Numerical Questions Solutions

This page contains the CBSE accountancy class 12 chapter Financial Statements of a Company Numerical Questions Solutions. You can find the solutions for the numerical questions for the chapter 8 of CBSE class 12 accountancy in this page. So is the case if you are looking for CBSE class 12 Commerce related topic Financial Statements of a Company Numerical Questions Solutions. This page contains numerical questions solutions. If you’re looking for Test Your Understanding, Do It Yourself, Short Answers and Long Answers, you can find them at Financial Statements of a Company
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Numerical Questions Solutions
1. Show the following items in the balance sheet as per the provisions of the companies Act, 2013 in Schedule III:
Particulars
₹
Particulars
₹
Preliminary Expenses
2,40,000
Goodwill
30,000
Discount on issue of shares
20,000
Loose tools
12,000
10% Debentures
2,00,000
Motor vehicles
4,75,000
Stock in trade
1,40,000
Provision for tax
16,000
Cash at bank
1,35,000
Bills receivables
1,20,000
Extract of Balance Sheet as on ………
Particulars
Note
No
Amount
₹
I. Equity and Liabilities
1. Shareholders Funds
a. Share Capital
b. Reserves and Surplus
2. Non-Current Liabilities
a. Long-term borrowings
1
2,00,000
3. Current Liabilities
a. Other curent Liabilities
b. Short-term Provisions
2
16,000
Total
…..
II. Assets
1. Non-Current Assets
a. Fixed Assets
i. Tangible Assets
3
4,75,000
ii. Intangible Assets
4
30,000
2. Current Assets
a. Inventories
5
1,52,000
b. Trade Receivables
6
1,20,000
c. Cash and Cash Equivalents
7
1,35,000
d. Other Current Assets
8
2,60,000
Total
…..
Notes to Accounts
Note
No
Particulars
Amount
₹
1.
Long-Term Borrowings
10% Debentures
2,00,000
2.
Short-Term Provisions
Provision for Tax
16,000
3.
Tangible Assets
Motor Vehicles
4,75,000
4.
Intangible Assets
Goodwill
30,000
5.
Inventory
Stock In Trade
1,40,000
Loose Tools
12,000
1,52,000
6.
Trade Receivables
Bills Receivable
1,20,000
7.
Cash and Cash equivalents
Cash at Bank
1,35,000
8.
Other Current Assets
Preliminary Expenses
2,40,000
Discount on Issue of Shares
20,000
2,60,000

2. On April 1 , 2017, Jumbo Ltd., issued 10,000; 12% debentures of ₹ 100 each a discount of 20%, redeemable after 5 years. The company decided to write-off discount on issue of such debentures on March 31, 2018. Show the items in the balance sheet of the company immediately after the issue of these debentures.
Balance Sheet as on March 31, 2018
Particulars
Note
No.
Amount
₹
I. Equity and Liabilities
1. Shareholders’ Funds
a. Share Capital
b. Reserves and Surplus
2. Non-Current Liabilities
a. Long-term Borrowings
1
10,00,000
3. Current Liabilities
a. Short-term Borrowings
Total
10,00,000
II. Assets
1. Non-Current Assets
a. Other Non-Current Assets
2
1,60,000
2. Other Current Assets
a. Cash and Cash Equivalents
3
8,00,000
b. Other Current Assets
4
40,000
Total
10,00,000
Note to Accounts:
Note
No.
Particulars
Amount
₹
1
Long-term Borrowings
12% Debentures
10,00,000
2
Other Non-Current Assets
Discount on Issue of Debentures
1,60,000
3
Cash and Cash Equivalents
Cash at Bank
8,00,000
4
Other Current Assets
Discount on Issue of Debentures
40,000
Working Notes:
Total Discount
{= 10,000 × ₹~100 × \dfrac{20}{100}}
= ₹ 2,00,000
Discount write-off period
= 5 years
Discount written-off this year
{= \dfrac{₹~2,00,000}{5}}
= ₹ 40,000

