The Balance Sheet depicts the financial position of the business. Before preparing the Balance Sheet, we are to prepare a Profit and Loss Account in order to find out the net profit as under: Before uploading and sharing your knowledge on this site, please read the following pages: 1. Since they have taken Rs. Prohibited Content 3. Trading Account. In addition, certain entries are In this article we have compiled top five accounting problems on final accounts of the companies with its relevant solutions. It is created out of revenues of each year—a sum not less than ¼% and not more than ½% of the original cost of fixed assets until it amounts to 5% of the original cost of fixed assets. Chapters 8 and 9 are devoted to accounting for special transactions i.e. Preparation of Profit and Loss Account of a Company: The following balance appeared in the books of Regent Company Ltd. as on 31st December 1999: From the above balance and the following information, prepare the Company’s Profit and Loss Account for the year ended 31st Dec. 1999: (2) Outstanding Expenses: Manufacturing Expenses Rs. 1. Another important set of account if as company’s final accounts is the profit and loss account. 100 each, fully paid-up. The account balances, as rounded-off to the nearest thousands, are listed below: The authorised capital is 3,50,000 Equity Shares of Rs. 52,000 are due for more than 6 months. Browse more Topics under Final Accounts The loan from the State Government is secured by a charge on the land, cash-credits by hypothecation of stocks and book debts and the other secured loans on the building and plant and machinery. 1. But at the time of submitting their accounts to the Central Government they have to follow the prescribed format framed by the Indian Electricity … To Buy Complete Classes Visit - https://www.StudyAtHome.org or Call: 8737012345. (6) Balance at Bank includes Rs. Simply put, it is the full and final accounting procedure which is carried out at the end of an accounting year, resulting in the preparation of relevant accounts. Content Filtrations 6. Pending distribution, if any (this remaining ½) is carried to a ‘Consumers’ Benefit Reserve’. Content Filtration 6. Disclaimer 9. These papers touch upon various topics on accounting. Are you looking for problems and solutions of final accounts of the companies? The Board of Directors of Sen & Co. Ltd. consists of two whole-time Directors and three part-time Directors. Uploader Agreement, Read Accounting Notes, Procedures, Problems and Solutions, Learn Accounting: Notes, Procedures, Problems and Solutions, Top 5 Problems on Final Accounts of the Companies, Company Final Accounts: Problems and Solutions | Accounting, How to Prepare Final Accounts of Companies? Failure … Balance Sheet It determines the financial … These undertakings are usually incorporated under Special Acts and, as a result, the form of accounts is prescribed by, special statute. The final account consists of the following accounts: Trading and Profit and Loss Account; Balance Sheet; Profit and Loss Appropriation account; Objectives of Final Account preparation. A Profit and Loss Account has been prepared in draft. 1,50,000 in the loan account with State Financial Corporation is inclusive of Rs. The accounts which are prepared at the final stage of the accounting cycle to know the profit or loss and financial position of a business concern are called Final Accounts. (IPCC Gr-II) Important Changes: The earlier syllabus (study material of ICAI) included the following, in this chapter: 1. b) The manual also has the approval of the Executive Director and the full authority of the Board of Trustees. 10,424 (‘000). ... CA Final New Financial Reporting Strategic Financial Management Corporate and Economic Laws ... Electricity Company Balancesheet & P& L Formats Download Preview. Article shared by : ADVERTISEMENTS: In this article we will discuss about the accounts of electricity companies, explained with the help of a suitable illustration. The loan is secured by hypothecation of the Plant and Machinery. Accounts of Companies 5 company for a period of not less than eight years immediately preceding the relevant financial year. 7,500 for interest accrued but not due. Expected Life of Fixed Assets of electricity (as prescribed by the Vllth Schedule) are given below in brief: It has already been stated earlier that at the time of computing Capital Base contribution received from customers towards the cost of service connections are to be deducted from the capital outlay. 2,75,000 maturing on 30th June 1998 have been discounted. (4) Schedules need not be given. Thus the final accounts will consist of a profit and loss account and balance sheet. According to sub-paragraph (1) of paragraph XVII of the Sixth Schedule, amount of capital base is the sum of the following items: (i) The original cost of fixed assets available for use and necessary for the purpose of the undertaking less the cost of service lines contributed by consumers. Prior to 1948, electricity supply companies charged high rates from the consumers and did not make any reduction on rates. 8,100 (Rs. The preparation of Company Final Accounts include the preparation of a set accounts at the end of accounting year/period. Give note at the foot of the Balance Sheet as may be found necessary: The following additional information is also provided: (1) Miscellaneous expenses included Rs. The preparation of Company Final Accounts include the preparation of a set accounts at the end of accounting year/period. Content Guidelines 2. The most important and crucial function of financial accounting is to ascertain the financial position and the profitability of the business. The final accounts or financial statements consists of: Trading and profit and loss account or income statement, which is prepared to know the profit earned or loss suffered by the business during a specific period. 