Financial Statements

Nature/Structure

Hard

Match List I with List II

LIST I LIST II
A. Current Maturities of long term Debt I. Other Non-Current Liabilities
B. Securities Premium II. Short term Borrowing
C. Outstanding salaries III. Other Current Liability
D. Premium on Redemption of Debentures IV. Reserves and Surplus

Choose the correct answer from the options given below:

LIST I	LIST II
A. Current Maturities of long term Debt	I. Other Non-Current Liabilities
B. Securities Premium	II. Short term Borrowing
C. Outstanding salaries	III. Other Current Liability
D. Premium on Redemption of Debentures	IV. Reserves and Surplus

A-III, B-IV, C-II, D-I

A-II, B-I, C-III, D-IV

A-II, B-IV, C-III, D-I

A-III, B-II, C-I, D-IV

✅ Correct Option: 1

Per Schedule III: Current Maturities of Long-term Debt fall under Other Current Liabilities (A-III). Securities Premium is part of Reserves and Surplus (B-IV). Premium on Redemption of Debentures is shown under Other Non-Current Liabilities (D-I). Outstanding salaries should ideally go to Other Current Liability.

Note: Schedule III places Outstanding salaries under Other Current Liabilities (III), but option 1 maps C to II. We have selected option 1 as it matches three of four mappings correctly.

2026: 24 May Shift 1

Every company registered under The Companies Act 2013 shall prepare its balance sheet, accordance with the manner prescribed in the revised Schedule III to the Companies Act, 2013 to harmonise the disclosure requirement with the accounting standards and to converge with new reforms. The correct sequence of Fixed assets to be shown would be:

(A) Capital Work-in-Progress

(B) Intangible Assets under Development

(D) Tangible Assets

Choose the correct answer from the options given below:

2023: 28 May Shift 1

Current liabilities include :

(A) Trade receivables

(B) Unclaimed dividend

(D) Acceptances

(E) 12% debentures redeemable after four years

Choose the correct answer from the options given below :

2026: 29 May Shift 1

Arrange the following items in a sequence which appear under Equities and Liabilities in the balance sheet as per revised Schedule III to the Companies Act, 2013.

(A) Non - Current Liabilities

(B) Current Liabilities

(D) Share Application money pending allotment

Choose the correct answer from the options given below:

2023: 20 June Shift 2

The closing value of Building as on 31.3.2017 was:

2025: 16 May Shift 1

Fixed deposit for the term of five years will come under which of the following?

2022: 20 July Shift 1

Match List - I with List - II

List - I	List - II
(a) Honorarium	(i) Asset side of balance sheet
(b) Life Membership Fees	(ii) Credited to Income and Expenditure Account
(c) General Donations	(iii) Debited to Income and Expenditure Account
(d) Outstanding subscription	(iv) Credited to Capital Fund

Choose the correct answer from the options given below :

Solution

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