New Horizon School Assignment No.-1 ( ) Sub:- Accountancy Class -XII
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1 New Horizon School Assignment No.-1 ( ) Sub:- Accountancy Class -XII TOPIC FINANCIAL STATEMENTS OF A COMPANY Q1) State the conditions under which shares are disclosed in the Balance Sheet of the Company in the following cases: a) When the shares are subscribed and fully paid b) When the shares are subscribed but not fully paid Q2) Noida Infrastructure Ltd. has issued 1,50,000 equity shares of Rs.10 each on which Rs.8 are called. Shareholders holding 5,000 equity shares have not paid the first call of Rs.2. Show the disclosure of the above information in the Balance Sheet of the Co. Q3) What is meant by Securities Premium Reserve? Q4) What is meant by Operating Cycle? Classify the liabilities given below as Non Current Liabilities and Current Liabilities giving reasons for such classification. Particulars Operating Cycle (in months) Expected period of payment(in months) Trade Payables 7 6 Trade Payables Trade Payables Trade Payables Q5) Give any two examples of Other long term liabilities. Q6) A trading Co. sells its fixed asset through an agent. The agent is to be paid Rs.10,000 as fee. Can this item be shown as Trade Payable? Give reason. Q7) Explain giving an example the difference between Current maturities of long term debts and short term borrowings. Q8) Under which heads and subheads the following items will be shown in the Balance Sheet of the Company as per Schedule III: a) Proposed Dividend b) Forfeited Shares Account c) Arrears of fixed cumulative dividend d) Unclaimed dividend e) Interest accrued and due on secured loans f) Provision
2 for tax g) Surplus, i.e. Balance in Statement of Profit and Loss (Dr.) h) Interest accrued but not due on unsecured loans i) Recipes j) Advance to subsidiaries k) Work in Progress(Machinery) l) Deposits with Electricity Supply Company m)premium on redemption of Debentures Q9) Give an example where Cash & Cash equivalents are shown as Non Current Assets. Q10) Ankit Ltd. was registered with an authorized capital of Rs.1,20,00,000 divided into 1,20,000 Equity shares of Rs.100 each. The Co. issued 6,000 Equity Shares as fully paid to the vendor for purchase of building and 50,000 Equity Shares were subscribed for by the public. All the calls were made and were duly received except the second and final call of Rs.20 per share on 700 shares. Show how Share Capital will appear in the Balance Sheet of the Co. Also prepare Notes to Accounts for the same. Q11) From the following information extracted from the books of AB Ltd., prepare a Balance Sheet of the Co. as at 31st March,2015 as per Schedule VI of the Indian Companies Act,1956 Particulars Amt(Rs.) Equity Share Capital(25,000 Equity Shares of Rs.10 each) 2,50,000 14% Debentures 70,000 Plant & Machinery 1,20,000 Goodwill 18,000 Land & Building 1,40,000 Cash in hand 11,000 Patents 12,000 Creditors 30,000 Bank Balance 70,000 Debtors 35,000 Bills Payable 10,000 Vehicles 40,000 General Reserve 30,000 Bills Receivable 15,000 Capital Redemption Reserve 50,000 Surplus, i.e. Balance in Statement of Profit & Loss(Dr.) (10,000) Provision for tax 10,000 Investment in property 20,000 Inventories 4,000 Proposed Dividend 25,000 Public Deposits 20,000 Q12) Draw the format of balance sheet as per schedule III of companies Act New Horizon School
3 Assignment No.-2 ( ) Sub:- Accountancy Class -XII TOPIC TOOLS OF FINANCIAL STATEMENT ANALYSIS (COMPARATIVE STATEMENTS AND COMMON SIZE STATEMENTS) Q1) Distinguish between Vertical and Static analysis. Q2) Common Size Statement is also known as 100% Statement. Why? Q3) Illustrate absolute data in terms of money value. Q4) Illustrate absolute data in terms of percentage. Q5) State two objectives and limitations of Comparative Statements. Q6) Prepare Comparative Statement of Profit and Loss from the following data: Particulars Note No. 31st March, 2015 (Rs.) 31st March, 2014 (Rs.) Revenue from operations 10,00,000 8,00,000 Other income 2,20,000 1,50,000 Cost of materials consumed 4,00,000 3,00,000 Change in inventories of finished goods, work in progress 2,00,000 1,00,000 Other expenses (% of cost of revenue from operations) 15% 10% Tax rate 30% 30% Q7) Prepare a Comparative Statement of Profit & Loss from the following: Particulars Note No (Rs.) (Rs.) Revenue from operations 80,00,000 60,00,000 Deprec iation and amortization expenses 3,00,000 2,00,000 Other expenses 40,000 40,000 Finance costs (60% of revenue from operations) Employee benefit expenses 7,20,000 6,00,000 Other income 8,000 10,000 Salaries and wages 75,000 50,000