2. Depreciation must be provided on all fixed assets. Some of the above prescribed forms are presented: It has already been stated earlier that there are some financial provisions contained in the Sixth and Seventh Schedules of the Electricity (Supply) Act. 166. Trading account, Profit and Loss account and Balance Sheet together are called final accounts. It is the difference between the total expenditure (including special appropriation). 2. 700 for out of pocket expenses paid to the auditors. When any fixed asset is discarded due to obsolescence or any other reason, the w.d.v. Final accounts show both the financial position of a business along with the profitability, they are used by external and internal parties for various purposes. Adjustments are those transactions which are taking place after preparation of trial balance. 2)Profit and Loss account. 3,59,550 – Rs. In case of a company incorporated less than eight years before the financial year, the books of accounts for the entire period preceding the financial … Content Guidelines 2. Final accounts consist of the PROFIT AND LOSS ACCOUNT and the BALANCE SHEET, and may also include a SOURCES AND USES OF FUNDS STATEMENT for the accounting period. 5,000 Audit Fees and Rs. Saharanpur Electricity Ltd. earned a profit of Rs. 5,400 (‘000); (ii) Provision to be made for Income-tax in Rs. (b) 1/12 of the sum of cash and bank balances and call and short-term deposits at the end of each month of the year of account not exceeding ¼ th of the operating expenses excluding generation, interest and depreciation. An amendment in Electric Supply Act was made in 1978 which states that from 1st April 1979, Straight Line Method of Depreciation may be adopted. (5) The balance of Rs. Final Accounts MCQs test consists of 20 questions, every question must be answered to move to the next question. 1 Final accounts of Service sector businesses The final accounts of a service sector business – such as a secretarial agency, solicitor, estate agent, doctor – do not normally include a trading account. It must be remembered that if in any year the clear profit (before considering special appropriations plus balance of Tariff and Dividend Control Reserve) is less than the required amount of Development Reserve, the deficiency so made may not be compensated. (vii) The amounts standing to the credit of the Tariffs and Dividends Control Reserve at the beginning of the year of account. Final accounts of companies including managerial remuneration, disposal of profits and issue of bonus shares. In addition, certain entries are 10 1.1 Overview A traditional integrated power entity (utility) generates electricity and sends it around the country or region via high-voltage transmission lines, finally delivering it to All limited companies must publish their financial statements at the registrar of companies (for public inspection). (iv) The amount of any debenture issued by the Company. We have prepared a Multiple Choice Questions (MCQs) test for Final Accounts Chapter for the ease of students to clear their concepts. Total amount of depreciation must be 90% of the original cost of fixed assets. The following adjustments are yet to be made: (i) Investment Allowance Reserve to be created Rs. Kauser Wise 334,490 views. 3)Balance sheet. According to paragraph VIII of the Sixth Schedule, if an asset has been written-down in the books to 10% or less of its original cost, no further depreciation shall be allowed. Statements I and II resemble the ‘Receipts and Expenditure on Capital’ under Double Account System, stated earlier whereas, Statements III and IV; constitute the ‘Revenue Account’ Statement X is the ‘Net Revenue Account’. The Tariffs and Development Control Reserve shall be available for disposal only to the extent by which the clear profit is less than the reasonable return in any year of account. 16,585 = Rs. TOS 7. Sundry Debtors, Bills Receivable, Prepaid Expenses, Accrued Income, Loose Tools, Insurance Claim, Closing Stock, Stock of Stationery, Stock of Postage Stamps, etc. 4,400 (‘000); (iii) Provision to be made for Managing Director’s Commission at 1% of the net profits; Depreciation as per Section 350 of the Companies Act, in Rs. Copyright 9. A balance sheet reflects the financial position of a business for the specific period … (v) The amounts deposited in Cash with the Company by consumers by way of security. departmental and branch accounts. (8) The company had a contract for the erection Of machinery at Rs. of the same shall be charged against Contingency Reserve and, if any discarded assets are sold, Contingency Reserve will be credited. Under this method, an allowance is made in each year in respect of depreciation .of fixed assets—such an amount which is arrived at by dividing 90% of the original cost by the period of its prescribed life. 3,51,450) must be refunded to the company u/s 309 (5A). 35:00. 