NCERT MOST IMPORTANT QUESTIONS CLASS – 12 | ACCOUNTANCY PART 1 IMPORTANT QUESTIONS | CHAPTER – 3 | FINANCIAL STATEMENTS OF A COMPANY | EDUGROWN |

In This Post we are  providing Chapter- 3 FINANCIAL STATEMENTS OF A COMPANY NCERT MOST IMPORTANT QUESTIONS for Class 12 ACCOUNTANCY which will be beneficial for students. These solutions are updated according to 2021-22 syllabus. These MCQS  can be really helpful in the preparation of Board exams and will provide you with a brief knowledge of the chapter

NCERT MOST IMPORTANT QUESTIONS ON FINANCIAL STATEMENTS OF A COMPANY

1. Under which major sub-headings, the following items will be placed in the balance sheet of a company as per Schedule III, Part I of the Companies Act, 2013.
(i)Accrued incomes
(ii)Loose tools
(iii)Provision for employees benefits
(iv)Unpaid dividend
(v)Short-term loans
(vi) Long-term loans (Delhi 2014; Modified)
Ans.

2.Under which sub-headings will the following items be placed in the balance sheet of a company as per Schedule III, Part I of the Companies Act, 2013.
(i)Capital reserves
(ii)Bonds
(iii)Loans repayable on demand
(iv)Vehicles
(v)Goodwill
(vi)Loose tools (All India 2014; Modified)
Ans.

3.State under which major headings the following items will be presented in the balance sheet of a company as per Schedule III Part I of the Companies Act, 2013.
(i)Long-term borrowings                       (ii) Trade payables
(iii) Provision for tax                              (iv) Securities premium reserve
(v) Patents                                                (vi)Accrued incomes (Compartment 2014; Modified)
Ans.

4.State under which major headings the following items will be presented in the balance sheet of a company as per Schedule III Part I of the Companies Act, 2013.
(i)Trade marks
(ii)Capital redemption reserves
(iii)Income received in advance
(iv)Stores and spares
(v)Office equipments
(vi)Current investments   (Compartment 2014; Modified)
Ans.

5.State the major headings under which the following items will be put as per Schedule III, Part I of the Companies Act, 2013.
(i) Long-term investments                  (ii) Bills of exchange
(iii)Motor car                                          (iv) Discount on issue of shares
(v)Securities premium reserve           (vi) Unclaimed dividend (All India 2011; Modified)
Ans.

6.Give the major headings under which the following items will be shown in a company’s balance sheet as per Schedule III, Part I of the Companies Act, 2013.
(i)Sundry creditors
(ii)Provision for tax
(iii)Preliminary expenses
(iv)Loose tools
(v)Interest accrued on investments
(vi)Goodwill (All India 2011; Modified)
Ans.

7.List the items which are shown under the heading ‘current assets’ as per Schedule III, Part I of the Companies Act, 2013. (Delhi 2011; Modified)
Ans. Current Assets
(i) Current investments
(ii)Inventories
(iii)Trade receivables
(iv) Cash and cash equivalents
(v) Short-term loans and advances
(vi) Other current assets

8.List the items which are shown under the heading ‘current liabilities’ as per Schedule III, Part I of the Companies Act, 2013.  
Ans. Current Liabilities
(i) Short-term borrowings
(ii)Trade payables
(iii)Other current liabilities
(iv)Short-term provisions

9.Show the major headings into which the liabilities side of a company’s balance sheet is organised and presented as per Schedule III, Part I of the Companies Act, 2013.
Ans. Liabilities side of the company’s balance sheet as per Schedule III, Part I of the Companies Act, 2013
Name of the Company…………..
Balance Sheet
as at…………  (Rs in…… )

10.Show the major headings into which the assets side of a company’s balance sheet is organised and presented as per Schedule III, Part I of the Companies Act, 2013.(Delhi; All India 2008; Modified)
Ans. Assets side of the company’s balance sheet as per Schedule III of Part I of the Companies Act, 2013.
Name of the Company……….
Balance Sheet
as at………….  (Rs in…… )