Question
List the items which are shown under the heading current liabilities and provisions as per Schedule VI Part-I of the Companies' Act, 1956.
✓
Answer
The Following items are included in under the heading current liabilities and provisions:
Current Liabilities:
Current Liabilities:
- Acceptances.
- Sundry Creditors.
- Outstanding Expenses.
- For Taxation.
- For Dividends.
- For Contingencies.
- For Provident Fund Scheme.
- For Insurance.
- Pension & Other similar benefits.
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Similar questions
Samprag Ltd. has an authorised capital of ₹ 20,00,000 divided into equity shares of ₹ 10 each. The company invited applications for issuing 60,000 shares. Applications for 58,000 shares were received.
All calls were made and were duly received except the final call of ₹ 3 per share on 2,000 shares. These shares were forfeited.
All calls were made and were duly received except the final call of ₹ 3 per share on 2,000 shares. These shares were forfeited.
- Present the Share capital in the Balance Sheet of the company as per schedule III of the Companies Act, 2013.
- Also prepare 'Notes to Accounts' for the same.
List any five items that are shown under Reserves and Surplus.
Calculate Inventory Turnover Ratio from the data given below:
State the significance of this ratio.
|
|
₹
|
|
₹
|
|
Inventory in the beginning of the year.
|
20,000
|
Carriage Inwards.
|
5,000
|
|
Inventory at the end of the year.
|
10,000
|
Revenue from Operations, i.e., Sales.
|
1,00,000
|
|
Purchases.
|
50,000
|
|
|
Calculate Current Ratio from the following information:
|
Particulars
|
₹
|
Particulars
|
₹
|
|
Total Assets.
|
5,00,000
|
Non-Current Liabilities.
|
1,30,000
|
|
Fixed Tangible Assets.
|
2,50,000
|
Non-Current Investments
|
1,50,000
|
|
Shareholders' Funds.
|
3,20,000
|
|
|
Current Liabilities of a company are ₹ 6,00,000. Its Current Ratio is 3 : 1 and Liquid Ratio is 1 : 1. Calculate value of Inventory.
Romi Ltd. acquired assets of ₹ 20 lakhs and took over creditors of ₹ 2 lakhs from Kapil Enterprises.
Romi Ltd. issued 8% Debentures of ₹ 100 each at a primium of 25% as purchase consideration.
Record necessary journal entries in the books of Romi Ltd.
Romi Ltd. issued 8% Debentures of ₹ 100 each at a primium of 25% as purchase consideration.
Record necessary journal entries in the books of Romi Ltd.
State under which major headings and sub-headings the following items will be presented in the balance sheet of a company as per Schedule III of the Companies Act 2013.
i. Calls in Advance.
ii. Accrued Interest on Calls in Advance.
iii. Provision for Retirement Benefits
iv. Stores and Spares.
v. Capital Work in Progress.
vi. Design
vii. Securities Premium.
i. Calls in Advance.
ii. Accrued Interest on Calls in Advance.
iii. Provision for Retirement Benefits
iv. Stores and Spares.
v. Capital Work in Progress.
vi. Design
vii. Securities Premium.
What is meant by a ‘Share’? Give any two differences between ‘Preference Shares’ and ‘Equity Shares’.
From the following information, calculate Proprietary Ratio:
PS Ltd. forfeited 500 equity shares of ₹ 100 each for the non-payment of first call of ₹ 30 per share. The final call of ₹ 10 per share was not yet made. The forfeited shares were reissued for ₹ 65,000 fully paid up. Pass necessary journal entries in the books of the company.