Class 12th Accountancy- Financial Statements of Companies- June10th,2022- Medium

Q1. Under which sub-head ‘Interest accrued but due on debentures’ is shown in the
Balance sheet of the company?
(a) Short term borrowings
(b) Trade payables
(c) Other current liabilities
(d) Short term provisions
Q2. Under which sub-head ‘ Goods in transit’ is shown in the Balance sheet of the
company?
(a) Current Investments
(b) Trade receivables
(c) Inventories
(d) Other Current assets
Q3. Under which sub-head ‘ Security deposits for gas supply’ is shown in the Balance
Sheet of the company?
(a) Other non-current assets
(b) Short term loans and advances
(c) Current Investments
(d) Long term loans and advances
Q4. Under which head ‘ Provision for Provident fund’ is shown in the Balance Sheet of
the company?
(a) Current Liabilities
(b) Non-Current liabilities
(c) Shareholder’s funds
(d) Current assets
Q5. Under which sub-head ‘ Proposed dividend’ is shown in the Balance Sheet of the
company?
(a) Short term provisions
(b) Other Current Liabilities
(c) Long term borrowings
(d) Long term provisions
Q6. Under which head ‘Revenue from Project Consultancy’ will be shown in Statement
of Profit and Loss?
(a) Revenue from operations
(b) Other income
(c) Not shown is Statement of Profit and Loss
(d) None of these
Q7. Under which major head of Statement of Profit and Loss of a financial company
‘Patents written off’ will be shown?
(a) Finance costs
(b) Other expenses
(c) Depreciation and Amortization expenses
(d) Other Income
Q8. Under which major head will you show ‘Discount on Issue of debentures written off’
in Statement of Profit and Loss?
(a) Finance costs
(b) Other expenses
 (c) Depreciation and Amortization expenses
(d) Other Income
Q9. Under which major head will you show ‘Prior Period Expenses’ in Statement of Profit
and Loss?
(a) Finance costs
(b) Other expenses
(c) Depreciation and Amortization expenses
(d) Other Income
Q10. Under which major head will you show ‘Interest paid on overdraft’ in
Statement of Profit and Loss?
(a) Finance costs
(b) Other expenses
(c) Depreciation and Amortization expenses
(d) Other Income

Solutions

S1. Ans. (c)

S2. Ans. (c)
S3. Ans. (d)
S4. Ans. (b)
S5. Ans. (a)
S6. Ans. (b)
S7. Ans. (c)
S8. Ans. (a)
S9. Ans. (b)
S10. Ans. (a)