3. From the following information prepare the balance sheet of Gitanjali Ltd.
Inventories ₹ 14,00,000; Equity Share Capital ₹ 20,00,000; Plant and Machinery ₹ 10,00,000; Preference Share Capital ₹ 12,00,000; Debenture Redemption Reserve ₹ 6,00,000; Outstanding Expenses ₹ 3,00,000; Proposed Dividend ₹ 5,00,000; Land and Building ₹ 20,00,000; Current Investments ₹ 8,00,000; Cash Equivalent ₹ 10,00,000; Short term loan from Zaveri Ltd. (A Subsidiary Company of Twilight Ltd.) ₹ 4,00,000; Public Deposits ₹ 12,00,000.
Balance Sheet of Gitanjali Ltd. as at …..
Particulars
Note
No
Amount
₹
I. Equity and Liabilities
1. Shareholders’ Funds
a. Share Capital
1
32,00,000
b. Reserves and Surplus
2
6,00,000
2. Non-Current Liabilities
a. Long-term Borrowings
3
12,00,000
3. Current Liabilities
a. Short-term Borrowings
4
4,00,000
b. Other Current Liabilities
5
3,00,000
c. Short-term Provisions
6
5,00,000
Total
62,00,000
II. Assets
1. Non-Current Assets
a. Fixed Assets
i. Tangible Assets
7
30,00,000
2. Current Assets
a. Current Investments
8,00,000
b. Inventories
14,00,000
c. Cash and Cash Equivalents
10,00,000
Total
62,00,000
Note to Accounts:
Note
No.
Particulars
Amount
₹
1
Share Capital
Equity Share Capital
20,00,000
Preference Share Capital
12,00,000
32,00,000
2
Reserves and Surplus
Debenture Redemption Reserve
6,00,000
3
Long-term Borrowings
Public Deposits
12,00,000
4
Short-term Borrowings
Loan from Zaveri Ltd.
4,00,000
5
Other Current Liabilities
Outstanding Expenses
3,00,000
6
Short-Term Provisions
Proposed Dividend
5,00,000
7
Tangible Assets
Plant and Machinery
10,00,000
Land and Building
20,00,000
30,00,000

4. From the following information prepare the balance sheet of Jam Ltd.
Inventories ₹ 7,00,000; Equity Share Capital ₹ 16,00,000; Plant and Machinery ₹ 8,00,000; 8% Preference Share Capital ₹ 6,00,000; General Reserves ₹ 6,00,000; Bills payable ₹ 1,50,000; Provision for taxation ₹ 2,50,000; Land and Building ₹ 16,00,000; Non-current Investments ₹ 10,00,000; Cash at Bank ₹ 5,00,000; Creditors ₹ 2,00,000; 12% Debentures ₹ 12,00,000.
Balance Sheet of Jam Ltd. as on …..
Particulars
Note
No.
Amount
₹
I. Equity and Liabilities
1. Shareholders’ Funds
a. Share Capital
1
22,00,000
b. Reserves and Surplus
2
6,00,000
2. Non-Current Liabilities
a. Long-term Borrowings
3
12,00,000
3. Current Liabilities
a. Trade Payables
4
3,50,000
b. Short-term Provisions
5
2,50,000
Total
46,00,000
II. Assets
1. Non-Current Assets
a. Fixed Assets
i. Tangible Assets
6
24,00,000
b. Non-Current Investments
10,00,000
2. Current Assets
a. Inventories
7,00,000
b. Cash and Cash Equivalents
7
5,00,000
Total
46,00,000
Note to Accounts:
Note
No.
Particulars
Amount
₹
1
Share Capital
Equity Share Capital
16,00,000
Preference Share Capital
6,00,000
22,00,000
2
Reserves and Surplus
General Reserve
6,00,000
3
Long Term Borrowings
12% Debentures
12,00,000
4
Trade Payables
Bills Payable
1,50,000
Creditors
2,00,000
3,50,000
5
Short-Term Provisions
Provision for Taxation
2,50,000
6
Tangible Assets
Plant and Machinery
8,00,000
Land and Building
16,00,000
24,00,000
7
Cash and Cash Equivalents
Cash at Bank
5,00,000

