What You Will Learn!
- Final Accounts of Companies
- Meaning of Final Accounts
- Schedule lll companies Act 2013
- Balance Sheet
- Statement of Profit & Loss
- Notes to account’s or working notes
Description
Final Accounts of Companies
Final Account of Company or Financial Statement
Meaning of Final Accounts
Requirement of Companies Act 2013,section 129
Schedule lll companies Act 2013
Format of Balance Sheet
Explanations of Balance sheet items
I. Equity and Liabilities :
(1) Shareholder’s funds
(a) Share Capital
(b) Reserves and surplus
(c) Share warrants
(2) Share application amount pending allotment
(3) Non-Current liabilities
(a) Long-term borrowings
(b) Deferred tax liabilities
(c) Other long-term liabilities
(d) Long-term provisions
(4) Current liabilities
(a) Short-term borrowings
(b) Trade payables
(c) Other current liabilities
(d) Short-term provisions
II. Assets :
(1) Non-Current assets
(a) Fixed assets
(b) Non Current investments
(c) Deferred tax assets
(d) Long-term loans and advances
(e) Other non-current assets
(2) Current assets
(a) Current investments
(b) Inventories
(c) Trade receivals
(d) Cash and cash equivalents
(e) Short-term loans and advances
(f) Other current assets
Operating Cycle Period
Statement showing operating cycle period
Contingent Liabilities
Contingent liabilities shall be classified as :-
1. Claims against the company not acknowledge as debt (case pending in court)
2. Guarantees given by the company
3. Liability on partly paid up shares
4. Bill discounted
5. Debenture as a collateral security
6. Other money for which the company is contingent liable
Statement of Profit & Loss
Explanations of statement of P/L items
(1) Revenue from operations
(2) Other income
(3) Total revenue
(4) Expenses :
i. Material consumed
ii. Purchase of finished goods
iii. Changes in inventory of W.I.P and finished goods
iv. Employee benefit expenses
v. Finance cost
vi. Depreciation & amortization expenses
vii. Other expenses
(5) P.B.T (3-4)
(6) Less : Tax (Adjustment)
(7) Profit after tax/Current year profit
(8) Add : Previous year profit Total profit
(9) Less : Appropriation of Profit :-
a. Transfer to G.R/Other reserve/fund
b. Proposed dividend/Interim dividend
c. Other appropriation of profit
Surplus or net loss
Some important Practical Problem for Practice.
Who Should Attend!
- Any Student who pursuing in B,com M,com BBA MBA 11th & 12th Commerce C.A. C.S. and C.M.A.