4 Q8. From the following statement of profit and Loss of moon track ltd for the years ended 31 st March2011 and 2012, prepare a comparative statement of profit and loss. Particulars Note no (Rs.) (Rs.) Revenue from operations Other income Expenses 40,00,000 24,00,000 16,00,00 24,00,000 18,00,000 14,00,000 Q9. From the following Statement of Profit and Loss of Fenox Ltd, for the year ended 31 st March, 2013, prepare a Comparative Statement of Profit and Loss : Particulars Note No. Rs Rs Revenue from operations 20,00,000 15,00,000 Other Incomes 10,00,000 4,00,000 Expenses 21,,00,000 15,00,000 Rate of income tax was 50%. New Horizon School Assignment No.-3
5 ( ) Sub:- Accountancy Class -XII TOPIC ACCOUNTING RATIOS Q1) Will you include the item Loose Tools while calculating the current ratio? Give reason. Q2) Both very high and very low current ratio are not good for a firm. Comment. Q3) ABC Ltd. has 10% Debentures of Rs.7,00,000. Its profit after interest and tax is Rs.1,68,000. Calculate Interest Coverage ratio if tax rate is 40%. Q4) From the following, calculate Inventory Turnover Ratio: Opening inventory of materials Rs. 2,10,000; Closing inventory of materials Rs. 1,20,000; Purchase of materials Rs. 5,00,000; Opening inventory of finished goods Rs. 70,000; Closing inventory of finished goods Rs. 90,000; Opening inventory of workin- progress Rs.50,000 Closing inventory of workin- progress Rs. 40,000 Wages Rs. 10,000 ;Carriage inwards Rs. 20,000 ; Power, gas and fuel Rs. 28,000 Q5) From the following information, calculate closing debtors if cash revenue from operations is 20% of total revenue from operations. Trade receivable turnover ratio- 4 Times Cost of revenue from operations- Rs.3,00,000 Gross profit- 25% Opening debtors- Rs.50,000 Q6) Give two reasons for decrease in Gross Profit. Q7) Give two examples of Non operating expenses and non operating incomes. Q8) (a) From the following details, calculate Opening inventory: Closing inventory `60,000; Total Revenue from operations `5,00,000 (including cash revenue from operations `1,00,000); Total purchases `3,00,000 (including credit purchases `60,000). Goods are sold at a profit of 25% on cost. (b) Current Assets of a company are `17,00,000. Its current ratio is 2.5 and liquid ratio is Calculate Current Liabilities and Inventory. Q9) From the following, calculate: a) Net Profit ratio b) Operating Profit ratio Items Amt.(Rs.)
6 Revenue from operations 2,00,000 Gross Profit 75,000 Office expenses 15,000 Selling expenses 26,000 Interest on debentures 5,000 Accidental losses 12,000 Income from rent 2,500 Commission received 2,000 Q10) Calculate Return on Investments Equity Share capital: Rs.50,000 Statement of Profit and Loss after tax and interest: Rs.15,000 9% Debentures- Rs.20,000 ; Tax rate: 50% Q11) The difference between capital employed and Shareholders funds is termed as: a) Total Debt b) Total assets c) Current Liabilities d) Non- Current Liabilities Q12) The current ratio of a company is 2:1. After some cash payment to creditors, the current ratio will: a) Decrease b) Increase c) As before d) None of these Q13) Which of the following will improve the current ratio: a) Cash collected from Trade Receivables b) Purchase of goods for cash c) Payment to trade payables d) Credit purchase of goods Q14) Mention a transaction that causes change in Liquid ratio but no change in Current ratio. Q15) What is trade investment? Q16) Why prepaid expenses are not considered as liquid assets? Q17) State a transaction which results in a decrease in Debt Equity ratio and no change in current ratio. Q18) a) Compute Trade receivable turnover ratio from the following information: Total revenue from operations Rs , cash revenue from operations 60% of the credit sales, closing trade receivables Rs , opening trade receivables are 3/4 th of closing trade receivables.