5. Prepare the balance sheet of Jyoti Ltd., as at March 31, 2017 from the following information.
Building ₹ 10,00,000; Investments in the shares of Metro Tyers Ltd. ₹ 3,00,000; Stores & Spares ₹ 1,00,000; Discount on issue of 10% debentures ₹ 10,000; Statement of Profit and Loss (Dr.) ₹ 90,000; 5,00,000 50,000 Equity Shares of ₹ 20 each fully paid-up; Capital Redemption Reserve ₹ 1,00,000; 10% Debentures ₹ 3,00,000; Unpaid dividends ₹ 90,000; Share options outstanding account ₹ 10,000.
Note: The following assumptions are made.
1.
The number of equity shares are considered as 50,000 instead of given number of 5,00,000 so that the equity and liabilities and the assets in the balance sheet balance (5,00,000 is a typo in the text book)
2.
The discount on issue of 10% debentures is not there in the text book. So, it is considered so that the balance sheet can be balanced.
Balance Sheet of Jyoti Ltd. as on March 31, 2017
Particulars
Note
No.
Amount
₹
I. Equity and Liabilities
1. Shareholders’ Funds
a. Share Capital
1
10,00,000
b. Reserves and Surplus
2
10,000
2. Non-Current Liabilities
a. Long-term Borrowings
3
3,00,000
3. Current Liabilities
a. Other Current Liabilities
4
1,00,000
Total
14,10,000
II. Assets
1. Non-Current Assets
a. Fixed Assets
i. Tangible Assets
5
10,00,000
b. Non-Current Investments
6
3,00,000
2. Current Assets
a. Inventories
7
1,00,000
b. Other Current Assets
8
10,000
Total
14,10,000
Note to Accounts:
Note
No.
Particulars
Amount
₹
1
Share Capital
Equity Share Capital
10,00,000
(= 50,000 × ₹ 20)
2
Reserves and Surplus
Capital Redemption Reserve
1,00,000
Statement of Profit and Loss (Dr.)
90,000
10,000
3
Long-term Borrowings
10% Debentures
3,00,000
4
Other Current Liabilities
Unpaid Dividend
90,000
Share Options Outstanding
10,000
1,00,000
5
Tangible Assets
Building
10,00,000
6
Non-Current Investments
Shares of Metry Tyres Ltd.
3,00,000
7
Inventory
Stores & Spares
1,00,000
8
Other Current Assets
Discount on issue of 10% debentures
10,000

6. Brinda Ltd., has furnished the following information:
(a)
25,000, 10% debentures of ₹ 100 each;
(b)
Bank Loan of ₹ 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.
Extract of Balance Sheet of Brinda Ltd as on March 31, 2017
Particulars
Note
No.
Amount
₹
I. Equity and Liabilities
1. Shareholders’ Funds
a. Share Capital
b. Reserves and Surplus
2. Non-Current Liabilities
a. Long-term Borrowings
1
35,00,000
3. Current Liabilities
a. Other Current Liabilities
2
2,50,000
Note to Accounts:
Note
No.
Particulars
Amount
₹
1
Long-term Borrowings
12% Debentures
25,00,000
Bank Loan
10,00,000
35,00,000
2
Other Current Liabilities
Interest on Debentures
2,50,000

7. Prepare a balance sheet of Black Swan Ltd., as at March 31, 2017 from the following information:
₹
General Reserve
:
3,000
10% Debentures
:
3,000
Balance in Statement of Profit and Loss
:
1,200
Depreciation on fixed assets
:
700
Gross Block
:
9,000
Current Liabilities
:
2,500
Preliminary Expenses
:
300
6% Preference Share Capital
:
5,000
Cash & Cash Equivalents
:
6,100
Extract of Balance Sheet of Black Swan Ltd. as at March 31, 2017
Particulars
Note
No
Amount
₹
I. Equity and Liabilities
1. Shareholders’ Funds
a. Share Capital
1
5,000
b. Reserves and Surplus
2
4,200
2. Non-Current Liabilities
a. Long-term Borowings
3
3,000
3. Current Liabilities
2,500
Total
14,700
II. Assets
1. Non-Current Assets
a. Fixed Assets
i. Tangible Assets
4
8,300
2. Current Assets
a. Cash and Cash Equivalents
5
6,100
b. Other Current Assets
6
300
Total
14,700
Note to Accounts:
Note
No.
Particulars
Amount
₹
1
Share Capital
6% Preference Share Capital
5,000
2
Reserves and Surplus
General Reserve
3,000
Statement of Profit and Loss
1,200
4,200
3
Long Term Borrowings
10% Debentures
3,000
4
Tangible Assets
Fixed Assets
9,000
Depreciation
700
8,300
5
Cash and Cash Equivalents
Cash
6,100
6
Other Current Assets
Preliminary Expenses
300