CBSE Class 12 Accountancy Chapter 10 Important Questions – Free PDF Download
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CBSE Class 12 Accountancy Important Questions Chapter 10 Financial Statements Of A Company
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 :
| Item | Sub-heading |
| 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 |
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