7 b) Current liabilities of a company are Rs Its liquid ratio is 1.5:1 and current 2.5:1. Calculate quick assets and current assets. ratio is Q19) Calculate any three of the following ratios with the help of the information given below: (i) Operating Ratio (ii) Gross Profit Ratio (iii) Quick Ratio (iv) Working Capital Turnover Ratio (v) Proprietary Ratio Information : Equity Share Capital Rs. 1,00,000; 8% Preference Share Capital Rs. 80,000; 9% Debentures Rs. 60,000; General Reserve Rs. 10,000; Sales Rs. 2,00,000; Opening Inventory Rs. 12,000; Purchase Rs. 1,20,000; Wages Rs. 8,000; Closing Inventory Rs. 18,000; Selling and Distribution Expenses Rs. 2,000; Other Current Assets Rs. 50,000, Fixed Assets Rs. 2,12,000 and Current Liabilities Rs. 30,000. Q20. A company s Stock Turnover ratio is 5 times. Stock at the end is rs.20,000 more than that at the beginning. Revenue from operation (Net Sales) are Rs Rate of gross profit on cost is ¼ ; Current Liabilities Rs.2,40,000. Acid test ratio is Calculate Current Ratio. Q21. For the year ended March 31, 2017, Net Profit after tax of K X Limited was Rs. 6,00,000. The company has Rs. 40,00,000 12% Debentures of Rs. 100 each. Calculate Interest Coverage Ratio assuming 40% tax rate. State its significance also. Will the Interest Coverage Ratio change if during the year , the company decides to redeem debentures of Rs. 5,00,000 and expects to maintain the same rate of Net Profit and assume that the Tax rate will not change. New Horizon School Assignment No.-4 ( )
8 Sub:- Accountancy Class -XII TOPIC CASH FLOW STATEMENT Q1) What are cash & cash equivalents? Q2) Classify the following into operating, investing and financing activities a) Short term deposits in bank b) Sale of non- current investments c) Selling & distribution expenses d) Buy back of equity shares e) Investment in short term marketable securities f) Income tax refund received g) Dividend received on shares h) Commission paid on purchase of securities i) Dividend paid by a finance company j) Payment of cash to acquire debentures by an investment company k) Dividend received by a finance company l) Capital gain on selling a piece of land m) Dividend distribution tax Q3) Give an example of extraordinary items in case of operating, investing and financing activities. Q4) Give an example of a transaction which is partly investing and partly financing. Q5) When is dividend received considered as operating activity? Q6) When is interest received considered as financing activity? Q7) While preparing Cash Flow Statement, what type of activity is Payment of cash to acquire Debentures by an investment Co.? Q8) State giving reason, whether the following will result in inflow, outflow or no flow of cash: a) Old furniture written off b) Redemption of Debentures c) Discount received on making payment to suppliers Q9) Finserve Ltd. is carrying on a Mutual Fund business. It invested Rs.30,00,000 in shares and Rs. 15,00,000 in debentures of various companies during the year. It received Rs.3,00,000 as dividend and interest. Find out cash flow from investing activities. Q10) Refund of income tax is a cash flow from: a) Operating activity b) Financing activity c) Investing activity d) No cash flow Q11) Which of the following is an investing activity for a financial enterprise? a) Dividend received on investments b) Dividend paid c) Issue of Debentures d) Purchase of Land & Building
9 Q12) Cash deposit with the bank with a maturity date after two months belongs to which of the following while preparing cash flow statement: a) Investing activity b) Financing activity c) Cash & cash equivalents d) Operating activity Q13) Following are the balance sheets of Krishtec Ltd for the year ended 31 st March 2011 at 2012: Particulars Note no (Rs.) (Rs.) I. Equity and Liabilities a) Shareholders funds: i) Share capital ii) Reserves and balance (Profit and loss surplus) b) Non current liabilities: Long term borrowings c) Current liabilities : Trade payables Total II. Assets b) Non current assets i) Fixed assets: 1) Tangible assets ii) Current assets: Total 1) Inventories 2) Trade receivables 3) Cash and Cash equivalents
10 Prepare a cash flow statement after taking into account the following adjustments: a) The company paid interest Rs on its long term borrowings. b) Depreciation charged on tangible fixed assets was Rs Q14. From the following Balance Sheets of Vikas Ltd. As on and , prepare a Cash Flow Statement : Particulars Note No I. EQUITY AND LIABILITIES : Rs. Rs. Shareholder s Funds: Share Capital 90,000 1,30,000 Reserves and Surplus 50,000 85,000 Current Liabilities Trade Payables 17,400 22,000 Total 1,57,400 2,37,000 II. ASSETS : Non Current Assets Fixed Assets : 93,400 1,66,000 Current Assets Inventory 22,000 26,000 Trade receivables 36,000 39,000 Cash and Cash Equivalents 4,000 5,000
11 Current/Non-Current Assets: Unamortized Expenses 2,000 1,000 Total 1,57,000 2,37,000 Note : (1) Reserve & Surplus : General Reserve 30,000 55,000 Profit & Loss Balance 20,000 30,000 50,000 85,000 (2) Unamortized Expenses : 2,000 1,000 Additional Information : I. Depreciation charged on fixed assets for the year was Rs. 20,000. II. Income Tax Rs. 5,000 has been paid during the year. Q15. Prepare a Cash Flow Statement on the basis of the information given in the Balance Sheets of Simco Ltd. as at and : (6) Particulars Note No Rs Rs I. Equity and Liabilities: (1) Shareholder's Funds: (a) Share Capital 2,10,000 1,80,000 (b) Reserves & Surplus 1,32,000 24,,000 (2) Non-Current Liabilities: Long Term-Borrowings 1,50,,000 1,50,000 (3) Current Liabilities :
12 Trade Payables 75,000 27,000 Total 5,67,000 3,81,000 II. Assets (1) Non-Current Assets: (a) Fixed Assets : (i) Tangible Assets 2,94,000 2,52,000 (b) Non-Current Investments 48,000 18,000 (2) Current Assets (a) Current-Investments (Marketable) ,000 (b) Inventories (c) Trade Receivables 40, (d) Cash and Cash-Equivalents Total ,81,000 Notes to Accounts : Note 1 Particulars Reserves and Surplus Surplus (Balance in Statement of Profit and Loss) 2013 Rs 2012 Rs 1,32,000 24,000
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