Dk Goel Accountancy Class 12 Solutions Vol 2 Chapter 1 Financial Statement of Companies (Updated For 2021-22)

Dk Goel Accountancy Class 12 Solutions Vol 2 Chapter 1 Financial Statement of Companies

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Dk Goel Accountancy Class 12 Solutions Vol 2 Chapter 1 Financial Statement of Companies

 


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Question 1

On 1st April 2018, ABC Ltd. was established with an authorized capital of ₹. 25,00,000/- divided into 2,50,000 equity shares of ₹. 10/- each. Out of these, the company issued 1,00,000 equity shares of ₹. 10/- each at a premium of 10%. The amount was payable as follows:

On Application: ₹. 4/- (including premium)

On Allotment: ₹. 4/-

On Final Call: ₹. 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.

Solution:

EXTRACT OF BALANCE SHEET OF ABC LTD.

As at 31st March 2019

Particulars Note No. Amount

 

Current year

Amount

 

Previous year

   

EQUITY AND LIABILITIES      
Shareholder’s Funds:      
Share Capital 1 9,00,000  

Notes to Accounts:

Particulars

Share Capital:  
Authorised Capital:  
2,50,000 Equity Shares of ₹.10/- each 25,00,000
Issued Capital:  
1,00,000 Equity Shares of ₹. 10/- each 10,00,000
Subscribed and Fully Paid  
90,000 Equity Shares of ₹. 10/- each 9,00,000

Question 2

French Ltd. has an opening debit balance of ₹. 5,00,000/- in Reserves and Surplus as Balance of Statement of Profit and Loss. It earned a profit of ₹. 8,00,000/- for the year ended March 31st 2019. How would you show these items in the Balance Sheet and notes to accounts?

Solution:

French Ltd.

EXTRACT OF BALANCE SHEET As at 31st March 2019

Particulars Note No. 31.03.2019 31.03.2018
   

EQUITY AND LIABILITIES      
Shareholder’s Funds:      
Reserves and Surplus 1 3,00,000 (5,00,000)

Notes to Accounts:

Particulars

Reserves and Surplus:  
Surplus  
Balance in the statement of P&L (Opening) (5,00,000)  
Surplus for the period 8,00,000 3,00,000

Question 3

Neptune Ltd. has the following balances on 1st April 2018:

General reserve 4,50,000

Statements of P&L 2,00,000

During the year ended 31st March 2019, it incurred a loss of ₹.3,20,000/-. How would you show these items in the Balance Sheet and notes to accounts?

Solution:

Neptune Ltd.

EXTRACT OF BALANCE SHEET As at 31st March 2019

Particulars Note No. 31.03.2019 31.03.2018
   

EQUITY AND LIABILITIES      
Shareholder’s Funds:      
Reserves and Surplus 1 3,30,000 6,50,000

Notes to Accounts:

Particulars

Reserves and Surplus:  
General Reserve 4,50,000
Surplus  
Balance in the statement of P&L (Opening) 2,00,000  
Surplus for the period (3,20,000) (1,20,000)
  3,30,000

Question 4

Name the sub-headings under which the shareholder’s funds shall be classified in a company’s balance sheet.

Solution:

Shareholder’s funds shall be classified as follows:

  • Share Capital
  • Reserves and Surplus
  • Money received against share warrants

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