Financial Statements

Nature/Structure

Easy

Match List-I with List-II

Match the statements with their respective Provisions/ other name

List-I List-II
(A) AS-3 (I) Statement of profit & loss
(B) Schedule 3 of Companies Act (II) Cash flow statement
(C) Financial status of the undertaking (III) Final accounts of company
(D) Performance report (IV) Balance sheet

Choose the correct answer from the options given below:

List-I	List-II
(A) AS-3	(I) Statement of profit & loss
(B) Schedule 3 of Companies Act	(II) Cash flow statement
(C) Financial status of the undertaking	(III) Final accounts of company
(D) Performance report	(IV) Balance sheet

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

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

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

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

✅ Correct Option: 2

AS-3 is Accounting Standard 3 which deals with Cash Flow Statement. It provides guidelines for preparation and presentation of cash flow statements.

Match: (A) → (II)

Schedule III of the Companies Act, 2013 prescribes the format and requirements for preparing financial statements of companies. It contains the general instructions for preparation of Balance Sheet and Statement of Profit and Loss, thus dealing with Final Accounts of Company.

Match: (B) → (III)

Financial status of the undertaking refers to the financial position or health of a business at a particular point in time. This information is provided by the Balance Sheet, which shows assets, liabilities, and equity on a specific date.

Match: (C) → (IV)

Performance report reflects how well the company has performed during a period in terms of income earned and expenses incurred. This is shown by the Statement of Profit & Loss, which reports the operational results and profitability.

Match: (D) → (I)

Complete matching: (A) - (II), (B) - (III), (C) - (IV), (D) - (I)

Correct Answer: Option 2

2022: 23 Aug Shift 2

Value of 12% government securities as at 31 March 2021 was Rs. 85,000 which were purchased at that date at par. Additional 12% securities worth Rs. 50,000 were purchased on 31 March, 2022. Total interest debited to receipts and payments A/c during the year on the above securities is Rs. 9,000 calculate Accrued interest on 31 March, 2022.

2022: 16 July Shift 2

Receipt and Payment a/c for the year ending 31.3.22.

Locker Rent	Rs.17,050

Additional Information:

Locker rent Rs.3,050 outstanding for the year 2020-21 and Rs.1,500 for 2021-22.

Locker rent received on advance at the end of current year i.e on 31.3.22 is Rs.1,000.

What amount of Locker Rent will be shown in Income and Expenditure A/c?

Choose the correct option:

2022: 8 Aug Shift 2

Which one of the following items will be added in debit balance of cash book in the preparation of bank reconciliation statement?

2025: 13 May Shift 1

Amount of Total current liabilities are:

2023: 20 June Shift 2

Loss on sale of furniture is

2025: 14 May Shift 1

Arrange different items of Balance Sheet as per revised Schedule III to the Companies Act, 2013-

(A) Shareholder's Funds

(B) Non-Current Assets

(D) Share Application money pending allotment

(E) Current Assets

Choose the correct answer from the options given below:

Solution

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