Ch 11 Unit 1 Preparation of Financial Statements - 1 | CA Inter Advanced Accounting | CA Parag Gupta
CA Parag Gupta 2.0・2 minutes read
Unit One covers the financial statements of a company, focusing on the balance sheet, PNL, and notes to accounts, with the format being crucial for presentation. The equity and liabilities section includes shareholders fund, share application money, non-current liability, and current liability, while assets are divided into non-current and current assets with different components under each category.
Insights
- The format of the Companies Act 2013 Schedule Part One is essential for presenting a balance sheet, with four key columns: Particulars, Note Number, Current Year Figures, and Previous Year Figures for comparison.
- Dividend calculations are based on paid-up capital, not face value, and are paid from free reserves, not restricted reserves, following specific conditions outlined in the Companies Declaration and Payment of Dividend Rules 2014.
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Recent questions
What are the components of financial statements?
Financial statements include PNL, Balance Sheet, Notes, Cash Flow.
What is the format of the Companies Act 2013 Schedule Part One?
The format includes Particulars, Note Number, Current Year Figures, Previous Year Figures.
What are the main heads under Equity and Liabilities in financial statements?
Shareholders Fund, Share Application Money, Non-Current Liabilities, Current Liabilities.
What are the components of Assets in financial statements?
Non-Current Assets, Current Assets.
How are expenses categorized in financial statements?
Expenses are divided into A, B, C, D, E, F, G subheads.
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