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Standard XI
Accountancy
Balance Sheet
Which of the ...
Question

Which of the following represents the entity`s financial position ?


A

Balance sheet

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B

Cash Flow Statement

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C

Profit & Loss account

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D

None of the above

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Solution

The correct option is A

Balance sheet


Balance sheet reveals the entity’s financial position.


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Similar questions
Q. The correct sequence in preparation of periodical financial statement would be :
1. Preparation of balance sheet
2. Preparation of cash flow statement
3. Preparation of trial balance
4. Preparation of Profit and Loss A/c
Select the correct answer from the option given below.
Q. Given below are two statements, one labelled as Assertion (A) and the other labelled as Reasons (R).

Assertion (A) - The income statement and the balance sheet are financial statements that show the cash flows in and out of the business unit.

Reason (R) - The general purpose of financial statements is to show the financial position and performance of a business unit.

In the context of the above two statements, which of the following is correct?

[0.88 marks]
Q. Prepare Cash Flow Statement from the following Balance Sheet:

Particulars ulars

 Note No.
31st March, 2013
(₹)
31st March, 2012
(₹)
I. EQUITY AND LIABILITIES
1. Shareholders' Funds
(a) Share Capital
 6,00,000 5,00,000
(b) Reserves and Surplus
 1 4,00,000 2,00,000
2. Current Liabilities
(a) Trade Payables
 2,80,000 1,80,000
Total Total Expenses
 12,80,000 8,80,000
II. ASSETS
1, Non-Current Assets
(a) Fixed Assets:
Plant and Machinery
 5,00,000 3,00,000
2. Current Assets
(a) Inventories
 1,00,000 1,50,000
(b) Trade Receivables
 6,00,000 4,00,000
(c) Cash and Cash Equivalents
 80,000 30,000
Total
 12,80,000 8,80,000
Notes to Accounts

Particulars
31st March, 2013
(₹)
31st March, 2012
(₹)
I. Reserves and Surplus
Surplus, i.e., Balance in Statement of Profit and Loss
 4,00,000 2,00,000
Additional Information:
(i) An old machinery having book value of ₹50,000 was sold for ₹60,000.
(ii) Depreciation provided on Machinery during the year was ₹30,000.
Q. ___________ is generally conducted to ascertain whether the Balance Sheet and Profit & Loss A/c presents a true and fair view of the financial position.
Q. Following is the financial statement of Garima Ltd., prepare cash flow statement.
Balance Sheet
As on 31st December, 2011
Capital and Liabilities2010 (Rs.)2011 (Rs.)Assets2010 (Rs.)2011 (Rs.)Equity Share Capital2,00,0003,00,000Plant and Machinery2,00,0003,64,000Preference Share Capital80,0001,40,000Stock60,0001,60,000Creditors56,0001,56,000Debtors20,00080,000Provision for Taxation4,00012,000Bank80,00028,000Profit & Loss Account28,00040,000Prepaid Expenses8,00016,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 3,68,000––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 6,48,000–––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 3,68,000––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 6,48,000–––––––––––

Profit and Loss Account
for the year ended December 31, 2011

ParticularsAmt. (Rs.) ParticularsAmt. (Rs.)Opening Stock60,000Sales5,00,000Purchase4,92,000Closing Stock1,60,000Gross Profit c/d1,08,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 6,60,000–––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 6,60,000–––––––––––Salary44,000Gross Profit b/d1,08,000Depreciation32,000Provision for Tax16,000Net Profit c/d16,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,08,000–––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 1,08,000–––––––––––Dividend4,000Balance b/d28,000Balance c/d40,000Net Profit b/d16,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 44,000––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯ 44,000––––––––––
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