CBSE Class 12 Accountancy Financial Statements Of Company Worksheet Set B

Read and download free pdf of CBSE Class 12 Accountancy Financial Statements Of Company Worksheet Set B. Students and teachers of Class 12 Accountancy can get free printable Worksheets for Class 12 Accountancy in PDF format prepared as per the latest syllabus and examination pattern in your schools. Standard 12 students should practice questions and answers given here for Accountancy in Grade 12 which will help them to improve your knowledge of all important chapters and its topics. Students should also download free pdf of Class 12 Accountancy Worksheets prepared by school teachers as per the latest NCERT, CBSE, KVS books and syllabus issued this academic year and solve important problems provided here with solutions on daily basis to get more score in school exams and tests

Financial Statements Of Company Class 12 Accountancy Worksheet Pdf

Class 12 Accountancy students should refer to the following printable worksheet in Pdf for Financial Statements Of Company in standard 12. This test paper with questions and answers for Grade 12 Accountancy will be very useful for exams and help you to score good marks

Class 12 Accountancy Worksheet for Financial Statements Of Company

CBSE Class 12 Accountancy Financial Statements of Company. CBSE issues sample papers every year for students for class 12 board exams. Students should solve the CBSE issued sample papers to understand the pattern of the question paper which will come in class 12 board exams this year. The sample papers have been provided with marking scheme. It’s always recommended to practice as many CBSE sample papers as possible before the board examinations. Sample papers should be always practiced in examination condition at home or school and the student should show the answers to teachers for checking or compare with the answers provided. Students can download the sample papers in pdf format free and score better marks in examinations. Refer to other links too for latest sample papers. 

FINANCIAL STATEMENTS OF A COMPANY


MCQs Questions for NCERT Class 12 Accountancy Financial Statements
 

Question . General Manager gets 10% commission on net profit after charging such commission. Gross Profit Rs.70,000 and general expenses other than manager’s commission are Rs. 12,000. Commission amount will be :
(a) Rs.5,273
(b) Rs.6,073
(c) Rs.5,373
(d) Rs.5,173

Answer :  A

Question . Heavy amount spent for the advertisement of new company product is
(a) Revenue Expenditure
(b) Deferred Revenue Expenditure
(c) Capital Expenditure
(d) Either (a) or (c)

Answer :  B

Question. Income statement is termed as –
(a) Statement of profit and loss
(b) Trading Account
(c) Balance sheet
(d) Profit and loss

Answer: A

Question. As per companies act, the Balance sheet is required to be presented
(a) Vertical Form
(b) Horizontal Form
(c) Either Vertical Form or Horizontal Form
(d) Any of the above

Answer: A

Question. Maximum amount of capital mentioned in the memorandum of association is known as
(a) Subscribed capital
(b) Authorised capital
(c) Called up capital
(d) Paid up Capital

Answer: B

Question. Provision for tax appears in a company’s Balance sheet under the sub head –
(a) Long term provision
(b) Short term provision
(c) Other current liability
(d) None of the above

Answer: B

Question. Revenue from sales of goods is shown in the statement of profit and loss as-
(a) Other Income
(b) Revenue from operation
(c) Any of the above
(d) None of the above

Answer: B

Question. The prescribed form of balance sheet for the companies has been given in the schedule:
(a) III, Part I
(b) VI, Part I
(c) VI, Part II
(d) None of these

Answer: A

Question. Debenture redeemable after 12 years of the issue are shown as
(a) Long term borrowings
(b) Short term borrowings
(c) Other short-term liabilities
(d) Other long-term liabilities

Answer: 
A

Question. Which statement is not included in final accounts of a company?
(a) Balance sheet
(b) Statement of profit and loss
(c) Both (a) & (b)
(d) None of the above

Answer: 
D

Question. Sales is termed as
(a) Employee benefit expenses
(b) Revenue from operation
(c) Cost of material Consumed
(d) None of the above

Answer: 
B

Question . Fixed assets are kept:
(a) For earning revenue
(b) For conversion into cash as quickly as possible
(c) For resale
(d) For getting loan by mortgage

Answer :  A

Question . Goodwill is :
(a) Current Asset
(b) Tangible Asset
(c) Intangible Asset
(d) Fictitious Asset

Answer :  C

Question  Insurance premium paid to insure the machinery at the time of its purchase is
(a) Revenue Expenditure.
(b) Capital Expenditure.
(c) Deferred Revenue Expenditure.
(d) None of these.

