CBSE Class 12 Accountancy Financial Statements Of Company Worksheet Set A

Read and download free pdf of CBSE Class 12 Accountancy Financial Statements Of Company Worksheet Set A. 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

FINANCIAL STATEMENTS OF A COMPANY

Q 1 How is a company’s balance sheet different from that of a Partnership firm?

Q 2 Name the major headings of the asset side of the balance sheet as per the requirements of schedule VI of the co. Act of 1956.

Q 3 Name the major headings of the liabilities side of the balance sheet.

Q 4 List the items covered under the following headings:

(i) Fixed Assets

(ii) Current Assets, Loans & Advances

(iii) Secured Loans

(iv) Miscellaneous Expenditure

(v) Reserves & Surplus

(vi) Unsecured Loans

(vii) Current Liabilities & Provisions

Q 5 List the information required to be given in the balance sheet of a Co. as foot note.

Q 6 How are the assets & liabilities of a Co. & a firm marshalled?

Q 7 List the statutory & voluntary disclosures of a financial statement.

Q 8 What does AS-1 state or refer to?

Q 9 Enumerate the various forms of preparing the balance sheet of a co.

Q 10 What is meant by segment reporting? Give its importance.

Q 11 List the parties interested in financial statements.

Q 12 Under what major headings will you classify the following items in the balance sheet:

Unclaimed dividend, Live stock, Arrears of fixed cumulative preference dividend,

Loose tools , Work in progress , Calls in arrears , Calls in advance , Public deposits ,

Interest accrued and due on debentures , Interest accrued but not due on unsecured

Loans , Premium on redemption of debentures , Forfeited shares a/c , Capital reserve, Prepaid insurance , Preliminary expenses.

Q 13 What is Contingent liability? Where is it shown in the Balance Sheet?


Important Questions for NCERT Class 12 Accountancy Financial Statements


Question . The Profit and Loss Account shows :
(A) Financial Position of the Concern
(B) Gross Profit
(C) Net Profit
(D) Net Profit and Financial Position

Answer : C

Question . Balance Sheet shows :
(A) Profit or Loss
(B) Financial Position
(C) Errors of Accounts
(D) Total Debtors

Answer :  B

Question. Types of Account shown in Balance Sheet are
(d) Nominal and Personal
(b) Real and Nominal
(c) Real and Personal
(d) Real, Nominal and Personal

Answer :  C

Question  . Net profit of a firm before charging manager’s commission is Rs.21,000. If the manager is entitled to 5% commission after charging such commission, how much manager will get as commission?
(a) Rs. 1,050
(b) Rs. 1,000
(c) Rs.2,100
(d) Rs.2,000

Answer :  B

Question . Excess of debit in Profit and Loss Account is called :
(A) Net Profit
(B) Net Loss
(C) Gross Profit
(D) Gross LOSS

Answer :  B

Question . Business paid to Mr. A Rs.50,000 as salary on 25th March, 2011. Mr. A went to bank to deposit cheque in his account on 3rd April, 2011. What is the entry to be passed in the Balance Sheet on the date of final accounts?
(a) No entry
(b) Bank A/c Dr.
To O/s Salary A/c
(c) Salary A/c Dr.
To O/s Salary A/c
(d) Salary A/c Dr.
To A

Answer :  A

Question. A machine was purchased in Bihar. During transit the machine was damaged and the cost of repairs incurred is Rs.20,000. This expense is treated as :
(a) Capital expense
(b) Revenue expense
(c) Deferred Revenue expense
(d) None of these

Answer :  A

Question . “Salaries and Wages” appearing in Trial Balance is shown :
(A) On the Debit Side of Trading A/c
(B) On the Debit Side of P & L A/c
(C) On the Asset Side of Balance Sheet
(D) On the Liabilities Side of Balance Sheet

Answer :  B

Question . Balance Sheet is prepared with the balances of which of the following :
(A) All balances in the Ledger
(B) Balances of Personal Accounts
(C) Balances of Real Accounts
(D) Balances of Personal and Real Accounts

Answer :  D

Question . Balance of Petty Cash is :
(A) Expenses
(B) Income
(C) Liability
(D) Asset

Answer :  D

Question  Which type of expenses are shown in Trading Account?
(a) Direct Expenses.
(b) Indirect Expenses.
(c) Opening Expenses.
(d) Direct and Indirect Expenses.

Answer :  A

Question  Which statement shows financial position of the business?
(a) Trading Account.
(b) Profit and Loss Account.
(c) Balance Sheet.
(d) Trial Balance.

Answer :  C

Question  Which of the following is correct?
(a) Operating Profit = Net Profit + Non-operating Expenses - Non-operating Income
(b) Operating Profit = Net Profit + Non-operating Expenses + Non-operating Income
(c) Operating Profit = Net Profit + Non-operating Expenses - Non-operating Income
(d) Operating Profit = Net Profit — Non-operating Expenses + Non-operating Income

Answer :  C

Question Carriage Outwards is shown in
(a) Trading Account.
(b) Profit and Loss Account.
(c) Balance Sheet.
(d) Either Trading Account or Profit and Loss Account.

Answer :  A

Question  Gross Profit: Rs. 50,000; Salaries: Rs. 5,800; Rent paid: Rs. 6,000; Provision for Doubtful Debts: Rs. 2,000 (Old); Commission (Credit) Rs. 4,000. Net Profit of the firm will be
(a) Rs. 42,200.
(b) Rs. 40,000.
(c) Rs. 42,000.
(d) Rs. 45,000.

Answer :  A


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Part 2 Chapter 4 Analysis of Financial Statements
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Part 2 Chapter 5 Accounting Ratios
CBSE Class 12 Accountancy Ratio Analysis Worksheet
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