Under which major headings and sub-headings (if any) will the following items be shown in the Balance Sheet of a company as per Schedule III, Part I of the Companies Act, 2013?
(a) Calls-in-Advance
(b) Loose tools
(c) Trade marks
(a) Calls-in-Advance
(b) Loose tools
(c) Trade marks
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Solution and Explanation
(a) Calls-in-Advance:
Major Heading: Equity and Liabilities
Sub-heading: Other Current Liabilities
Explanation: Calls-in-advance is a liability as the company has received an amount not yet due. Hence, it is shown under current liabilities.
(b) Loose tools:
Major Heading: Assets
Sub-heading: Current Assets → Inventories
Explanation: Loose tools are consumed in the normal course of business and hence treated as inventory.
(c) Trade Marks:
Major Heading: Assets
Sub-heading: Non-Current Assets → Intangible Assets
Explanation: Trademarks are identifiable non-monetary assets without physical substance used in the business.
Top Questions on Balance sheet statement
From the following information, calculate opening and closing inventory :
- Gross Profit Ratio – 25%
- Revenue from operations – ₹ 8,00,000
- Inventory turnover ratio – 4 times
- Opening inventory was 2 times of the closing inventory.
- CBSE CLASS XII - 2025
- Accountancy
- Balance sheet statement
Following is the extract of the Balance Sheet of Vikalp Ltd. as per Schedule-III, Part-I of Companies Act as at $31^{\text {st }}$ March, 2024 along with Notes to accounts:
Vikalp Ltd.
Balance Sheet as at $31^{\text {st }}$ March, 2024
Particulars Note No. $31-03-2024$ (₹) $31-03-2023$ (₹) I. Equity and Liabilities (1) Shareholders Funds (a) Share capital 1 59,60,000 50,00,000 ‘Notes to accounts’ as at $31^{\text {st }}$ March, 2023:
Note Particulars $31-3-2023$ (₹) No. 1. Share Capital : Authorised capital 9,00,000 equity shares of ₹ 10 each 90,00,000 Issued capital : 5,00,000 equity shares of ₹ 10 each 50,00,000 Subscribed capital : Subscribed and fully paid up 5,00,000 equity shares of ₹ 10 each 50,00,000 Subscribed but not fully paid up Nil 50,00,000 ‘Notes to accounts’ as at $31^{\text {st }}$ March, 2024:
Note Particulars $31-3-2024$ (₹) No. 1. Share Capital : Authorised capital 9,00,000 equity shares of ₹ 10 each 90,00,000 Issued capital : 6,00,000 equity shares of ₹ 10 each 60,00,000 Subscribed capital : Subscribed and fully paid up 5,80,000 equity shares of ₹ 10 each 58,00,000 Subscribed but not fully paid up 20,000 equity shares of ₹ 10 each, fully called up 2,00,000 Less : calls in arrears 20,000 equity shares @ ₹ 2 per share 40,000 59,60,000 - The total face value of equity shares issued during the year 2023-2024 was :
- The number of shares on which the called up amount was not received were :
- On $1^{\text {st }}$ April, 2024 Vikalp Limited forfeited all the shares on which the called up amount was not received. On forfeiture, ‘Share Capital Account’ will be debited by :
- On forfeiture, ‘Share Forfeiture Account’ will be credited with :
- If all the forfeited shares are reissued at ₹ 8 per share fully paid up, the amount credited to ‘Capital Reserve A/c’ will be :
- If the forfeited shares are reissued at the minimum permissible price, the amount credited to ‘Capital Reserve Account’ will be :
- CBSE CLASS XII - 2025
- Accountancy
- Balance sheet statement
Match List-I with List-II:
\[\begin{array}{|c|c|} \hline \text{List-I} & \text{List-II} \\ \hline \text{(A) Reserves and Surplus} & \text{(I) Share Options Outstanding Account} \\ \hline \text{(B) Non-current Liabilities} & \text{(II) Long-term provisions} \\ \hline \text{(C) Current Liabilities} & \text{(III) Short-term borrowing} \\ \hline \text{(D) Shareholder's Fund} & \text{(IV) Calls in arrear} \\ \hline \end{array}\]
Choose the correct answer from the options given below:
- CUET (UG) - 2025
- Accountancy
- Balance sheet statement
- Correct sequence of Balance Sheet
A. Short term Loans and Advances
B. Deferred tax liability (Net)
C. Shareholders Fund
D. Capital (work in-progress)
E. Current Liabilities
Choose the correct Option:- CUET (UG) - 2025
- Accountancy
- Balance sheet statement
Classify the following items under major heads and sub-heads (if any) in the Balance Sheet of a company as per Schedule-III, Part-I of the
Companies Act, 2013:- Work in progress
- Securities premium
- Creditors
- CBSE CLASS XII - 2025
- Accountancy
- Balance sheet statement
Questions Asked in CBSE CLASS XII exam
- Surface area of a balloon (spherical), when air is blown into it, increases at a rate of 5 mm²/s. When the radius of the balloon is 8 mm, find the rate at which the volume of the balloon is increasing.
- Two wires of the same material and the same radius have their lengths in the ratio 2:3. They are connected in parallel to a battery which supplies a current of 15 A. Find the current through the wires.
- CBSE CLASS XII - 2025
- Current electricity
- (a) Briefly explain Einstein’s photoelectric equation.
(b) Four metals with their work functions are listed below:
K = 2.3 eV, Na = 2.75 eV, Mo = 4.17 eV, Ni = 5.15 eV.
The radiation of wavelength 330 nm from a laser source placed 1 m away, falls on these metals.
Which of these metals will not show photoelectric emission?
What will happen if the laser source is brought closer to a distance of 50 cm?- CBSE CLASS XII - 2025
- Photoelectric Effect
- Differentiate $2\cos^2 x$ w.r.t. $\cos^2 x$.
- CBSE CLASS XII - 2025
- Derivatives
- The diagonals of a parallelogram are given by \( \mathbf{a} = 2 \hat{i} - \hat{j} + \hat{k} \) and \( \mathbf{b} = \hat{i} + 3 \hat{j} - \hat{k}\) . Find the area of the parallelogram.