Answer :  B

Question . Closing stock is shown in Financial Statements at:
(a) Cost price
(b) Reliasable Value
(c) Cost price or Reliasable Value whichever is greater
(d) Cost price or Reliasable Value whichever is less

Answer :  D

Question . Income tax in case of sole trader is treated as ,
(a) Personal expenses
(b) Debtors expenses
(c) Business expenses
(d) None of the above

Answer :  A

Question  Expenses on overhauling a second-hand machine purchased is
(a) Revenue Expenditure.
(b) Capital Expenditure.
(e) Deferred Revenue Expenditure.
(d) None of these.

Answer :  B

Question  Prepaid Insurance existing in the Trial Balance is shown in the Balance Sheet in the assets side because of
(a) Accrual Concept.
(b) Matching Principle.
(c) Materiality Principle.
(d) Cost Principle.

Answer :  A

Question  On 1st February, 2020, a loan of Rs. 1,00,000 was given to Parth @ 12% p.a. Interest was received for 3 months from February to April, 2020. In the financial statements for the year ended 31st March, 2020, amount of advance interest should be
(a) Rs. 1,200.
(b) Rs. 1,000.
(c) Rs. 3,600.
(d) Rs. 4,800.

Answer :  B

Question  Income Received in advance, if given in the Trial Balance, is shown in
(a) Trading Account, as deduction from the respective income.
(b) Profit and Loss Account, as deduction from the respective income.
(c) Profit and Loss Account, as deduction from the respective income and in the liabilities side of the Balance Sheet.
(d) Balance Sheet in the liabilities side.

Answer :  D 

Question Goodwill is a
(a) Fictitious Asset.
(b) Tangible Asset.
(c) Intangible Asset.
(d) Current Asset.

Answer :  C

Question  Accrued Income, if given outside the Trial Balance, is shown in
(a) Trading Account, as addition to the respective income.
(b) Profit and Loss Account, as addition to the respective income.
(c) Profit and Loss Account, as addition to the respective income and in the assets side of the Balance Sheet.
(d) Balance Sheet in the assets side.

Answer :  C

Question Expenditure incurred on a fixed asset which increases the earning capacity is accounted as
(a) Capital Expenditure.
(b) Revenue Expenditure.
(c) Deferred Revenue Expenditure.
(d) General Expenditure.

Answer :  A

Question Closing stock shown inside the Trial Balance is shown in
(a) Trading Account.
(b) Profit and Loss Account.
(c) Balance Sheet.
(d) None of these. 

Answer :  C



Questions:
 
(1) Under which head and sub-head of Equity and Liabilities are following items shown in a company’s Balance Sheet as per Schedule VI?
 
(i) Debentures
 
(i) Public Deposits
 
(ii) Securities Premium reserve
 
(iii) Capital Reserve
 
(iv)Forfeited Shares Account
 
(v) Interest Accrued and due on Debentures
 
(2) Under which main heads and sub-heads of Equity and Liabilities re the following itmes shown in the Balance Sheet of a company as per schedule VI:
 
(i) Unclaimed Dividend
 
(ii) Calls-in-arrear
 
(iii) Calls-in-advance
 
(iv)Interest Accrued but not due on debentures
 
(v) Arrears of fixed cumulative preference dividends
 
(vi)Sundry creditors
 
(3) Under which head following revenue items of a non-financial companies will be shown:
 
(i) Interest Earned
 
(ii) Dividend
 
(iii) Profit on sale of Asset
 
(iv)Refund of Income Tax
 
Solution:
 
Revenue from Operations: Interest Earned and Dividend Other Income: Profit on Sale of Asset and Refund of Income Tax.
 
(4) Under which head following revenue items of a non-financial companies will be shown:
 
(i) Sales 
 
(ii) Sale of Scrap 
 
(iii) Interest Earned 
 
(iv) Dividend
 
 
 
 
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