198 of the Companies Act. Plagiarism Prevention 5. You will find perfectly drafted accounting case study samples and examples with accurate solutions.. ... [Revised Format]Company Final Accounts -kauserwise - Duration: 35:00. This document is highly rated by B Com students and has been viewed 3234 times. This reserve may also be appropriated in annual instalment spread- over within a period of 5 years. Overview. The cost of service connections must be shown as a fixed asset and the amount so received from the customers for this purpose will be shown in the liabilities side of the Balance Sheet under the head ‘Contributions by customers towards cost of Service Lines’. and Motor Vehicles @ 20% p.a. Prohibited Content 3. They must comply with the Companies Acts which describe the ‘form and content’ of the financial statements. In financial accounting, all transactions are recorded in terms of historical cost; that is, the money expended or to be expended at the date of the transaction. Balance Sheet The amount of such reserve shall be invested in trust securities and the investment must be made within a period of 6 months from the date of appropriation. Trading account of a joint stock of a company is the first main set of account of final accounts. Dec 23, 2020 - Accounts of Electricity Companies - Electricity Companies, Advanced Corporate Accounting B Com Notes | EduRev is made by best teachers of B Com. 2. 100 each. 200. In addition, they are to get 8% commission and the part-time Directors 1% commission on the profits of the company. Trading account, Profit and Loss account and Balance Sheet together are called final accounts. (iii) The original cost of work-in-progress. According to paragraph II of the Sixth Schedule, if the amount of clear profit is in excess of the amount of reasonable return to the extent of 20% in any year, such excess shall be applied as under: (i) 1/3rd of such excess, not excluding 5% of the amount of reasonable return, is to be placed at the disposal of the undertaking (as a reward for efficiency). Final Accounts also consists of various adjustments. Prepare a Balance Sheet in vertical form as at 31st December 2000 from the following information of ABC Limited as required under Part IB of Schedule VI of the Companies Act, 1956: (a) 3,000 Equity Shares of Rs. The preparation of final accounts The trading account The trading account is an account in the ledger and is thus a part of the double-entry system. Accounts of Companies 5 company for a period of not less than eight years immediately preceding the relevant financial year. IPCC Students Accounts of Electriciy Company Format in Excel Sheet. (b) 10,000,10% Redeemable Preference Shares of Rs. 45,000 @ 7^%. Financial Statement of Electricity Companies. This account is the first account prepared as a final account, it is prepared to ascertain gross profit or gross loss incurred during an accounting period. 3,000. Valuation of Goodwill and Shares. (6) The Directors proposed a dividend @ 20%. 3,51,450 as per Sec. Every electricity supply company is required to submit to the State Government (or to its nominee which is the State Electricity Board) certain statistical statements in the prescribed form according to Rule 26 of the Indian Electricity Rules, 1956. Trading Account. The Company Final Accounts consists of: 1. Topics discussed in this video Accounts Of Electricity Company. You are required to show the disposal of profits assuming bank rate at 6% with the help of the following data: The following balances relate to an electricity company and pertaining to its accounts for the year ended 31st Dec. 1993: From the following information and details relating to the year ended 31st March 2000 and bearing in mind the provisions of the Electricity (Supply) Act, 1948, indicate the disposal of profits of X Electricity Corporation Limited: Before publishing your articles on this site, please read the following pages: 1. The preparation of final accounts The trading account The trading account is an account in the ledger and is thus a part of the double-entry system. 3. Terms of Service 7. Profit and Loss Appropriation Account. IPCC Students Accounts of Electriciy Company Format in Excel Sheet. (a) Show the computation of commission to the Managing Directors, and. From the following particulars furnished by Pioneer Ltd. prepare the Balance Sheet as at 31st March 1998, as required by Part I, Schedule VI of the Companies Act. (vi) An amount equal to ½% on the balance of the Development Reserve. They are then transferred to a ledger and balanced. (viii) The amount carried forward at the beginning of the year of account to the Consumers’ Benefit Reserve. Any excess over 20% of reasonable return must be refunded to customers. It is used to ascertain the gross profit and is prepared by transferring the balances on the sales, purchases and returns accounts to the trading account. Trading Account. Final Accounts Training is the ultimate goal in your career as an accountant in the field of Accountancy. These final tallies are prepared for a specific period. on accounting and reporting concerns specific to renewable energy. Under this method, such an amount should be set aside every year throughout the life of the asset, accumulating @ 4% compound interest, which will produce an amount equal to 90% of the original cost of the assets. Image Guidelines 5. Preparation of Balance Sheet of a Company as Required under Part IB of Schedule VI of the Companies Act, 1956: 5. Preparation of Final Accounts of a Company: Calculating the Remuneration Paid to the Directors, Preparation of Profit and Loss Account of a Company, Preparation of Balance Sheet as Required by Part I, Schedule VI of the Companies Act, Preparation of Balance Sheet of a Company as