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Financial Statements Of A Company

Question
CBSEENAC12000123
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List the items which are shown under the heading current liabilities and provisions as per Schedule VI Part-I of the Companies' Act, 1956. 

Solution

The following items are shown under the heading current liabilities and provisions under the companies Act 1956:
Current Liabilities:
a)  Interest accrued and due on borrowings
b)  Income received in advance
c)  Unpaid dividend etc.

Provisions include:
a) Provision for dividend,
b) Provision for taxation,
c) Provision for warranties etc

Some More Questions From Financial Statements Of A Company Chapter

The authorized capital of Suhani Ltd. is Rs. 45,00,000 divided into 30,000 shares of Rs. 150 each. Out of these company issued 15,000 shares of Rs. 150 each at a premium of Rs. 10 per share.
The amount was payable as follows:
Rs. 50 per share on application, Rs 40 per share on allotment (including premium), Rs. 30 per share on first call and balance on final call. Public applied for 14,000 shares. All the money was duly received.
Prepare an extract of Balance Sheet of Suhani Ltd. as per Revised Schedule VI Part I of the Companies Act 1956 disclosing the above information. Also prepare notes to accounts for the same. 

Under which heads and sub-heads the following items will appear in the Balance Sheet of a company as per revised Schedule VI, Part-I of the Companies Act 1956. 
i. Premium on Redemption of Debentures
ii. Loose Tools
iii. Balance with Banks

List the items which are shown under the heading current liabilities and provisions as per Schedule VI Part-I of the Companies' Act, 1956. 

One of the objectives of ‘Financial Statements Analysis’ is to identify the reasons for the change in the financial position of the enterprise, State two more objectives of this analysis.

Name any two items that are shown under the head’ Other Current Liabilities’ and any two items that are shown under the head ‘Other Current Assets’ in the Balance Sheet of a company as per schedule III of the Companies Act, 2013

Following is the statement of Profit and Loss of Sun India Ltd. For the year ended 31st March. 2015:



The motto of Sun India Ltd is to produce and supply green energy in the rural areas of India. It has also taken up a project of constructing a road that will pass through five villages so that these villages could be connected to the nearby town. It will use the local resources and employ local people for construction of the road. You are required to prepare a Comparative Statement of Profit and Loss of Sun India Ltd from the given statement of Profit and Loss. Also, identify any two values that the company wishes to convey to the society

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