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NCERT Solutions for Class 12 Accountancy II Chapter 3 Financial Statements Of A Company

by aglasem
January 7, 2022
in 12th Class
Reading Time: 1 min read
0

NCERT Solutions for Class 12 Accountancy II Chapter 3 Financial Statements Of A Company – Here are all the NCERT solutions for Class 12 Accountancy II Chapter 3. This solution contains questions, answers, images, explanations of the complete chapter 3 titled Financial Statements Of A Company taught in Class 12. If you are a student of Class 12 who is using NCERT Textbook to study Accountancy II, then you must come across chapter 3 Financial Statements Of A Company. After you have studied lesson, you must be looking for answers of its questions. Here you can get complete NCERT Solutions for Class 12 Accountancy II Chapter 3 Financial Statements Of A Company.

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NCERT Solutions Class 12 Accountancy Chapter 3 Financial Statements Of A Company

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Here on AglaSem Schools, you can access to NCERT Book Solutions in free pdf for Accountancy for Class 12 so that you can refer them as and when required. The NCERT Solutions to the questions after every unit of NCERT textbooks aimed at helping students solving difficult questions.

For a better understanding of this chapter, you should also see summary of Chapter 3 Financial Statements Of A Company , Accountancy, Class 12.

Class 12
Subject Accountancy
Book Accountancy 2
Chapter Number 3
Chapter Name

Financial Statements Of A Company

NCERT Solutions Class 12 Accountancy chapter 3 Financial Statements Of A Company

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Class 12, Accountancy chapter 3, Financial Statements Of A Company solutions are given below in PDF format. You can view them online or download PDF file for future use.

Financial Statements Of A Company Download

NCERT Solutions for Class 12 Accountancy (Accountancy-II) Chapter 3 Financial statement of a company Download

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Question & Answer

Q.1: State the meaning of financial statements?

Ans : A critical and thorough examination of the financial statements of a company in order to understand the data contained in it, is known as 'Financial Statement’. It helps in identifying and understanding the financial strengths and weaknesses of a business so that financial results can be drawn.

Q.2: What are limitations of financial statements?

Ans : Limitations of financial statement are given below. 1. Ignores Changes in the Price level The financial analysis fails to capture the change in price level. The figures of different years are taken on nominal values and not in real terms (i.e. not taking price change into considerations). 2. Misleading and Wrong Information The financial analysis fails to reveal the change in the accounting procedures and practices. Consequently they may provide wrong and misleading information. 3. Interim and Final Picture The financial analysis presents only the interim report and thereby provides incomplete information. They fail to provide the final and holistic picture. 4. Ignores Qualitative and Non-monetary Aspects The financial analysis reveals only the monetary aspects. In other words, these analyses consider only that information that can be expressed only in monetary terms. These analyses fail to disclose managerial efficiency, growth prospects, and other non-operational efficiency of a business.

Q.3: List any three objectives of financial statements?

Ans : Objectives of Financial Statements The following are the various objectives for preparing financial statements. It enables the conduct of meaningful comparisons of financial data. It provides better and easy understanding of the changes in the financial data overtime. It helps in designing effective plans and better execution of plans by enabling control and checks over the use of the financial resources. Analysis of Financial Statements helps to know the earning capacity and profitability of a business firm. It also measures the efficiency of the business operations.

Q.4: State the importance of financial statements to :
(i) shareholders 
(ii) creditors 
(iii) government 
(iv) investors

Ans : (i) Shareholders— They are interested in assessing the profitability and viability of the capital invested by them in the business. The financial statements prepared by the business concerns enable them to have sufficient information to assess the financial performance and financial health of the business. (ii) Creditors— These are those individuals and organisations to whom a business owes money on account of credit purchases of goods and services. Hence, the creditors require information about the creditworthiness and liquidity position of the business. (iii) Government— It needs information to determine various macroeconomic variables such as national income, GDP, industrial growth, etc. The accounting information assist the government in the formulation of various policies measures and to address various economic problems such as unemployment, poverty, etc (iv) Investors— These are the parties who have invested or are planning to invest in the business of an enterprise. Hence, in order to assess the viability and prospects of their investments, they need information about the profitability and solvency position of the business

Q.5: How will you disclose the following items in the Balance Sheet of a company; 
(i) Loose tools 
(ii) Uncalled liability on partly paid-up shares
(iii) Debentures redemption reserve 
(iv) Mastheads and publishing titles
(v) 10% debentures
(vi) Proposed dividend 
(vii) Share forfeited account 
(viii) Capital redemption reserve 
(ix) Mining rights 
(x) Work-in-progress

Ans : Disclosure of various items in the Balance Sheet of a company is given below.

NCERT / CBSE Book for Class 12 Accountancy

You can download the NCERT Book for Class 12 Accountancy in PDF format for free. Otherwise you can also buy it easily online.

  • Click here for NCERT Book for Class 12 Accountancy
  • Click here to buy NCERT Book for Class 12 Accountancy

All NCERT Solutions Class 12

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All NCERT Solutions

You can also check out NCERT Solutions of other classes here. Click on the class number below to go to relevant NCERT Solutions of Class 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12.

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