Required under Part IB of Schedule VI of the Companies Act, 1956, Preparation of Final Accounts of a Company. Report a Violation 10. The Enron scandal was an accounting scandal involving Enron Corporation, an American energy company based in Houston, Texas.Upon being publicized in October 2001, the company declared bankruptcy and its accounting firm, Arthur Andersen – then one of the five largest audit and accountancy partnerships in the world – was effectively dissolved. MyAssignmenthelp.com consists of a vast reserve of resource materials that students can explore when they visit our website. It means capital employed. In accounting, the term cost refers to the expenditure or sacrifice made to acquire something of value. (b) Prepare the Balance Sheet of the company, based on all the above. This MCQs test will help students to prepare for their objective exams as well as their interviews. Amount of depreciation so made shall be invested only in the electricity supply company or, in other cases, approval of the State Govt, must be taken. However, groupings should form part of the answer. You are at the right place! So, the Directors are entitled to have overall maximum remuneration to the extent of Rs. Profit and Loss Account. 3. Building @ 2% p.a., Plant and Machinery @ 10% p.a., Furniture @ 10% p.a. Similarly, when any fixed asset ceases to be available for use through obsolescence, inadequacy, superfluity, or for any other reason, it shall be described in the books as discarded asset and, consequently, no further depreciation is allowed (paragraph VII of the Sixth Schedule). electricity and gas used in the manufacturing facilities indirect factory supplies, and much more Because manufacturing overhead is an indirect cost, accountants are faced with the task of assigning or allocating overhead costs to each of the units produced. 1,50,000 which is still incomplete. Preparation of Balance Sheet as Required by Part I, Schedule VI of the Companies Act: 4. According to paragraphs III, IV and V of the Sixth Schedule, every electricity company is required to maintain Contingencies Reserve. Company financial statements consist of: Income statement (profit and loss account) Statement of changes in equity final accounts financial accounts prepared at the end of an accounting period. (iv) Compulsory investments made on account of contingencies reserves. (iii) The amounts of any loans borrowed from organisations or institutions approved by the State Government. (v) The amount of working capital, being the monthly average or, ½ of stores, materials and supplies including. (ii) The cost of intangible assets (i.e., underwriting commission, preliminary expenses etc. P5 – Financial Accounting: It consists of different topics under 6 sections which include Generally Accepted Accounting Principles & Accounting Systems, Preparation of Accounts, Control of Accounting Systems, Accounting in Service Sectors, Accounting for Special Transactions, Accounting for Banking, Electricity & Insurance Companies. Accounting Standards, International Public Sector Accounting Standards and the requirements of the Ghana companies code, 1963 (Act 179). The Electricity Companies may also prepare their accounts as per Schedule VI of the Companies Act, 1956, for the purpose of informing their shareholders. According to paragraph I of the Sixth Schedule, it is obligatory for all companies to adjust these rates for the sale of electricity by periodical revision in such a way so that their clear profit does not exceed the amount of reasonable return by more than 15% in any year. 3,59,550, therefore excess amount Rs. Learning objectives have been incorporated at the beginning of each chapter/unit to guide the students about the knowledge they should acquire after studying the chapters. The monetary value associated with an asset acquired is said to be its cost. The preparation of a final accounting is the last stage of the accounting cycle. In case of a company incorporated less than eight years before the financial year, the books of accounts for the entire period preceding the financial … (a) full in hand at the end of each month of the year of account. Certain sections of this publication are designed to help you understand and address potential challenges in accounting and reporting related to topics on which the FASB has recently issued (1) proposed guidance or (2) final … It is used to ascertain the gross profit and is prepared by transferring the balances on the sales, purchases and returns accounts to the trading account. ET Limited are in the midst of finalising their accounts for the year ended 30th September 1999. According to paragraph VA of the Sixth Schedule, a development reserve is to be created every year—a sum equal to the amount of income-tax on the amount of development rebate to which the licensee is entitled by virtue of Income-tax Act. Disclaimer 8. 7. 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Sheet of the Companies Act: 4 ledger and balanced ( 7 ) the amount carried at. The State Electricity Board problems on final accounts of Companies 5 Company for a period.: 4 the loan account with State financial Corporation is inclusive of Rs expenditure sacrifice... Consumers by way of security when any fixed asset is discarded due to obsolescence or any other reason the. The form of accounts of the Sixth Schedule, every question must be refunded to.! The approval of the original cost of fixed assets CA final New financial in.
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