides a snapshot of a company's financial position at a specific point in time. It includes assets (what the company owns), liabilities (what the company owes), and shareholders' equity (the residual interest in the company's assets after deducting liabilities). It helps evaluate the company's liquidity, solvency, and financial stability.
On the other hand, the income statement (also known as the profit and loss statement) presents the company's financial performance over a specific period, such as a quarter or a year. It shows the revenues generated, expenses incurred, and the resulting net profit or loss. The income statement helps assess the company's profitability and ability to generate earnings.
| 5. How do financial statements help investors in decision-making? | |
Ans. Financial statements play a crucial role in assisting investors in making informed investment decisions. These statements provide valuable information about a company's financial health and potential risks and returns. By analyzing financial statements, investors can evaluate the company's profitability, liquidity, solvency, and growth prospects.
Investors can use the income statement to assess the company's earnings and profitability trends. They can analyze the balance sheet to evaluate the company's assets, liabilities, and equity structure. Additionally, the cash flow statement can help investors understand the company's cash generation, operating activities, and investment and financing decisions.
By considering these financial aspects, investors can assess the company's financial stability, growth potential, and ability to generate returns, enabling them to make informed investment decisions.
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